The global automotive drive shafts market is characterized by the presence of numerous players, making the competitive landscape highly fragmented. Some of the prominent companies operating in the space are Yamada Manufacturing Co., Ltd., Dana Holding Corporation, NTN Corporation, and Hyundai Wia. To stay ahead of the curve, the key manufacturers are expending a lot of energy on development of new products with improved efficiency. Many players are also going the mergers and acquisitions route to expand their geographical footprints by making inroads into new markets.
The different kinds of shafts available in the market are hotchkiss drive shafts, flexible drive shafts, and torque tube drive shafts. Among them, hotchkiss drive shafts are most popular and are used for rear axle suspension. They are commonly found in heavy commercial vehicles and passenger cars.
The rise in production of vehicles worldwide has led to a steady growth in the global market for automotive drive shafts in the recent years. These mechanical devices transmit power from the engine to wheels. As per a report by Transparency Market Research, the market which was worth US$5.3 bn in 2015 will expand at a steady CAGR of 6.1% to reach a value of US$8.9 bn by the end of 2024.
Increasing Production of Automobiles to Stoke Stellar Growth in Asia Pacific
Depending upon the types of vehicles, the key segments of the global market for automotive drive shafts market are passenger cars, light commercial vehicles, and heavy commercial vehicles. Among them, the heavy commercial vehicles will likely clock steady growth – about 6.2% from 2016 to 2024. Going forward, the rising demand for automotive shafts in heavy-duty trucks will result in continued growth in the segment.
From a geographical standpoint, the main regions studied by the report are Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Asia Pacific, among them, is predicted to hold a sway over the market in the near future on account of increased production of automobiles in the region. The report by TMR forecasts the market in Asia Pacific to expand at a CAGR of 6.5% between 2016 and 2024. The countries of Singapore, South Korea, India, and Thailand have been at the forefront of driving growth in the region on account of the rising disposable incomes of their citizens.
Booming Automotive Industry Results in Market Growth
The reasons for the growth in the global automotive shafts market has been summed up in the following words by the lead analyst of TMR, “The global drive shafts market has been growing against the backdrop of rising production of automobiles. As the global automotive industry has been growing at a relentless speed since the 2008 economic depressing, it has ensured the revival of production of several automobile parts. Analysts predict that the automobile industry will continue to grow in the coming years, spelling a positive outlook for the overall market. The demand for automotive drive shafts will also remain steady in n the after sales services segment as these critical components of vehicles have to be replaced due to their wear and tear over time.”
Rising Uptake of Electric Vehicles Poses a Hurdle for Market Growth
Posing a roadblock to the global market for automotive drive shafts is the emergence and popularity of electric vehicles, operating on batteries that are charged by electricity, thus doing away with the need for shafts completely. With most countries working on reducing their carbon footprint by supporting uptake of electric vehicles, the market might take a beating in the near future.
This review is based on the findings of a TMR report, titled “Automotive Drive Shafts Market (Vehicle - Passenger Cars, Heavy Commercial Vehicles, and Light Commercial Vehicles; Shaft Type - Hotchkiss Drive Shaft, Flexible Drive Shaft, and Torque Tube Drive Shaft; Position Type - Front Wheel Drive Shaft, and Rear Wheel Drive Shaft) - Global Industry Analysis, Trend, Size, Share and Forecast 2016 - 2024.”
The global automotive drive shafts market has been segmented as follows:
Global Automotive Drive Shafts Market, by Vehicle Type
- Passenger Cars
- Heavy Commercial Vehicles
- Light Commercial Vehicles
Global Automotive Drive Shafts Market, by Shaft Type
- Hotchkiss Drive Shaft
- Flexible Drive Shaft
- Torque Tube Drive Shaft
Global Automotive Drive Shafts Market, by Position Type
- Front Wheel Drive Shaft
- Rear Wheel Drive Shaft
Global Automotive Drive Shafts Market, by Geography
- North America
- The U.S.
- RoE (Rest of Europe)
- Asia Pacific
- RAPAC (Rest of Asia Pacific)
- Middle East and Africa (MEA)
- South Africa
- RMEA (Rest of Middle East and Africa)
- Latin America (LATAM)
- Rest of Latin America (RLATAM)
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