Global Drive Shaft Market – Industry Trends and Forecast to 2029

Global Drive Shaft Market, By Type (Rigid Drive shaft, Hollow Drive Shaft), Position (Rear drive Shaft, Front Drive Shaft), Vehicle Type (Passenger Car, LCV), Drive Shaft Type (One-piece drive shaft, Two-piece drive shaft, Slip-in-tube drive shaft), Sales Channel (OEM, Aftermarket), Distribution Channel (Online, Offline) – Industry Trends and Forecast to 2029.

Drive Shaft Market Analysis and Size

A drive shaft is a device which is mainly used in automotive sector for conveying the force from the transmission and grasp as expected to raise the pivot and to a driving hub of the vehicle. The drive shaft works as a medium to move the power created by the motor to the wheels, empowering them to drive the car. In the current period, most of the automobiles are front wheel drive and the soothe drive shafts are between each front wheel and transaxle. The drive shaft has to be rigid and strong as it has to bear the huge torque produced by the engine.

Data Bridge Market Research analyses that the drive shaft market was valued at USD 34,892.40 million in 2021 and is expected to reach 49,620.50 million billion by 2029, registering a CAGR of 4.50% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.     

Drive Shaft Market Scope and Segmentation

Market Definition

Drive shaft is also known as the driving shaft, propeller shaft or cardan shaft. Driver shaft is used to drive the car; it takes the power from the engine and it delivers to the wheels. The drive shaft should be lightweight and strong so that it can decrease the overall weight of the vehicle. It should spin equal to the torque for the smooth driveline performance and should be balanced properly.

Drive Shaft Market Dynamics

Drivers

• Increasing sales of electric vehicles

The sales of electric vehicles have been a prominent positive impact on the market's growth over the past years, and it is projected to continue to gain more consumers in the upcoming time. Furthermore, several manufacturing companies of electric vehicle plan to launch more innovative models in the forthcoming period. Furthermore, major market players are also shifting their focus toward the electric vehicle due to their environment concern and growing prices of fuels. Therefore, this is anticipated to rise the growth drive shaft market globally.

• Adoption of Hollow shafts

The reduction of vehicle weight has been a major concerning factor for manufacturers and innovators in the automotive industry. Many passenger cars use a hollow shaft as a drive shaft because it offers an advantage compared to solid drive shafts. Hollow drive shaft and solid drive shaft with same mass performs in same manner without resulting in a failure. Thus, this is expected to leading the growth of the drive shaft market.

Opportunities

• Rising the demand for eco-friendly drive shaft

The rising demand for the eco-friendly product due to the environment concern has risen the interest of the manufacture for the production of lightweight drive shafts. This lightweight shaft satisfies the need for environment-friendly vehicles with the tough standards presented by the global discharge control specialists. The rising demand for eco-friendly drive shaft are expected to create beneficial opportunities for the growth of the drive shaft market globally in upcoming years.

Moreover, emerging new markets and increase the number of strategic collaborations will also create the beneficial opportunities for the market’s growth rate.

Restraints/ Challenges

• High cost

Volatility in the prices of raw materials used to manufacture the automotive drive shafts in high-volume markets and the high cost of replacement will act as market restraint and obstruct the market's growth rate.

• Complex installation

One major factor hindering the growth of the drive shaft market is the complex installation and reinstallation process. Furthermore, once the system will damaged than it cannot be repaired, it has to be replaced completely. Which is also restrain the growth of the market.

This drive shaft market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the drive shaft market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Drive Shaft Market

The outbreak of covid-19 has affected almost all Small and medium enterprises (SMEs) in the auto parts industry such as drive shaft which are expected to take a huge blow related to the developments in the current fiscal year. The coronavirus pandemic has resulted vast decline in revenue and profits in the manufacturing industries across the globe. The pandemic is expected to impact the demand and supply chain of the drive shaft. The pandemic may force the companies to accelerate the investment in factory automation when the global economy eventually rebounds, but that is anticipated to take a while

Global Drive shaft Market Scope

The drive shaft market is segmented on the basis of type, position, vehicle type, drive shaft type, sales channel and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Rigid Drive shaft
• Hollow Drive Shaft

Position

• Rear drive Shaft
• Front Drive Shaft

 Vehicle Type

• Passenger Car
• LCV

Drive Shaft Type

• One-piece drive shaft
• Two-piece drive shaft
• Slip-in-tube drive shaft

Sales Channel

• OEM
• Aftermarket

 Distribution Channel

• Online
• Offline

Drive Shaft Market Regional Analysis/Insights

The drive shaft market is analysed and market size insights and trends are provided by country, type, position, vehicle type, drive shaft type, sales channel and distribution channel as referenced above.

The countries covered in the drive shaft market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

Asia-Pacific dominates the drive shaft market in terms of revenue and market share during the forecast period of 2022-2029. This is due to the rise in per capita income and significant GDP growth in this region.

Europe is expected to be the fastest developing regions due to the favourable government policies, presence of leading OEMs and developed automobile infrastructure.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Drive Shaft Market Share Analysis

The drive shaft market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to drive shaft market.

Some of the major players operating in the drive shaft market are:

• GKN PLC (U.K.)
• ACPT Inc. (U.S.)
• American Axle & Manufacturing Inc. (U.S.)
• Yamada Manufacturing Co. Ltd. (Japan)
• Trelleborg AB (publ) (Sweden)
• NTN Corporation (Japan)
• The Timken Company (U.S.)
• Bailey Morris (U.K.)
• Fortune-Cross (Thailand) Co., Ltd. (Thailand)
• HYUNDAI WIA CORP. (South Korea)
• JTEKT Corporation (Japan)
• Meritor, Inc. (U.S.)
• Mohit Engineers Pvt. Ltd (India)
• Nexteer (U.S.)
• Shanghai gkn huayu driveline systems co. ltd (China)
• SHOWA CORPORATION (Japan)
• Wanxiang America Corporation (China)
• Xuchang Yuangdong Driveshaft Co., Ltd (China)