Market Size of Automotive Drive Shaft Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 74.26 Billion |
| Market Size (2029) | USD 101.94 Billion |
| CAGR (2024 - 2029) | 6.54 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automotive Drive Shaft Market Analysis
The Automotive Drive Shaft Market size is estimated at USD 74.26 billion in 2024, and is expected to reach USD 101.94 billion by 2029, growing at a CAGR of 6.54% during the forecast period (2024-2029).
The outbreak of COVID-19 impacted the whole supply chain for the market. Several manufacturing industries were closed. The supply chain management and distribution channels were disrupted due to a shortage of raw materials. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the country. The automotive industry witnessed significant growth in terms of production in 2022, which is likely to increase the demand for drive shafts across the globe.
Over the medium term, with the rise in population and disposable income, the demand for automobiles, such as passenger cars and commercial vehicles, is rising across the globe. The increase in the production and manufacturing of automobiles is fueling the demand for drive shafts globally.
The market will be the focus of attention during the forecast period and will be driven by the growing demand for commercial vehicles and buses, both of which are expected to drive global vehicle production and sales. This is primarily due to the growing demand for electric vehicles. In addition, automakers are putting all their efforts into making the most energy-efficient electric vehicles as the demand for them grows. Driveshaft manufacturers are updating their product lines to meet the constantly shifting needs of original equipment manufacturers (OEMs) and expand their market share.
The automotive drive shaft market is anticipated to grow in the coming years, driven by trends such as the rising demand for lightweight components and the rising sales of all-wheel-drive vehicles. One notable factor that is anticipated to have an impact on the overall growth of the automotive drive shaft market in the coming years is the sharp increase in utility vehicle sales around the world. Asia-Pacific is distinguished by the presence of emerging economies and accounts for about half of global vehicle sales.
The automotive drive shaft market in Asia-Pacific is expected to hold the largest market share and is expected to register the highest growth rate in the global drive shaft market. Asia-Pacific is characterized by the presence of emerging economies and accounts for a share of global vehicle sales, which is expected to continue over the forecast period.
Countries such as China, the United States, and Norway are continuing to see stronger demand for electric vehicles. Automakers are planning to launch more electric vehicle models in the coming years. The majority of the present and upcoming electric vehicle models are all-wheel drives (AWD) or rear-wheel drives (RWD), which will generate the demand for lightweight driveshafts during the forecast period.
