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Drive Shaft Market 2021: COVID-19 Impact Size, Comprehensive Analysis, Development Strategy, Future Plans and Industry Growth with High CAGR by Forecast 2023

Market Highlights

A drive shaft is an important component of the drive train and is used to deliver the torque from the transmission to the differential, in order to drive the vehicle. The drive shaft is primarily classified as front drive shaft and rear drive shaft. The type of drive shaft varies according to the vehicle type, for instance the drive types vary greatly in vehicles with distinct configurations for front-wheel drive, four-wheel drive, and the front-engine rear-wheel drive and the position of the drive shaft.

The drive shaft market is primarily driven by the increasing global vehicle production, development of light weight drive shafts, and the increasing demand for four-wheel drive vehicles.

Moreover, the automotive vehicle manufacturers are working on reducing the overall vehicle weight to improve fuel efficiency of vehicle. The hollow type of drive shaft reduces substantial weight compared to other available conventional types of drive shaft. This is expected to offer promising growth opportunities for the drive shaft market.

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Market Research Analysis

In terms of region, the global market for drive shaft is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to lead the global drive shaft market during the forecast period. The presence of China, Japan, India, South Korea, and other prominent automotive markets are influencing the demand for new vehicles in this region and is expected to fuel the demand for drive shaft during the forecast period. Asia-Pacific, with the ongoing rapid infrastructure development, lower production costs, and favorable government schemes encourage the global players to invest heavily in this region. Such developments are expected to drive the global drive shaft market.

Europe is expected to hold the substantial market share during the forecast period owing to the collaborations, agreements, and partnerships of vehicle OEMs and drive shaft suppliers with local market players to increase their production and market share in the global drive shaft market. Additionally, the stringent government regulations and automobile standards set by the EU, compel the automobile OEMs to manufacture fuel-efficient vehicles, creating a demand for hollow type drive shafts during the forecast period.

Scope of the Report

This study provides an overview of the global drive shaft market, tracking three market segments across four geographic regions. The report studies key players and provide a six-year annual trend analysis, which highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, which focuses on the market opportunities for the next five years for each region. The scope of the study segments the global drive shaft market by vehicle type, design, position, and region.

By Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicle (LCV)
  • Heavy Commercial Vehicle (HCV)

By Design

  • Hollow Drive Shafts
  • Solid Drive Shafts

By Position  

  • Front Drive Shaft
  • Rear Drive Shaft

By Regions

  • North America
  • Asia-Pacific
  • Europe
  • Rest of the World

Key Players

Some of the major players in the global drive shaft market such as GKN PLC (UK), Advanced Composite Products & Technology, Inc. ACPT, Inc. (US), American Axle & Manufacturing Holdings, Inc. (US), Neapco Holdings, LLC (US), Dana Holding Corporation (US), Yamada Manufacturing Co., Ltd. (Japan), Trelleborg AB (Sweden), NTN Corporation (Japan), Ifa Rotorion – Holding GmbH (Germany), and The Timken Company (US).

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