automotive-drive-shaft-market
Published

MAR 2018

Global Automotive Drive Shaft Market - Segmented by Design, Vehicle, Position, Material, and Geography - Growth, Trends, and Forecast (2018 - 2023)

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The global automotive drive shaft market is expected to record a CAGR 5.75% during the forecast period. The recovery of the automotive industry has directly fueled the growth of the drive shaft market, as they are indispensable for conventional IC engine and hybrid automobiles.

Growing concern for fuel efficiency and the stringent norms posed by the international emission control authorities have provoked the manufacturers to develop lightweight drive shafts without compromising on their performance and rigidness. Composite drive shafts which are the new entrants in the global market, boast incredibly high torque and safety standards.

Hollow drive shafts are anticipated to capture the global market due to their flexibility and improvised performance over the conventional and heavy 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.

                    

Source: Mordor Intelligence Analysis

Rise in Vehicle Production and Sales

Owning a vehicle is no longer a luxury but has now become a necessity, owing to the busy lifestyles and long transits. Growing population and higher disposable income in the developing economies resulted in a subsequent spike in vehicle-owning households globally. The global production of passenger cars alone increased from 40.1 million in 2001 to 73.45 million in 2017, and that of overall vehicles was around 97.30 million in 2017. These numbers clearly indicate the growing automotive industry. Subsequently, the EPA policies and stringent CAFE regulations forced the automotive manufacturers to reduce the weight of the vehicles to reduce emissions and fuel consumptions, which in turn is driving the market for automotive drive shaft market.

The engine which was the only power house of an automobile until at least the end of the previous century is facing a serious threat from alternative power sources, like the electric vehicles, fuel cell vehicles, etc. The exhaust emission from the conventional internal combustion engine has become a significant contributor to the environmental pollution. According to some studies, the emissions from the vehicles all over the world account for more than one-fourth of the global greenhouse gases. Even though the conventional engine was known to produce harmful gases, the unavailability of a potential replacement made it the only reliable source of energy.

Key Developments in the Market

  • March 2018: Dana Inc. announced its signature of definitive agreements to combine with the driveline division of United Kingdom-based GKN Plc. to create Dana Plc., a global driveline systems company
  • February 2018: In collaboration with its customers, German recycling equipment manufacturer Vecoplan has enhanced the VAZ 1600 XL and is launching a robust single-shaft shredder for technical plastics

Major Players: American Axle Manufacturing Inc., Bailey Morris limited, GKN PLC, Hyundai Wia Corporation, Dana holding corporation, D & F Propshafts, among others.

Reasons to Purchase this Report

  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • Detailed analysis on the product type that is expected to dominate the market
  • Detailed analysis on the regions that are expected to witness fastest growth during the forecast period
  • Identifying the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet in excel

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