The Business Research Company’s report on the Automotive Drive Shaft Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the automotive drive shaft market in recent years?
The growing sales of electric vehicles are expected to propel the growth of the automotive drive shaft market going forward. An electric vehicle refers to an automobile that is powered entirely or partially by electricity from a battery that requires recharging. The driveshaft is a mechanical component of automotive that provides transmission of torque of the engine gearbox to vehicle wheels in a synchronized manner for smooth motion of the vehicle. For instance, in February 2022, according to The Economics Times, an Indian-based newspaper, around 6.5 million electric vehicles were sold in the year 2021 including fully electric and partially electric vehicles. Therefore, the growing sales of electric vehicles will drive the growth of the automotive drive shaft market.
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What is the projected market size of the automotive drive shaft industry, and how is it expected to grow?
The automotive drive shaft market size has grown strongly in recent years. It will grow from $18.08 billion in 2024 to $19.12 billion in 2025 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increasing demand for cars, government regulations and safety standards, changes in consumer preferences and tastes, fluctuations in fuel prices, growing popularity of ride-sharing services.
The automotive drive shaft market size is expected to see strong growth in the next few years. It will grow to $24.87 billion in 2029 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to reduction of weight in the automotives, increasing usage of driving shafts in passenger cars, growing sales of utility automobiles, growing focus on sustainability and reducing carbon emissions, rise of electric and hybrid vehicles. Major trends in the forecast period include carbon fiber drive shafts, integration of advanced sensors, modular and flexible designs, electrification of drive systems, maintenance-free and durable solutions.
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Who are the key players driving competition in the automotive drive shaft market?
Major companies operating in the automotive drive shaft market include GKN Automotive Limited, JTEKT Corporation, American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation, Nexteer Automotive Group Ltd., Showa Corporation, Yamada Manufacturing Co Ltd., Wanxiang Qianchao Co Ltd., NTN Corporation, IFA Rotorion Holding GmbH, Meritor Inc., ZF Friedrichshafen AG, Gestamp Automoción S. A., Neapco Holdings LLC, GSP Automotive Group, Powertrain Industries Inc., The Timken Company, Dorman Products Inc., Precision Shaft Technologies, Bailey Morris Limited, Gelenkwellenwerk Stadtilm GmbH, Walterscheid Powertrain Group, PTI Technologies Inc., RSB Group, Sona Group, Spicer India Private Limited, Talbros Engineering Limited, Visteon Corporation, Xuchang Yuandong Drive Shaft Co Ltd.
What key trends are expected to drive the automotive differential market during the forecast period?
The new product innovation is the key trend gaining popularity in the automotive drive shaft market. Major companies operating in the automotive drive shaft market are focused on developing new product innovations and solutions to strengthen their position. For instance, in January 2023, Harmonic Drive, a US-based manufacturer of precision servo actuators, gearheads and gear component sets, launched the High-Performance Hollow Shaft Gear Unit. Designed for heavy-duty industrial applications, these advanced gear units offer high torque outputs and flexible installation options, making them ideal for use in demanding environments. The HPF series hollow shaft gear units deliver outstanding torque density and precise positioning, making them ideal for various industrial applications such as robotics, packaging, and material handling. These units offer high torque performance, with continuous torque ratings up to 1000 Nm and peak torque ratings reaching up to 1500 Nm.
Which key geographies are driving the growth of the automotive drive shaft market?
Asia-Pacific was the largest region in the automotive drive shaft market in 2024, and it is also expected to be the fastest-growing region in the automotive drive shaft market during the forecast period. The regions covered in the automotive drive shaft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the key segments driving growth in the automotive drive shaft market?
The automotive drive shaft market covered in this report is segmented –
1) By Product Type: Rigid Side shaft, Hollow Side shafts
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Drive Type: Front Wheel Drive, Rear Wheel Drive, Other Drive Types
4) By Material: Aluminum, Steel, Carbon Fiber
Subsegments:
1) By Rigid Side Shaft: Solid Rigid Shaft, Fixed Length Rigid Shaft
2) By Hollow Side Shaft: Lightweight Hollow Shaft, Multi-Piece Hollow Shaft
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What defines the structure and scope of the automotive drive shaft market?
A driveshaft is a mechanical component of automotive that provides transmission of torque of the engine gearbox to vehicle wheels in a synchronized manner for smooth motion of a vehicle. The automotive driving shaft uses a rod-like component that transmits torque from the vehicle’s engine to the wheels. The automotive drive shaft is used to connect the transmission unit and engine in the car for front and four-wheel drive.
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