According to the global automotive drive shaft market report by IMARC Group, the market reached a value of US$ 15.7 Billion in 2022, and it is projected to reach a value of US$ 21.0 Billion by 2028, exhibiting a CAGR of 4.8% during 2023-2028.
Automotive drive shaft stands for a motorized component that transmits the power produced by the engine from the gearbox to the rear and front axle to move the vehicle. It can be categorized into single-piece, multi-piece, and slip-in-tube types. These automotive drive shaft variants are strong and lightweight and can efficiently absorb engine torque, withstand extreme temperatures, and perform well under stress. They optimize noise, vibration, and harshness (NVH) performance and offer various benefits, such as low running costs, reliability, smoothness, absence of oil spills, and clean operation. Consequently, automotive drive shaft components are extensively integrated into passenger and commercial vehicles across the globe.
The expanding demand for electric vehicles (EVs) across countries is among the key factors driving the automotive drive shaft market. Additionally, the rising fuel prices and the implementation of numerous stringent regulations by government bodies aimed at controlling emission levels are acting as significant growth-inducing factors. Besides this, the launch of lightweight automotive drive shafts utilizing fiber-reinforced polymer by leading market players, which assist in maintaining the performance and rigidness of the component, improve fuel efficiency, and provide higher torque capacity, is also positively influencing the global market. Moreover, the escalating adoption of clean manufacturing processes, which include electron beam welding, that ensure a high level of reliability with no oxidation is further catalyzing the market growth. Apart from this, the growing need for hollow shafts and the inflating investments in research and development (R&D) activities are expected to stimulate the automotive drive shaft market in the coming years.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has been segmented the market into following categories:
Breakup by Drive Shaft Type:
- Single 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:
- Carbon Fiber
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Sales Channel:
- Original Equipment Manufacturer (OEM)
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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