Global Automotive Drive Shafts Business Analysis Report 2023: Market to Reach $9.5 Billion by 2030 - EVs Open Up Attractive Opportunities for Drive Shaft Innovations

Dublin, June 20, 2023 (GLOBE NEWSWIRE) -- The "Automotive Drive Shafts: Global Strategic Business Report" report has been added to's offering.

Global Automotive Drive Shafts Market to Reach $9.5 Billion by 2030

The global market for Automotive Drive Shafts estimated at US$6 Billion in the year 2022, is projected to reach a revised size of US$9.5 Billion by 2030, growing at a CAGR of 6% over the analysis period 2022-2030.

Steel, one of the segments analyzed in the report, is projected to record a 5.5% CAGR and reach US$4.7 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Aluminum segment is readjusted to a revised 6.4% CAGR for the next 8-year period.

The U.S. Market is Estimated at $1.1 Billion, While China is Forecast to Grow at 8.4% CAGR

The Automotive Drive Shafts market in the U.S. is estimated at US$1.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2030 trailing a CAGR of 8.4% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 3.7% respectively over the 2022-2030 period.

Within Europe, Germany is forecast to grow at approximately 4.6% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2030.

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending.

As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.

Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Key Attributes:

Report AttributeDetails
No. of Pages409
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$6 Billion
Forecasted Market Value (USD) by 2030$9.5 Billion
Compound Annual Growth Rate5.9%
Regions CoveredGlobal


  • Influencer Market Insights
  • World Market Trajectories
  • Automotive Drive Shafts - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • A Review of the Changing Automobile Business Models & the Growing Role of Innovative Component Suppliers
  • How the Automotive Industry Is Impacted by the Pandemic & What's the New Normal?
  • Auto Sales Come Down Crashing As Unemployment Spikes to Historic Highs
  • Continued High Unemployment Levels Challenges Growth in Industries Reliant on Consumer Discretionary Incomes
  • COVID-19 Triggers Unprecedented Disruptions in the Supply Chain & Accelerates the Urgency to Rethink Supply Chain Management
  • Unprecedented Losses Sustained in the Supply Chain Pushes Up the Focus on Resilience & Supply Chain Reinvention
  • How Are OEMs Responding as They Walk Through the Ruins of the Automotive Supply Chain Left Behind by the Pandemic?
  • The Pandemic Fast Tracks a Mobility Future With Autonomous Vehicles
  • Reluctance to Use Shared Mobility Will Persist Even in the Post Pandemic World. The Darkening Outlook for "Shared Mobility" is a Business Opportunity for Self-Driving Cars & Taxis
  • Engineering Significance of Drive Shafts in Automobiles: Definition, Scope, Types, Importance & Benefits
  • Recent Market Activity
  • World Brands


  • Market Outlook 2021 & Beyond
  • Stringent Regulations Post Pandemic to Spur Growth
  • Here's Why the Environment & Sustainability Will be Top Priorities After the Pandemic
  • Hollow Drive Shaft to Spur Growth
  • Asia-Pacific to Record Impressive Revenue Growth
  • Opportunities Amid Challenges for Commercial Vehicles Brings Hope for Growth in the Drive Shafts Market
  • Nearshoring Trend Positions Brazil & Mexico as a Strong Production Centers for CVs
  • An Inevitable Rebound in Market Prospects to Encourage Growth in Sales of Drive Shafts
  • Lightweighting Turns the Spotlight on Lightweight Innovations in Drive Shafts
  • Post Pandemic, Massive Engineering Interest in Lightweighting Will Create Massive Interest in Innovative Lightweight Drive Shaft Designs
  • A Special Focus on Carbon Fiber Drive Shafts
  • EVs Open Up Attractive Opportunities for Drive Shaft Innovations
  • Favorable Outlook for EVs
  • Drive Shafts for EVs: A Review
  • Growing Demand for EVs Brings Good News for Drive Shaft Manufacturers
  • Heathy Outlook for All-Wheel Drive (AWD) Vehicles Bodes Well for Market Growth
  • Development of Advanced Sensors for Drive Shafts: A Key Trend
  • Manufacturers' Focus on Advanced Driveshaft Systems for Increase Driveline Efficiency


  • Advanced Composite Products & Technology, Inc.
  • American Axle Manufacturing Inc
  • Bailey Morris Limited
  • Dana Incorporated
  • Fortune Cross (Thailand) Company Limited
  • GKN plc
  • Hyundai Wia Corporation
  • IFA Group
  • JTEKT Corporation
  • Meritor, Inc.
  • Mohit Engineers Pvt. Ltd
  • Neapco Inc
  • Nexteer Automotive Group Ltd
  • NTN Corporation
  • Shanghai GKN Driveshafts (SDS)
  • Trelleborg AB
  • Wanxiang America Corporation
  • Xuchang Yuangdong Driveshaft Co., Ltd

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Global Market for Automotive Drive Shafts

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