Automotive Drive Shaft Market
Global Automotive Drive Shaft Market Size, Share & Trends Analysis Report by Drive Shaft Type (One-Piece Drive Shaft, Two-Piece Drive Shaft, and Slip-in-Tube Drive Shaft) ) by Design Type(Hollow Shaft, and Solid Shaft) by Position Type (Rear Axle, and Front Axle) ) by Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle) ) Forecast 2022-2028 Update Available - Forecast 2024-2030
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.
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.
Impact of COVID-19 Pandemic on Global Automotive Drive Shaft Market
The COVID-19 pandemic has had a negative impact on the global automotive drive shaft market. Subsequent lockdown had a negative impact on the production of automobiles. According to a report published by the International Monetary Fund, vehicle production in Europe dropped by more than one-fifth, 4.5 million fewer cars were produced relative to 2019. In 2018-19, production dropped by around 6% due to tighter emission standards and weakening global demand and, with the COVID-19 pandemic in 2020, it declined by an additional 15% to 77 million vehicles. With the fall in the production of automobiles, majorly in the developed economies, the market is negatively affected during the COVID-19 pandemic.
Segmental Outlook
The global automotive drive shaft market is segmented on the basis of drive shaft type, design type, position type, and vehicle type. Based on drive shaft type, the market is segmented into, one-piece drive shaft, two-piece drive shaft, slip-in-tube drive shaft. Based on drive shaft type, the slip-in-tube drive shaft segment is expected to grow at a significant rate. The growth is mainly augmented owing to its wider benefits such as increased efficiency, vibration, and harshness (NVH) performance, reduced weight, and improved crash energy management. The benefits offered by slip-in-tube-drive shafts from its inception are expected to witness robust growth during the forecast period. Based on design type, the market is bifurcated into hollow shaft, and solid shaft. Based on position type, the market is sub-divided into the rear axle, and the front axle. Based on vehicle type, the market is sub-divided into, passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
Global Automotive Drive Shaft Market Share by Vehicle Type, 2021 (%)
Passenger Vehicles Segment Expected to Shows a Considerable Growth
The passenger vehicles segment is expected to show significant growth during the forecast period. The major factor that contributes to the growth of the segment include the subsidies provided by government toown vehicles, the increasing soaring population, and growing disposable income level that has increased the adoption of vehicle such as passenger cars among population. which are expected to upkeep the growth over the near future. Moreover, the market players are adopting various strategies to remain competitive in the market. For instance, in January 2022, Ford and Jiangling Motors Corp., have announced the establishment of a new joint venture that builds vehicles for Ford’s passenger vehicles business in China. The collaboration further strengthens the business of Ford and JMC to accelerate the ford's China 2.0 business transformation plans.
Regional Outlooks
The global automotive drive shaft market is further segmented based on geography including North America (The US, and Canada Europe (Italy, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The Asia-Pacific is emerged as the fastest growing region of the global automotive drive shaft market. The prominent factors that drives the market growth is the rising penetration of Millenials towards the luxury vehicle, and easy-to-purchase schemes such as 0% finance, and installment payment scheme launched by key market players.
Global Automotive Drive Shaft Market Growth, by Region 2021-2028
Asia-Pacific Region is Proved to be the Largest Region for Global Automotive drive shaft Market
. The growth of the market in the region is mainly attributed to the presence of key market players, and the rapid increase in the production of automobiles. Moreover, growing government investment in the automobile sector form past few years fueled the growth of the market in the Asia-Pacific region. For instance, according to Invest India, in terms of volume India is expected to become the world’s 3rd largest automotive market by 2026. Moreover, India manufactured 22.7 million vehicles including passenger and commercial vehicles, three-wheelers, and quadricycles from April-March 2020. The increase in the production of automobiles, and government initiatives, leads to higher and demand for the automotive drive shaft in coming years.
Market Players Outlook
The major companies serving the global automotive drive shaft are American Axle & Manufacturing, Inc., GKN Automotive Ltd., Hyundai Wia Corp., Meritor, Inc., The Timken Co., IFA Holding GmbH, JTEKT Corp., Neapco Holdings, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2021, Dorman products Inc., announced the release of more than 700 new replacement auto parts, extending Dorman's aftermarket coverage in the market. Dorman's replacement policy minimizes the complexity of repairs as they are fully assembled, pre-balanced, and ready to install with 100% new yokes, tubes, and constant velocity (CV) joints. These direct replacement drive shafts are manufactured in Dorman's US facilities.
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.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Automotive Drive Shafts Market
• Recovery Scenario Of Global Automotive Drive Shafts Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight and Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. American Axle & Manufacturing, Inc.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. GKN Automotive Ltd.
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. Hyundai Wia Corp.
