ALBANY, N.Y., Dec. 2, 2020 /PRNewswire/ -- Advances in material sciences for fabricating lightweight and inexpensive materials used in making automotive drive shafts have witnessed impetus from the steady demand for energy-efficient vehicles. New materials such as aluminum and carbon fiber have been increasingly tested in recent years and continue to increase the appetite for stakeholders in the automotive drive shafts.
Regulatory mandates in various developed and also developing regions for making energy-efficient utility vehicles available to consumers expand the possibilities in market. Post Covid-19 pandemic, production of automotive vehicles has gained pace, creating new market avenues.
The global automotive drive shaft market is expected to rise at tepid CAGR of ~2% during 2019 – 2027, with expected recovery of production of automotive vehicles in Q4 of 2020 strengthening market prospects. Despite the tepid growth, the final valuation of the market is expected to reach worth of ~US$ 21 Bn by 2027-end.
Advances in production technology and research in manufacturing technology are expected to boost the durability and noise dampening properties of automotive drive shafts, assert TMR analysts.
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Key Findings on Automotive Drive Shaft Market Report
- Of all the product types, single piece drive shaft segment accounted for the leading market share in 2018
- Multi-piece drive shafts segment is expected to gather traction in automotive drive shaft market
- Of all drive types, front-wheel drive vehicles held sizable share in 2018
- The popularity of real wheel segment is likely to be not just confined to Europe but gain worldwide traction
- The demand in the 'others' segment rising at notable pace since 2016
- Of the various drive systems, two-wheel drive segment accounted for a sizable share in 2019
- Of the various materials used in making automotive drive shafts, steel holds the sway and is expected to retain its lead
- Of the various vehicle types, passenger vehicles segment held the major market share and is expected to retain its lead through 2027
- Strength, machinability, and durability are key attributes propelling the popularity of steel in manufacturing automotive drive shafts.
Explore 413 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Automotive Drive Shaft Market (Drive Shaft Type: Single Piece and Multi-piece; Drive Type: Front Wheel Drive, Rear Wheel Drive, and Others; Drive System: Two Wheel Drive and Four Wheel Drive; Material: Aluminum, Steel, and Carbon Fiber; and Vehicle: Passenger Vehicle, Commercial Vehicle, and Electric Vehicle) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/automotive-drive-shafts-market.html
Automotive Drive Shaft Market: Key Driving Factors and Promising Avenues
- Updates in emission norms play crucial role in shaping the contours of the market. India, Brazil, and China have seen automakers transitioning to the latest norms equivalent to Euro 6 in coming months. The trend will boost the adoption of energy-efficient automotive drive shafts.
- Rise in sales of sports utility vehicles and multi-utility vehicles has offered robust boost to the growth of the automotive drive shafts market.
- Advances made in materials used in all-wheel drive (AWD) and four-wheel drive (4WD) are boosting the market.
- Automakers in the automotive drive shafts market are researching on carbon fiber automotive drive shafts.
- Emission lowering technologies are gaining wide acceptance among makers of passenger vehicles, thus boosting the demand.
- Developed regions such as Europe and North America are seeing extensive research in developing high-end vehicles, thereby bolstering the prospects in the automotive drive shafts market.
- The increase in mainstreaming of rear wheel drive vehicles in Europe is driven by substantial per capital expenditure on luxury goods, thereby playing a key role in spurring growth of the automotive drive shafts market.
Analyze global automotive drive shaft market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Automotive Drive Shaft Market: Regional Landscape
Geographically, automotive drive shaft market is seeing new avenues in Asia Pacific. The region accounted for a substantial share in 2019 and is expected to be a key market for automakers and manufacturers in automotive drive shaft market. Rising presence of globally prominent automakers along with the growing appetite of premium and luxury vehicles are opening new avenues in the regional market. Rise in consumer demand for four-wheel drive vehicles has spurred revenue generation in the Asia Pacific market.
North America and Europe have already been remunerative markets, mainly on the back of strides made in vehicles and high-end automotive.
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Global Automotive Drive Shaft Market: Segmentation
- Automotive Drive Shaft Market, by Drive Shaft Type
- Single Piece
- Automotive Drive Shaft Market, by Drive Type
- Front Wheel Drive
- Rear Wheel Drive
- Automotive Drive Shaft Market, by Drive System
- Two Wheel Drive
- Four Wheel Drive
- Automotive Drive Shaft Market, by Material
- Carbon Fiber
- Automotive Drive Shaft Market, by Vehicle
- Passenger Vehicle
- Commercial Vehicle
- Electric Vehicle
- Automotive Drive Shaft Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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