The global drive shaft market size is expected to reach USD 8.614 billion in 2024 and reach USD 11.041 billion by 2029, growing at a CAGR of 5.09% from 2024 to 2029.
A drive shaft or propeller shaft is part of a vehicle or car that normally takes power from the engine and carries it to the wheels. The driveshaft must be strong enough to absorb engine torque and not substantial enough to decrease the overall weight of the vehicle. A driveshaft must be absolutely balanced and must rotate equal to the torque coming out of the engine and driving for smooth transmission performance. In present times, most of the cars are generally front-wheel drive. Smooth driveshafts are part of the transaxle and each front wheel. In cars with rear wheels, the propeller shaft is part of the rear axle and all the rear wheels. The driveshaft must be strong and firm, as it must withstand the enormous torque created by the motor. Drive shafts are used to drive the engine to the wheels using mechanical links.
Market growth is attributed to rising concern for fuel efficiency coupled with strict government emission control regulations, which has prompted the launch of new BS-6 vehicles. The massive adoption of environmentally friendly vehicles in developed countries and the consequent increase in the production of these vehicles has allowed a high deployment of the drive shaft in new vehicles, promoting the developments in the market. Another important reason supporting the growth of the global driveshaft market is the increasing demand and consequent sales of four-wheel drive (AWD) vehicles, as two driveshafts are implemented in each vehicle. Demand for these advanced vehicles, coupled with strict regulations and emissions control, is expected to boost drive shaft market growth over the forecast period.
Increasingly concerned with fuel efficiency, manufacturers are focusing more on developing a lightweight driveshaft without compromising performance and stiffness. As the growth of the automotive industry in the world increases, it is indirectly driving the growth of the driveshaft market as all cars require drive shafts to drive the wheels. With the rise of four-wheel drive vehicles, the market demand for drive shafts is also increasing. Drive shafts are also used in motorcycles as they require no maintenance and have a longer service life compared to a chain drive. With the expanding interest in vehicle solace and execution offered by new lightweight driveshafts, OEMs are likewise grasping the new lightweight driveshafts. The increasing number of vehicles being produced, an improved driving experience, stringent carbon emissions regulations and standards, and increased fuel efficiency through the use of new lightweight driveshafts primarily drive the call for the global market.
Some of the main constraints in the global driveshaft market are sharp fluctuations in material prices that hamper the manufacture of lightweight driveshafts.
Coronavirus is an unrivaled global public health emergency that has affected nearly every industry, hence the long-term effects that are expected to impact industry growth during the forecast period. Our ongoing research amplifies our framework to ensure that the underlying issues of coronavirus and possible future pathways. The report provides insights on COVID-19 taking into account changes in consumer behavior and demand, purchasing patterns, supply chain deviation, the dynamics of current market forces, and significant interventions of governments.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
5.09% |
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Segments Covered |
By Design Type, Vehicle Type, Position, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
GKN PLC (Melrose Industries PLC), JTEKT Corporation, Dana Incorporated, Hyundai Wia Corporation, Nexteer Automotive Group Ltd, and Others. |
Research on weight reduction in the automotive industry has been a major driver for the automotive hollow driveshaft industry, allowing automakers to lose a large portion of the overall vehicle weight. Most passenger cars use the hollow shaft as a drive shaft, due to the advantages these shafts offer over solid drive shafts. Hollow driveshafts of mass equal to that of a solid driveshaft produced without encountering a fault. They showed superior torsional strength, making them an obvious choice over solid driveshafts. Previously, most vehicles were equipped with hollow steel drive shafts.
The rising demand for heavy and light commercial vehicles in several countries such as the United States, Japan, Germany, and China, is among the main factors supplementing growth in the respective market segments.
North America is assessed to rule the driveshaft market with an expected 37.23% portion of the overall industry, trailed by APAC, in 2018. The solid development of the driveshaft market in North America is essentially ascribed to the developing interest in light business vehicles and electric vehicles. The increasing production of vehicles and the consequent increase in the deployment of the driveshaft in these vehicles are contributing significantly to the growth of the market. Europe dominated as the second-largest market for the driveshaft industry, following North America. Asia-Pacific is the leading vehicle maker in the world and also has the largest market in the driveshaft industry. Moreover, the expanding interest in eco-friendly vehicles in locales, for example, India, China, Japan, and South Korea, has prompted the improvement of a lightweight driveshaft to decrease the general load of the vehicle, along with making it more miles.
GKN PLC (Melrose Industries PLC), JTEKT Corporation, Dana Incorporated, Hyundai Wia Corporation, Nexteer Automotive Group Ltd. Some of the market players dominate the global drive shaft market.
By Design Type
By Vehicle Type
By Position
By Region
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