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.3.5. Recent Developments
3.1.4. Meritor, Inc
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.4.5. Recent Developments
3.1.5. The Timken Co.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.1.5.5. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global Automotive Drive Shafts Market by Drive Shaft Type
4.1.1. One-Piece Drive Shaft
4.1.2. Two-Piece Drive Shaft
4.1.3. Slip-in-Tube Drive Shaft
4.2. Global Automotive Drive Shafts Market by Design Type
4.2.1. Hollow Shaft
4.2.2. Solid Shaft
4.3. Global Automotive Drive Shafts Market by Position Type
4.3.1. Rear Axle
4.3.2. Front Axle
4.4. Global Automotive drive shafts Market by Vehicle Type
4.4.1. Passenger Vehicle
4.4.2. Light Commercial Vehicle
4.4.3. Heavy Commercial Vehicle
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Diversified Shafts Solutions, Inc
6.2. Dorman Products
6.3. Hersey Clutch Co.
6.4. IFA Holding GmbH
6.5. JTEKT Corp.
6.6. Neapco Holdings
6.7. Nexteer Automotive Corp.
6.8. Ruland Manufacturing Co., Inc
6.9. Trelleborg
6.10. Wilson's U-Joint & Driveshaft
6.11. Zhejiang Feng De industry Co., Ltd
1. GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DRIVE SHAFT TYPE, 2021-2028 ($ MILLION)
2. GLOBAL ONE-PIECE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL TWO-PIECE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL SLIP-IN-TUBE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
5. GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DESIGN TYPE, 2021-2028 ($ MILLION)
6. GLOBAL HOLLOW AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS, 2021-2028 ($ MILLION)
7. GLOBAL SOLID AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS, 2021-2028 ($ MILLION)
8. GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY POSITION TYPE, 2021-2028 ($ MILLION)
9. GLOBAL REAR AXLE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS, 2021-2028 ($ MILLION)
10. GLOBAL FRONT AXLE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS, 2021-2028 ($ MILLION)
11. GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
12. GLOBAL AUTOMOTIVE DRIVE SHAFTS FOR PASSENGER VEHICLE MARKET RESEARCH AND ANALYSIS, 2021-2028 ($ MILLION)
13. GLOBAL AUTOMOTIVE DRIVE SHAFTS FOR LIGHT COMMERCIAL VEHICLE MARKET RESEARCH AND ANALYSIS, 2021-2028 ($ MILLION)
14. GLOBAL AUTOMOTIVE DRIVE SHAFTS FOR HEAVY COMMERCIAL VEHICLE MARKET RESEARCH AND ANALYSIS, 2021-2028 ($ MILLION)
15. NORTH AMERICAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028($ MILLION)
16. NORTH AMERICAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DRIVE SHAFT TYPE,2021-2028($ MILLION)
17. NORTH AMERICAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DESIGN TYPE, 2021-2028($ MILLION)
18. NORTH AMERICAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY POSITION TYPE, 2021-2028($ MILLION)
19. NORTH AMERICAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE 2021-2028($ MILLION)
20. EUROPEAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028($ MILLION)
21. EUROPEAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DRIVE SHAFT TYPE,2021-2028($ MILLION)
22. EUROPEAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DESIGN TYPE, 2021-2028($ MILLION)
23. EUROPEAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY POSITION TYPE, 2021-2028($ MILLION)
24. EUROPEAN AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028($ MILLION)
25. ASIA-PACIFIC AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028($ MILLION)
26. ASIA-PACIFIC AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DRIVE SHAFT TYPE,2021-2028($ MILLION)
27. ASIA-PACIFIC AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DESIGN TYPE,2021-2028($ MILLION)
28. ASIA-PACIFIC AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY POSITION TYPE,2021-2028($ MILLION)
29. ASIA-PACIFIC AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE,2021-2028($ MILLION)
30. REST OF THE WORLD AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028($ MILLION)
31. REST OF THE WORLD AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DRIVE SHAFT TYPE,2021-2028($ MILLION)
32. REST OF THE WORLD AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY DESIGN TYPE,2021-2028($ MILLION)
33. REST OF THE WORLD AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY POSITION TYPE,2021-2028($ MILLION)
34. REST OF THE WORLD AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE,2021-2028($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET, 2021-2028 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET BY SEGMENT, 2021-2028 ($ MILLION)
3. RECOVERY OF GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET, 2021-2028(%)
4. GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET SHARE BY DRIVE SHAFT TYPE, 2021-2028(%)
5. GLOBAL ONE-PIECE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
6. GLOBAL TWO-PIECE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
7. GLOBAL SLIP-IN-TUBE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
8. GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET SHARE BY DESIGN TYPE, 2021-2028(%)
9. GLOBAL HOLLOW AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
10. GLOBAL SOLID AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
11. GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET SHARE BY POSITION TYPE, 2021-2028(%)
12. GLOBAL REAR AXLE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
13. GLOBAL FRONT AXLE AUTOMOTIVE DRIVE SHAFTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
14. GLOBAL AUTOMOTIVE DRIVE SHAFTS MARKET SHARE BY VEHICLE TYPE, 2021-2028(%)
15. GLOBAL AUTOMOTIVE DRIVE SHAFTS AVAILABLE FOR PASSENGER VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
16. GLOBAL AUTOMOTIVE DRIVE SHAFTS AVAILABLE FOR LIGHT COMMERCIAL VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
17. GLOBAL AUTOMOTIVE DRIVE SHAFTS AVAILABLE FOR HEAVY COMMERCIAL VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028($ MILLION)
18. US AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
19. CANADA AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
20. UK AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
21. GERMANY AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
22. SPAIN AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
23. FRANCE AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
24. ITALY AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
25. REST OF EUROPE AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
26. INDIA AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
27. CHINA AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
28. JAPAN AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
29. REST OF ASIA-PACIFIC AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
30. REST OF WORLD AUTOMOTIVE DRIVE SHAFTS MARKET SIZE, 2021-2028($ MILLION)
