According to the research report by Research Report Insights, the global automotive drive shafts market was valued at US$5.3 bn in 2015 and is likely to be worth US$8.9 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.1%.
Heavy Commercial Vehicles to be Prime Consumers of Automotive Drive Shafts
On the basis of vehicles, the market is split into passenger cars, heavy commercial vehicles, and light commercial vehicles. Of these, the heavy commercial vehicles are expected to show steady growth rate in the coming years due to their demand in the transportation industry. The research report states, that the heavy commercial vehicles segment will rise at a CAGR of 6.2% between 2016 and 2024. The increasing demand for automotive shafts in production and serving of heavy-duty trucks is estimated to provide an impetus to the segment in the coming years.
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Geographically, the market is segmented into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Asia Pacific is poised to remain the leading regional market in the coming years as the demand for automobiles and their production picks up pace. The report estimates, that Asia Pacific automotive drive shafts market will rise at a CAGR of 6.5% between 2016 and 2024.
Repair and Replacement of Old Parts Augments Demand for Automotive Drive Shafts through After-sales Services
The global automotive drive shafts market has been growing due to the unstoppable production of vehicles in emerging economies of Taiwan, India, China, and Singapore amongst others. As economies limp back to normalcy after the depression of 2008, the production and sales of automobiles and their parts have steadily risen to generate soaring revenues. In the coming years, the increasing investments in automobile manufacturing, especially in countries such as China, is likely to boost the automotive drive shafts market.
The demand for automotive drive shafts has also been increasing as they are the most critical parts of a vehicle. As they are known to working under continuous pressure and stress, they undergo severe damage, which demands their replacement or repair. Thus both of these factors are expected to propel the sale of automotive drive shafts in developing and developed countries.
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Emerging Trend of Electric Vehicles to Impede Market Growth
Despite the steady market drivers, the global automotive drive shafts market is facing a tough challenge. The rising trend of electric cars against the backdrop of emerging pollution concerns is expected to restrain the growth of the market. Electric cars operate on batteries, which can be charged. Thus, they completely eliminate the need for automotive drive shafts. Analysts state, “if this trend is to grow rapid as countries work on reducing carbon footprint it could negatively impact the global market”.
The global automotive drive shafts market has several players in the market, making the landscape fragmented. Some of the leading players in the market are Dana Holding Corporation, NTN Corporation, Hyundai Wia, and Yamada Manufacturing Co., Ltd. The companies are focused on development of new products with enhanced quality. To deal with competition, several players will emphasize on mergers and acquisitions to expand their geographical reach and penetrate into many other foreign markets.
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)