A research report published by Market Research Future (MRFR) on the global drive shaft market, indicates the market to exhibit healthy growth and capture a CAGR of 5.2% over the forecast period of 2018-2025. In its latest report, MRFR has identified the key macro and micro-economic factors affecting the growth of the global drive shaft market.
Drive shaft, being an essential component of the vehicle driveline, the drive shaft market is growing in line with the automotive industry. The rise in disposable income across the globe and the rise of the middle-class has raised the sales of vehicles considerably in recent years. To cater to the growing demand for vehicles, commercial as well as passenger, automotive manufacturers are increasing the production of cars which has significantly raised the demand for drive shaft.
Development of lightweight drive shafts has had a positive effect on the growth of the drive shaft market. Lightweight drive shafts are highly preferred by people who prefer driving at a higher speed. The light weight allows for the driveshaft to have a higher critical revolution speed which allows it to spin faster. The superior performance of lightweight drive shafts has led to increasing demand within the drive shaft market. Moreover, lightweight drive shafts cause lesser emissions and align with stringent rules set by international emission control authorities which further provides fuel to the growth of the market. However, augmenting demand for electric vehicles is likely to act as a headwind to the market growth.
The global drive shaft market is segmented based on vehicle type, design, and position.
By vehicle type, the drive shaft market has been segmented into passenger cars, light commercial vehicle (LCV), and heavy commercial vehicle (HCV).
By design, the drive shaft market has been segmented into hollow drive shafts and solid drive shafts. The hollow drive shaft segment is anticipated to lead the market over the forecast period. Hollow drive shafts have gained prominence in recent years due to their flexibility and enhanced performance as compared to conventional counterparts.
By position, the drive shaft market has been segmented into front drive shaft and rear drive shaft.
By region, the drive shaft market has been segmented into North America, Rest-of-the-World (RoW), Asia Pacific (APAC), and Europe.
The APAC drive shaft market accounts for the most valuable share of the market and is anticipated to exhibit the highest growth rate over the forecast period. Improving economic conditions and subsequent rise in spending capabilities has increased the sale of cars in the region which is boosting the growth of the drive shaft market in the region. Moreover, the region is home to various automotive manufacturers who invest heavily in the drive shaft market. Automotive manufacturing has also increased in the region due to lower production cost and favorable government policies.
Europe is the second largest drive shaft market. The existence of automotive OEMs in the region, along with collaborations, agreements, and partnerships of automotive OEMs and drive shaft suppliers has created a conducive environment for the growth of the market. Additionally, various automotive safety standards prompt the use of drive shaft, inducing high demand within the market.
Dana Holding Corporation (US), ACPT, Inc. (US), NTN Corporation (Japan), The Timken Company (US), American Axle & Manufacturing Holdings, Inc. (US), Neapco Holdings, LLC (US), Yamada Manufacturing Co., Ltd. (Japan), Ifa Rotorion - Holding GmbH (Germany), Advanced Composite Products & Technology, Inc., Trelleborg AB (Sweden), and GKN PLC (UK) are the imminent players operating the drive shaft market.
May 2019 – The new Lexus RC F edition is equipped with a hollow, lighter drive shaft which allows a larger final drive ratio which enhances engine responsiveness.