Covid-19 acts as a positive element in the demand in Global Automotive Drive Shaft Market

Automotive Drive Shaft Market: Introduction

According to the report, the global automotive drive shaft market is projected to reach ~US$ 21 Bn by 2027, expanding at a CAGR of ~2% during the forecast period, owing to an increase in popularity and demand of four wheel drive vehicles among consumers. 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.

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.

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Regional Analysis of Automotive Drive Shaft market

In terms of region, the global automotive drive shaft market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a significant share of the global automotive drive shaft market in 2018, owing to high production of vehicles and rising demand for powerful performance vehicles among rapidly developing economies in the region. The global automotive drive shaft market is directly influenced by vehicle production and increasing penetration of four wheel drive vehicles.

Europe and North America are key markets for the automotive drive axle, owing to production of large number of premium and all-wheel drive vehicles. Countries with extreme cold weather situations in these two regions witness higher demand for four wheel drive vehicles due to their superior performance on icy roads.

Prominent players operating in the global automotive drive shaft market include Advanced Composite Products & Technology Inc., American Axle & Manufacturing, Inc., Bailey Morris Limited, D & F PROPSHAFTS, Dana Limited, GKN Plc., HYUNDAI WIA CORP., IFA Group, JTEKT Corporation, Neapco, Nexteer Automotive Group Ltd., and Wilson Drive Shaft.

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Global Automotive Drive Shaft Market: Segmentation

Automotive Drive Shaft Market, by Drive Shaft Type

Single Piece
Multi-piece

Automotive Drive Shaft Market, by Drive Type

Front Wheel Drive
Rear Wheel Drive
Others

Automotive Drive Shaft Market, by Drive System

Two Wheel Drive
Four Wheel Drive

Automotive Drive Shaft Market, by Material

Aluminum
Steel
Carbon Fiber

Automotive Drive Shaft Market, by Vehicle

Passenger Vehicle
Commercial Vehicle
Electric Vehicle

Automotive Drive Shaft Market, by Region

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific

China
India
Japan
ASEAN
Rest of Asia Pacific

Middle East & Africa

GCC Countries
South Africa
Rest of Middle East & Africa

Latin America

Brazil
Mexico
Rest of Latin America

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