According to Vision Research Reports, the global automotive drive shaft market size is projected to reach US$ 20 Bn by 2027, expanding at a CAGR of 2.1% during the forecast period 2020 to 2027. The global automotive drive shaft market is mature; however, demand for more powerful vehicles and variation in technologies and material is playing a key role in changing the dynamics of the automotive drive shaft market.
The market growth can be primarily attributed to the growing automotive sector, particularly in developing regions, advancements in new production technologies, and research & development due to which the adoption of new lightweight materials to develop automotive drive shafts is on the rise. In addition, as regulatory guidelines insist on the development of energy-efficient vehicles, automotive companies are increasingly relying on carbon fiber automotive drive shafts to attain these objectives. The significant rise in the sales of utility vehicles around the world is another major factor that is likely to influence the overall growth of the automotive drive shaft market in the upcoming years.
Expansion of Automotive Drive Shaft Market
The expansion of the automotive industry across the globe, especially in developing economies such as China, India, and Brazil, is driving the global automotive drive shaft market. The automotive industry in Asia Pacific has been expanding at a notable pace since the last decade. The production of the auto industry has significantly increased in China, and India; additionally, they have made rapid advances in terms of volume production of vehicles, which in turn drives the global automotive drive shaft market. The high focus of automakers on reducing the weight of vehicles in order to enhance their efficiency and lower emission levels, due to enactment of stringent emission laws in most of the countries, is boosting the development of new materials for manufacturing of drive shafts, which in turn is propelling the market for automotive drive shaft.
Based on drive shaft type, the single piece drive shaft segment held a leading share of the market in 2018. Single piece drive shaft is a conventional drive shaft and is highly popular among entry and mid-range vehicles, which can be attributed to the high market share held by the segment in the automotive drive shaft market.
Based on drive type, the front-wheel drive vehicles were highly popular among all vehicles in 2018. The front-wheel drive segment is likely to remain the dominant segment during the forecast period, as most passenger vehicles are front-wheel drive vehicles, owing to their high efficiency and superior maneuverability.
Rear wheel drive vehicles are highly popular in Europe and are gaining popularity across other regions due to an increase in the demand for performance and luxury vehicles. Increase in purchase power parity and finance schemes are anticipated to drive the demand for such vehicles.
Others is a prominent segment of the market, as the demand for four-wheel drive vehicles has been increasing since 2016. Rising popularity of vehicles with off-road capabilities fuels the demand for such vehicles, which in turn is driving the demand for four-wheel or all-wheel drive vehicles.
In terms of drive system, the two-wheel drive segment accounted for a notable share of the market in 2018. It is likely to maintain its dominance during the forecast period. Most developing and developed economies witness high demand for fuel-efficient vehicles; hence, the market share held by the two wheel drive segment is significantly higher than that held by the four wheel drive segment.
Four wheel drive vehicles are equipped with multiple drive shafts, which can be attributed to the significant market share held by the segment. Furthermore, trend for off-roading and increased focus of consumers on SUVs over sedan and hatchbacks is anticipated to propel the four wheel drive vehicles segment and consequently boost the automotive drive shaft market.
In terms of material, steel was a key segment of the automotive drive shaft market in 2018. It is anticipated to maintain its leading position in the market. Steel has been a conventional material to manufacture automotive shafts, owing to its adequate strength, machinability, and cost effectiveness.
Aluminum drive shafts came later in the picture due to their lightweight and high strength; however, high cost of aluminum is hampering the adoption of aluminum drive shafts. Moreover, aluminum shafts are utilized in sports or performance cars to enhance their performance.
Carbon fiber is a highly advanced material used to manufacture drive shafts; however, the demand for carbon fiber drive shafts is increasing significantly due to their considerably higher strength and lightweight
Based on vehicle, the passenger vehicle segment dominated the global automotive drive shaft market in 2018. It is likely to maintain its dominance during the forecast period due to significantly high production of passenger vehicles.
Passenger vehicles are majorly utilized for transportation, while commercial vehicles are utilized in different industrial verticals, including healthcare, mining, logistics, and construction. Passenger vehicles dominated global vehicle sales in 2018; additionally, passenger vehicles have higher penetration of drive shafts due to more number of four-wheel drive vehicles.
Electric vehicles are gaining prominence in the automotive industry, and rise in demand for electric vehicles is boosting the drive shaft market; however, the development of hub motor may hinder the automotive drive shaft market
In this study, the years considered to estimate the market size of Automotive drive shaft are as follows:
The study objectives of this report are:
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