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Automotive Drive Shafts - Global Market Trajectory & Analytics

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    Report

  • 409 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 4806445

FEATURED COMPANIES

  • Bailey Morris Limited
  • GKN plc
  • IFA Group
  • Meritor, Inc.
  • Neapco Inc
  • SHOWA CORPORATION

Global Automotive Drive Shafts Market to Reach $7.5 Billion by 2026


A driveshaft is a rotating shaft that transmits drive to wheels. The drive shaft is also called propeller shaft or driveline shaft or Cardan shaft. The drive shaft is a spinning tube that connects to the rear of the transmission and transmits the spinning power to the back of the vehicle. Automotive drive shafts are witnessing increasing uptake on account of their numerous merits over conventional components. These drive shafts provide automakers with the opportunity to incorporate lightweight components to reduce vehicle weight, drive fuel efficiency, and comply with regulatory guidelines. The global market for automotive drive shafts is expected to move ahead swiftly supported by a recovering automotive industry and implementation of stringent regulations regarding fuel efficiency and environmental protection. The presence of several manufacturers and suppliers offering both OEM (original equipment manufacturers) and aftermarket products ensures continued supply of driveshafts and a growing business for these companies. The demand for driveshafts is also helped by the growing vehicular traffic, and increased vehicle production. The global automotive drive shaft market is highly competitive and diversified in nature, and is served by numerous international and regional players. These companies maintain a consistent focus on technology launches, brand reinforcement and mergers and acquisitions to expand their market footprint. Leading vendors also invest in R&D projects to develop and launch innovative products on the market. Several players offer advanced lightweight drive shafts that are intended for commercial vehicles.

Amid the COVID-19 crisis, the global market for Automotive Drive Shafts estimated at US$6 Billion in the year 2022, is projected to reach a revised size of US$7.5 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Steel, one of the segments analyzed in the report, is projected to grow at a 4.9% CAGR to reach US$4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Aluminum segment is readjusted to a revised 5.8% CAGR for the next 7-year period. This segment currently accounts for a 36.4% share of the global Automotive Drive Shafts market. The significant uptake of steel can be attributed to its superior strength, durability and machinability. Regulations to push efficiency and performance of vehicles are bolstering the adoption of cost-efficient materials and driving shift from steel towards aluminum. In addition, drive shafts based on steel are relatively heavier than aluminum-based components and add to vehicle weight, resulting in lower fuel efficiency.

The U.S. Market is Estimated at $1.1 Billion in 2022, While China is Forecast to Reach $1.8 Billion by 2026


The Automotive Drive Shafts market in the U.S. is estimated at US$1.1 Billion in the year 2022. The country currently accounts for a 19.12% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 7.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$2 Billion by the end of the analysis period. The North America and Europe region is estimated to post significant growth on account of increasing investment in the automotive industry and R&D projects to develop sophisticated high-end vehicles. These developed markets are bolstered by stringent emission regulations along with increasing production of all-wheel drive vehicles. The regional market is propelled by increasing production of automobiles, significant GDP, and high per person income. Supportive government policies and the presence of advanced automobile infrastructure are poised to further drive the market growth. The increasing popularity of rear wheel drive vehicles as a result of high per person spending on premium vehicles is expected to further spur the demand for automotive drive shafts in Europe. Growth in Asia-Pacific is attributed to enforcement of stringent fuel economy and environmental protection regulations coupled with continuing efforts by automakers to bring down vehicle weight and push the fuel efficiency. Factors such as favorable macroeconomic scenario and rising per person income are driving automobile demand and positively influencing the drive shaft market.

Carbon Fiber Segment to Reach $918.9 Million by 2026


New materials including carbon fiber have garnered considerable attention in the recent years. Various automakers are looking for vendors offering automotive drive shafts built on carbon fibers. Carbon fiber drive shafts offer benefits of lighter weight, higher torque capacity, better reliability, higher rpm, increased safety, and reduced noise, vibration and harmonics. In the global Carbon Fiber segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$503.9 Million will reach a projected size of US$750.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$111.9 Million by the year 2026, while Latin America will expand at a 7.7% CAGR through the analysis period.

Select Competitors (Total 46 Featured):

  • Advanced Composite Products & Technology, Inc.
  • American Axle Manufacturing Inc
  • Bailey Morris Limited
  • Dana Incorporated
  • Fortune Cross (Thailand) Company Limited
  • GKN plc
  • Hyundai Wia Corporation
  • IFA Group
  • JTEKT Corporation
  • Meritor, Inc.
  • Mohit Engineers Pvt. Ltd
  • Neapco Inc
  • Nexteer Automotive Group Ltd
  • NTN Corporation
  • Shanghai GKN Driveshafts (SDS)
  • SHOWA CORPORATION
  • Trelleborg AB
  • Wanxiang America Corporation
  • Xuchang Yuangdong Driveshaft Co., Ltd
  • YAMADA MANUFACTURING CO.,LTD.

