New York, US, Oct. 26, 2022 (GLOBE NEWSWIRE) -- According to the research reports by MRFR, Drive Shaft Market Research Report, Information: by Design, Vehicle Type, and Region - Forecast till 2030, the drive shaft market is predicted to thrive substantially during the assessment timeframe from 2021 to 2030 at a healthy growth rate of approximately 6.40%. The report anticipates the market to attain a valuation of around USD 9.45 billion by the end of 2030.
Drive Shaft Market Overview:
A driveshaft refers to an essential piece of a vehicle driveline. It is a turning tube interfacing with the back of the transmission and sends the turning power starting in the motor to the vehicle's rear at the differential. A driveshaft is used for transporting the force from the grasp and transmission, as predicted, to a driving hub or to raise the pivot of the vehicle. The drive shaft operates like a medium to move the power generated by the motor to the wheels, encouraging them to turn and drive the car. The driveshafts are manufactured with direct remittance for some trim level of development at the areas where the driveshafts are linked with support under a curving or turning movement.
Competitive Analysis
The list of prominent participants across the global market for drive shafts includes players such as:
- GKN PLC (UK)
- Yamada Manufacturing Co., Ltd. (Japan)
- Advanced Composite Products & Technology, Inc.
- Trelleborg AB (Sweden)
- ACPT, Inc. (US)
- NTN Corporation (Japan)
- American Axle & Manufacturing Holdings, Inc. (US)
- Ifa Rotorion - Holding GmbH (Germany)
- Neapco Holdings, LLC (US)
- The Timken Company (US)
- Dana Holding Corporation (US)
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Furthermore, a drive shaft enables the capacity with a hub and CV joint and allows force exchange from the transmission to the wheels. This enables the vehicle to be driven at the expected speed. The global market for drive shafts has shown massive expansion in the last few years. The main parameter supporting the market's growth is the growing vehicle deals and the development in the auto industry's innovation. Apart from that, the factors such as the growing interest in electric vehicles worldwide, discharge control specialists set out development, and growing interest for lightweight driveshafts to satisfy the need for eco-friendly vehicles are also likely to catalyze the growth of the market over the coming years.
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 9.45 billion |
| Growth Rate | CAGR of 6.40% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The demand for fuel efficient vehicles |
| Key Market Drivers | Increase in the development of automotive industry |
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Drive Shaft Market USP Covered
Market Drivers
The global market for drive shafts has shown massive demand in the last few years. The market's growth is ascribed to the aspects such as the development of drive shafts by manufacturers without compromising on their performance, the implementation of stringent regulations by the international emission control authorities, and growing concern for fuel efficiency.
Market Restraints
On the other hand, volatility in raw material prices may restrict the market's growth.
COVID-19 Impact
The global market for drive shafts has witnessed several unexpected challenges during the pandemic, given the significant fall in demand for automobiles. On the other hand, with all the industrial and financial activities returning to normal, the global market for drive shafts is anticipated to show massive development over the coming years.
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Drive Shaft Market Segment Analysis
Among all the vehicle types, the passenger cars segment is anticipated to hold the top position across the global market for drive shafts over the review era. The main parameter supporting the segment's growth is the growing production and sales of passenger cars in developing nations such as South Africa, Indonesia, China, and India.
Based on the design, the solid drive shaft segment is predicted to ensure the top spot across the global market for drive shafts over the review era.
Based on position, the rear segment is anticipated to hold the top position across the global market for drive shafts over the assessment timeframe. The fact that majority of the commercial vehicles have rear drive shafts is considered the main parameter supporting
Drive Shaft Market Regional Analysis
The global Drive Shaft Market is analyzed across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
According to the research reports by MRFR, the Asia-Pacific region is anticipated to hold the top position across the global drive shaft market over the review timeframe. The region is known for the existence of developing nations. It contributes to a share of global vehicle sales, which is considered the main parameter is supporting the growth of the regional market. Furthermore, substantial GDP growth is another crucial aspect causing an upsurge in the regional market's growth. Moreover, the rise in per capita income causing an upsurge in the automotive industry is also anticipated to influence the market's growth over the assessment timeframe. In addition, the implementation of environmental protection authority policies and fuel economy laws, along with the growing development in the auto industries for low-weight vehicles, is also projected to boost the growth of the regional market over the review era.
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The drive shaft market for the European region is anticipated to show substantial growth over the coming years. the favorable government policies are believed to be the primary aspect causing an upsurge in the regional market's growth. Furthermore, the presence of leading OEMs across the region is also predicted to influence the regional market's growth over the forecasted period. In addition, the region is known for its developed automobile infrastructure, likely to catalyze the regional market's growth over the coming years.
The North American regional market for drive shafts is anticipated to show massive growth over the coming years. the growth of the regional market is credited to the factors such as the high purchasing power of the population, the need to have in-house car manufacturing facility, and growing demand for connected vehicles.
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