The global automotive drive shaft market is anticipated to grow at a significant CAGR of 5.5% during the forecast period. The automotive drive shafts have witnessed an increasing uptake on account of their numerous merits over conventional components. The drive shafts provide secure connections between shafts, wheels, and rotary equipment. In addition, flexible shaft couplings are used to prevent misalignment, which caused due to unbalanced or bent shafts. The increase in the sales of commercial vehicles, due to growth in the transportation sector and rising demand for electric vehicles positively impact the growth of the automotive drive shaft market. According to, IEA, in 2019, 2.2 million electric cars were sold, representing 2.5% of global car sales. As per the same source, in 2020, the overall car market contracted but electric car sales bucked the trend, rising to 3 million and representing 4.1% of total car sales.
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Also, in 2021, electric car sales more than double to 6.6 million, representing close to 9% of the global car market and more than tripling their market share from two years earlier. Hence, owing to its broader application and rising demand for an electric car is expected to boom the growth of the global automotive drive shaft market. However, the emergence of composite driveshaft, along with the high cost associated with drive shaft replacements, is projected to retrain the growth of the market.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Automotive Drive Shafts Market by Drive Shaft Type
- One-Piece Drive Shaft
- Two-Piece Drive Shaft
- Slip-in-Tube Drive Shaft
Global Automotive Drive Shafts Market by Design Type
- Hollow Shaft
- Solid Shaft
Global Automotive Drive Shafts Market by Position Type
- Rear Axle
- Front Axle
Global Automotive drive shafts Market by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Diversified Shafts Solutions, Inc
- Dorman Products
- Hersey Clutch Co.
- IFA Holding GmbH
- JTEKT Corp.
- Neapco Holdings
- Nexteer Automotive Corp.
- Ruland Manufacturing Co., Inc
- Trelleborg
- Wilson’s U-Joint & Driveshaft
- Zhejiang Feng De industry Co., Ltd
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive drive shaft market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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