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year

FEATURED COMPANIES

  • Bailey Morris Limited
  • GKN plc
  • IFA Group
  • Meritor, Inc.
  • Neapco Inc
  • SHOWA CORPORATION

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Automotive Drive Shafts - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • A Review of the Changing Automobile Business Models & the Growing Role of Innovative Component Suppliers
  • COVID-19, A Rude Interruption to the Fairly Healthy Pre-COVID Outlook. Year 2020 Has Been a Year of Astounding Disruption & Unbelievable Transformation
  • COVID-19 Leaves the World in Shambles & Industries and Markets Upended: World Economic Growth Projections (Real GDP, Annual % Change) for 2019 to 2022
  • As Mass Vaccination Drives Get Underway Worldwide, Will It Change the Existing Economic Realities? & Is it Really the Silver Bullet We Were Waiting For?
  • How Fast the World is Vaccinated Will Determine How Soon the Pandemic Will End: Global Number of COVID-19 Vaccinations (Per 100 People) As of February 2021 by country
  • Global Number of Annual COVID-19 Vaccine Doses (In Million) for Years 2020 through 2025 by Geographic Region/Country
  • How the Automotive Industry Is Impacted by the Pandemic & What’s the New Normal?
  • Supply Chain Disruptions Along With Weak Demand Send Production Activity Slumping: Automobile Production % YoY Change Across Select Countries: 2020 Vs 2019
  • Auto Sales Come Down Crashing As Unemployment Spikes to Historic Highs
  • Continued High Unemployment Levels Challenges Growth in Industries Reliant on Consumer Discretionary Incomes: Global Number of Unemployed People (In Million) for Years 2017, 2019, 2020, and 2022
  • COVID-19 Triggers Unprecedented Disruptions in the Supply Chain & Accelerates the Urgency to Rethink Supply Chain Management
  • Unprecedented Losses Sustained in the Supply Chain Pushes Up the Focus on Resilience & Supply Chain Reinvention: Global Losses in Supply Chain as a % of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) in the Year 2020
  • How Are OEMs Responding as They Walk Through the Ruins of the Automotive Supply Chain Left Behind by the Pandemic?
  • The Pandemic Fast Tracks a Mobility Future With Autonomous Vehicles
  • Reluctance to Use Shared Mobility Will Persist Even in the Post Pandemic World. The Darkening Outlook for “Shared Mobility” is a Business Opportunity for Self-Driving Cars & Taxis: Global Ride Hailing & Taxi Market (In US$ Billion) for Years 2017, 2018, 2019, 2020
  • Engineering Significance of Drive Shafts in Automobiles: Definition, Scope, Types, Importance & Benefits
  • Recent Market Activity
  • World Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Market Outlook 2021 & Beyond
  • Stringent Regulations Post Pandemic to Spur Growth
  • Transportation is the Biggest Contributor to GHG Emissions: Global CO2 Emissions (In Billion Metric Tons) for the Year 2021
  • Here’s Why the Environment & Sustainability Will be Top Priorities After the Pandemic
  • Hollow Drive Shaft to Spur Growth
  • Asia-Pacific to Record Impressive Revenue Growth
  • Opportunities Amid Challenges for Commercial Vehicles Brings Hope for Growth in the Drive Shafts Market
  • Nearshoring Trend Positions Brazil & Mexico as a Strong Production Centers for CVs
  • An Inevitable Rebound in Market Prospects to Encourage Growth in Sales of Drive Shafts: Global Commercial Vehicle Sales (In 000 Units) for Years 2018, 2020, 2022, 2024 & 2026
  • Lightweighting Turns the Spotlight on Lightweight Innovations in Drive Shafts
  • Post Pandemic, Massive Engineering Interest in Lightweighting Will Create Massive Interest in Innovative Lightweight Drive Shaft Designs: Global Automotive Lightweight Materials Market (In US$ Billion) for the Years 2022, 2024 & 2026
  • A Special Focus on Carbon Fiber Drive Shafts
  • EVs Open Up Attractive Opportunities for Drive Shaft Innovations
  • Favorable Outlook for EVs
  • Drive Shafts for EVs: A Review
  • Growing Demand for EVs Brings Good News for Drive Shaft Manufacturers: Number of EVs On Road Worldwide by Type (In Units) for the Years 2019 and 2022
  • Heathy Outlook for All-Wheel Drive (AWD) Vehicles Bodes Well for Market Growth
  • Development of Advanced Sensors for Drive Shafts: A Key Trend
  • Manufacturers’ Focus on Advanced Driveshaft Systems for Increase Driveline Efficiency
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
CANADA
JAPAN
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
CHINA
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
EUROPE
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
FRANCE
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
ITALY
UNITED KINGDOM
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
AUSTRALIA
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
INDIA
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
AFRICA
  • Automotive Drive Shafts Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 46

A selection of companies mentioned in this report includes:

  • Advanced Composite Products & Technology, Inc.
  • American Axle Manufacturing Inc
  • Bailey Morris Limited
  • Dana Incorporated
  • Fortune Cross (Thailand) Company Limited
  • GKN plc
  • Hyundai Wia Corporation
  • IFA Group
  • JTEKT Corporation
  • Meritor, Inc.
  • Mohit Engineers Pvt. Ltd
  • Neapco Inc
  • Nexteer Automotive Group Ltd
  • NTN Corporation
  • Shanghai GKN Driveshafts (SDS)
  • SHOWA CORPORATION
  • Trelleborg AB
  • Wanxiang America Corporation
  • Xuchang Yuangdong Driveshaft Co., Ltd
  • YAMADA MANUFACTURING CO.,LTD.