The global side shaft market is anticipated to grow at a considerable CAGR of 1.7% during the forecast period (2022-2028). The side shaft is a long bar that connects mechanical parts of the power train system of vehicles and airplanes to provide passage for power transmission between them. The major factor attributing to the growth of the global side shaft market includes the increasing number of motor vehicle production and sales across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles including commercial cars were manufactured and around 57 million passenger cars were produced in 2021. Additionally, according to the Global Sales Statistics report published by the International OICA, around 82 million motor vehicles were sold across the globe in 2021. Among these, around 56 million passenger cars were sold, and 26 million commercial vehicles were sold in 2021. Thus, increasing the installation of side shafts in motor vehicles.
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The application of side shafts is also increasing in airplanes due to increasing air travel passengers across the globe. According to yearly global statistics by the International Civil Aviation Organization (ICAO), the number of air passengers carried by scheduled flights was around 4.38 billion across the globe in 2019, representing an increase of around 3.65% from the previous year. Additionally, according to the International Air transport Association (IATA), it is projected that the number of air passengers will get doubled and reach around 8.2 billion by the year 2037. Thus, propelling the growth of the global side shaft market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in January 2022, the Federal Aviation Association (FAA) ordered drive shafts for replacement in UH-1H helicopters that reached 5,000 hours of flight service.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-Gestamp Servicios S.A., Meritor Inc., ZF Friedrichshafen AG, IFA Holding GmbH, and American Axle & Manufacturing Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Side Shaft Market Report by Segment
By Type
- Front Side Shaft
- Rear Side Shaft
By Application
- Passenger Vehicles
- Commercial Vehicles
- Airplanes
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