The market is poised to grow at a CAGR of 5.8% and touch USD XX billion by the end of 2022. The recovery of the automotive industry has indirectly fueled the growth of the drive shaft market, as they are indispensable for self-propelled four-wheelers. Growing concern for fuel efficiency and the stringent norms posed by the international emission control authorities have provoked the manufacturers to develop lightweight drive shaft without compromising on their performance and rigidness. Composite drive shaft, the new entrants in the global market, boast incredibly high torque and safety standards.
Drive shafts or propeller shafts find their use in transmitting power from the engine to the wheels using mechanical linkages. Hollow drive shaft are anticipated to capture the global market due to their flexibility and improvised performance over the conventional solid type. Their design is robust enough to sustain varying torques received from the engine and are classified into two types based on the position of transmission – front and rear end. In 2016, front-end axles accounted for XX% of the overall market for drive shaft. The rear-end drive shaft market is poised to grow at a high CAGR of XX% by 2022.
The Asia-Pacific region, the largest manufacturer of automobiles in the world, dominated the market for drive shaft in 2016. The markets in Europe and North America followed closely. Manufacturers in China, Japan, and South Korea, are focusing on developing lightweight driveshafts to meet the growing demand for fuel-efficient vehicles. The market for drive shaft in North America and Europe is expected to gain traction in light of the stringent EPA regulations and CAFÉ standards.
The market is segmented by vehicle type (passenger cars, LCV, HCV), design type (hollow, solid), position (front, rear drives) and geography (North America, APAC, Europe, Arica and the Middle East).
Some of the key players in the market are:
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