Drive Shaft Market Worth 7.2 Billion USD by 2020

Aug 05, 2015, 12:00 ET from MarketsandMarkets

CHICAGO, August 5, 2015 /PRNewswire/ --

The report, "Drive Shaft Market by Type (Rigid & Hollow Drive Shaft), Position (Rear & Front Drive Shaft), Vehicle Type (Passenger Car (Hatchback, Sedan, SUV/MUV/MPV, Others) & LCV), & by Region - Global Forecast and Trends to 2020", Automotive Drive shafts: The market size, in terms of value, is projected to grow at a promising CAGR of 6.37% to reach USD 7.2 Billion by 2020.

Browse 89 market Tables and 67 Figures spread through 180 Pages on "Drive Shaft Market"

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The market report classifies and defines the automotive side shaft market in terms of value and volume. The report highlights potential growth opportunities in the coming years as well as reviews the market drivers, restraints, growth indicators, challenges, legislation trends, market dynamics, competitive landscape, and other key aspects with respect to the automotive side shaft systems market. It identifies the key market trends for new technologies and their adoption scenario during the next five years. It also focuses on key market players and their strategies along with recent developments.

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Asia-Oceania: High Volume Market 

The Asia-Oceania region includes developing countries, such as China, India, Japan, and South Korea. Majority of the global vehicle production is concentrated in this region. Customer demand for an improved fuel economy and reduced emissions in the wake of rising pollution levels are driving growth in the automotive side shaft systems. Manufacturers such as NTN Corporation (Japan), Hyundai Wia Corporation (South Korea), and NKN Ltd. (Japan) are some of the dominant players in this region that are expected to drive the development in the automotive Drive Shaft Market.

Hollow side shaft: Adoption rate is expected to increase by 2020 

Following stringent emissions and fuel efficiency regulations in developed regions, the penetration of hollow drive shafts is estimated to be higher in North America and Europe. The market is further estimated to increase with rising production levels after the economic downturn. Given the customer-preferences for fuel efficiency, the regional adoption is varied in these regions. North America is projected to witness a higher demand for hollow drive shafts by 2020, given the growing demand for fuel-efficient and low-emission vehicles in this region. The high rate of technological adoption in these regions is also a driving factor for growth of this market.

Europe and North America are key markets with a number of drive shaft manufacturers, such as Nexteer Automotive (U.S.), IFA Rotorion (Germany), and GKN Plc (U.K.).

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