Drive Shaft Market

Global Drive Shaft Market Size

The global drive shaft market was valued at USD 8.19 billion in 2023 and is anticipated to reach USD 8.614 billion in 2024, from USD 12.80 billion by 2032, growing at a CAGR of 5.09% from 2024 to 2032.

Current Scenario Of The Global Drive Shift Market

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 balanced and must rotate equally 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 have 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 development 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.

MARKET DRIVERS

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 driveshafts 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 comfort performance offered by new lightweight driveshafts, OEMs are also embracing them 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.

MARKET RESTRAINTS

Some of the main constraints in the global driveshaft market are sharp fluctuations in material prices that hamper the manufacture of lightweight driveshafts.

Impact of COVID-19 on the Drive Shaft Market

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 are addressed. 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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

By Design Insights

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.

By Vehicle Insights

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.

REGIONAL ANALYSIS

North America is expected 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 growing 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 development of a lightweight driveshaft to decrease the overall weight of the vehicle, along with increasing its mileage.

KEY MARKET PLAYERS

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.

RECENT HAPPENINGS IN THE MARKET

• Hyundai Wia has developed an innovative automotive driveshaft that simplifies the process of transmitting power from the transmission to the wheel bearings of an automobile.
• Dana Incorporated (NYSE: DAN) unveiled new drivetrain technologies for material handling vehicles, including a high-efficiency low-voltage motor for electrical applications, as well as a new series of high-performance modular driven axles for industrial forklift trucks of classes I, IV, and V.
• Dana Inc. announced the signing of definitive agreements to join forces with the transmission division of GKN plc, based in the United Kingdom, to create Dana Plc, a global transmission systems company.

MARKET SEGMENTATION

This research report on the global drive shaft market is segmented and sub-segmented based on Design Type, Vehicle Type, Position, and Region.

By Design Type

• Hollow Drive Shafts
• Rigid Drive Shafts

By Vehicle Type

• Passenger Car

• Hatchback
• Sedan
• SUV/ MUV/ MPV

• Light Commercial Vehicle
• Heavy Commercial Vehicle

By Position

• Front Drive Shaft
• Rear Drive Shaft

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa