The global automotive drive shaft market size reached US$ 14.8 Billion in 2021. By 2027, it will reach a value of US$ 20.17 Billion, CAGR of 5.12% (2022-2027).

SHERIDAN, WYOMING, USA, September 22, 2022 /EINPresswire.com/ -- The latest research study “Automotive Drive Shaft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global automotive drive shaft market size reached US$ 14.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 20.17 Billion by 2027 exhibiting a growth rate (CAGR) of 5.12% during 2022-2027.

What is an automotive drive shaft ?

An automotive drive shaft represents a motorized component that transfers the power produced by the engine from the gearbox to the rear and front axles to move the vehicle. This torque is transmitted between elements that are separated by distance. An automotive drive shaft consists of a connecting rod, the constant velocity joint, and the outboard fixed joint, generally made using aluminum, steel, and carbon fiber. It is solid and lightweight, performs well under stress, absorbs engine torque, and withstands extreme temperatures. An automotive drive shaft reduces running costs, operates smoothly, and is reliable in preventing oil spills. As a result, this rod finds extensive utilization in commercial and passenger vehicles

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Automotive Drive Shaft Market Trends and Drivers:

The escalating demand for electric vehicles (EVs) across the globe is primarily driving the automotive drive shaft market. Besides this, the elevating product requirement as it enhances durability and efficiency of the car while optimizing noise, vibration, and harshness (NVH) performance is further augmenting the market growth. Moreover, the rising inclination of manufacturers toward fiber-reinforced polymer composites over steel to produce automotive drive shafts that maintain the performance and rigidness and provide higher torque capacity is also catalyzing the global market. Apart from this, the inflating fuel prices and the launch of several policies by the government bodies to control emission levels are acting as significant growth-inducing factors. Additionally, the development of electron beam welding processes that offer a high level of reliability with no oxidation is also stimulating the market growth. Furthermore, the increasing disposable incomes and extensive research and development (R&D) activities in the automotive industry are expected to bolster the automotive drive shaft market in the coming years.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Drive Shaft Type:
• Single Piece
• Multi-Piece
• Slip-In-Tube Drive Shaft

Breakup by Design Type:
• Hollow Shaft
• Solid Shaft

Breakup by Position Type:
• Rear Axle
• Front Axle

Breakup by Material:
• Steel
• Aluminum
• Carbon Fiber

Breakup by Vehicle Type:
• Passenger Vehicle
• Commercial Vehicle

Breakup by Sales Channel:
• Original Equipment Manufacturer (OEM)
• Aftermarket

By Geography:
•North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other

List of Major Key Players:

The major players in the market are Advanced Composite Products & Technology Inc., American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation (Hyundai Motor Group), IFA Group, JTEKT Corporation, Melrose Industries PLC, Meritor Inc. (Cummins Inc.), Neapco Inc., Nexteer Automotive, NKN Ltd. and NTN Corporation.

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Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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