Automotive Half Shafts: Introduction

  • The trend of electrification and light-weighting across the globe is expected to shape the automotive half-shaft market. Changes in design of drive-units with electric motors and increase in stringency in emission norms are pressing automakers to develop and innovate drive shafts
  • Automotive Half Shafts are mechanical components used to transmit the torque from the differential to the wheels

Key Drivers and Restraints of Global Automotive Half Shafts Market

  • Global car sales rose from 77.3 million units in 2016 to around 78.6 million units in 2018. Increase in vehicle sales due to economic growth in developing countries drives the global automotive half shafts market.
  • Rise in demand for all-wheel-drive (AWD) vehicles is projected to boost demand for drive shafts. This in turn is anticipated to propel the automotive half shafts market. The U.S. is the leading manufacturer of AWD vehicles; however, a similar trend has been observed across the world, with Japan and China emerging as production hubs for AWD vehicles.
  • Sales of AWD vehicles are increasing, as automakers focus on delivering fuel-efficient vehicles due to rise in consumer demand for higher fuel economy and government regulations stressing on lower vehicle emissions
  • Rise in vehicle production in Mexico and Brazil due to competitive production cost, favorable trade agreements with foreign countries, and rise in domestic demand is expected to boost the automotive half shafts market in Latin America

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Drive Shafts Segment to Expand at High CAGR

  • The automotive industry is shifting from two wheel drive (2WD) to AWD and four wheel drive (4WD) vehicles. Hence, drive shafts are witnessing higher demand and are replacing axle shafts. The drive shafts segment is likely to expand at a high CAGR during the forecast period. Rise in preference for AWD and 4WD SUVs and CUVs boosts demand for drive shafts.

Passenger Vehicles to Witness Significant Demand

  • Sales of passenger vehicles have been higher than commercial vehicles across the globe. Hence, the passenger vehicles segment is projected to dominate the global automotive half shafts market.
  • Light commercial vehicle sales were earlier concentrated only in North America and Europe. However, rise in business opportunities and establishment of industries in Asia Pacific and Latin America have driven sales of light commercial vehicles in these region. This in turn increases demand for automotive Half Shafts.

Aftermarket Segment to Account for Leading Share of Global Market

  • The aftermarket segment is anticipated to account for significant share of the global automotive half shafts market. The average age of cars has increased to about 11 years globally. The U.S. and China recorded 250 million and 350 million vehicles on road, respectively, in 2018. Rise in the number of on road vehicles has expanded the scope of maintenance and replacement. This is likely to augment the aftermarket segment.

Asia Pacific to Lead Global Automotive Half shafts Market

  • In terms of region, the global automotive half shafts market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Emergence of Asia Pacific as a production hub with low-cost manufacturing and high domestic demand is set to drive the global automotive half shafts market. China, Japan, and India hold key positions in the global automotive half shaft market
  • Asia Pacific was followed by Europe and North America. Economic recovery in Europe and North America has boosted vehicle sales in these regions, which in turn augments the automotive half shafts market.

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Key Manufacturers Operating in Global Market

The global automotive half shafts market was highly fragmented in 2018. Key manufacturers operating in the global market are:

  • American Axle & Manufacturing, Inc.
  • Nexteer Automotive
  • Showa Corporation
  • Neapco, Inc.
  • GKN plc
  • Dana Incorporated
  • JTEKT Corporation

Global Automotive Half Shafts Market, by Half Shaft Type

  • Drive Shafts
  • Axle Shafts

Global Automotive Half Shafts Market, by Vehicle Type

  • Passenger Vehicles
  • Commercial Vehicles
  • Heavy Commercial Vehicles
  • Light Commercial Vehicles

Global Automotive Half Shafts Market, by Sales Channel

  • OEM
  • Aftermarket

Global Automotive Half Shafts Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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