Automotive Drive Shaft Market Size, Share | 2024 To 2031

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The global automotive drive shaft market size is anticipated to be worth USD 8306 million in 2022 and is projected to touch USD 11924.14 million by 2031 with a CAGR of 4.1% during the forecast period.

An automotive drive shaft is also known by the name propellor shaft. It forms an important component of the drive train vehicle. The main function of this equipment is to provide torque from transmission to differential. This transmits the torque to the wheel thus helping the vehicle to move forward. It has motor and can transport the torque from the engine of the vehicle to its wheels. These drive shafts are made up of many materials like steel, aluminum, fiber and carbon.

The high usage of driving shafts in passenger cars and reduction in weight of automotives have been the latest development in the market. This is considered as the latest trend in the automotive drive shaft market.

A lot of people are opting for electric vehicles due to the various advantages provided by it. The increasing sales of utility automobiles has also increased the market growth. All the above-mentioned factors have collectively driven the automotive drive shaft market growth.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic of COVID-19 created challenges for all the industries across the world. Small and Medium Enterprises (SEMs) of automobile industry were hit by the pandemic, which in turn affected the automotive drive shaft market.

With several restrictions that were imposed during the pandemic, the manufacturing of the spare parts required to assemble the drive shaft saw a sudden decline. Certain metals and non-metal like aluminum, and carbon, are also required for the production of this equipment. They were not readily available during the pandemic time. Difficulty faced during import and export activities also brought down the market growth. After the market recovered from the pandemic, a lot of companies increased their investments in factory automation and this is expected to propel the automotive drive shaft market Share.

"Reduction of Weight in The Automotive Market to Increase the Market Growth"

Customers prefer vehicles that are light-weight rather than the ones that are heavy. This has been implemented in the automotive market and many vehicles are being manufactured with less weight. Hallow shafts are light in weight. These drive shafts are now being used in most of the passenger cars.

The demand for hallow shafts is increasing the market scope for the product. Aluminum propellor shafts are also in high demand these days due to their strength and sturdiness. Hallow shafts and aluminum propellor shafts have both become popular in the market owing to their properties and this is increasing the automotive shaft market share.

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The market can be divided on the basis of type into the following segments:

Half shaft, and, propeller shaft. The half shaft segment is anticipated to dominate the market during the forecast period.

Classification based on application into the following segment:

Passenger vehicle, and, commercial vehicle. The passenger vehicle segment is predicted to dominate the market during the research period.

"Growing Preferences Among People for Electric Vehicles to Accelerate Market Growth"

Recently the sale of electric vehicles has increased due to many factors. People are choosing to buy electric vehicles rather than normal vehicles because they provide higher sustainability, are environmental-friendly, and can run without fuel. The increasing price of fuel is yet another reason why people are opting for electric vehicles.

Automotive drive shafts are used, in electric vehicles and this has become a major reason for the tremendous growth of the market in the recent years. Drive shafts are widely used in a front engine rear wheel drive car, cars with front-wheel drive, four-wheel drive, motorcycles, marine vessels, and locomotives. Hybrid vehicles are also using the shafts. Increasing application of equipments in various vehicles has accelerated the automotive drive shaft market growth.

"Rising sales of utility vehicles to Propel the Market Growth "

Utility vehicles are motorized and are designed to carry out tasks with efficiency when compared to a passenger vehicle. Military light utility vehicle, armored utility vehicle, sport utility vehicle, and crossover utility vehicles are some of the types. All these automobiles make use of driving shaft.

Similarly, the rising demand for premium and luxury vehicles in fast growing countries have had a positive impact on the market. These collectively form the driving factors of the market.

"Heavy Weight of Drive Shaft to Bring Down the Market Growth"

The major disadvantage of using automotive drive shaft is that it is heavier as compared to a chain. Because of heavy weight the drive shaft can absorb a lot of engine’s power even before the shaft reaches the rear wheel. Vibrations caused under the vehicle, difficulty in turning, squeaking noises and shuddering of the car during acceleration are some common problems faced while using a drive shaft. These factors hamper the market growth.

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"North America to Dominate the Market in The Upcoming Years"

North America is seen dominating the market due to many reasons such as the increasing establishment of production facilities, low tariff on the production of the automobile shafts. Rising demand for comfort and strict regulations regarding fuel efficiency are some other factors making North America the largest shareholder in the market.

Rising car sales, increasing disposable income of people resulting in vehicle purchases, and mainly the demand for premium and luxury vehicles is driving the market growth because all these factors are increasing the usage of automotive driving shafts in the vehicles. Collectively these factors have played a key role in making North America the leading market player.

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

The report provides an insight into the global and United States talent assessment industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. This report is very useful for forecasting the future of this technology.

Market Size Value In

US$ 8306 Million in 2022

Market Size Value By

US$ 11924.14 Million by 2031

Growth Rate

CAGR of 4.1% from 2022 to 2031

Forecast Period

2024-2031

Base Year

2023

Historical Data Available

Yes

Regional Scope

Global

Segments Covered

Types & Application

The automotive drive shaft market is projected and estimated to touch USD 11924.14 million by 2031.

The automotive drive shaft market is expected to exhibit a CAGR of 4.1% by 2031.

A lot of people are opting for electric vehicles due to the various advantages provided by it. The increasing sales of utility automobiles has also increased the automotive drive shaft market growth.

GKN, NTN, JTEKT, SDS, and, Dana are some of the top companies operating in the automotive drive shaft market.