Fort Collins, Colorado, May 08, 2024 (GLOBE NEWSWIRE) --
The demand for high-performance vehicles is a prominent driver of need for drive shaft components.
The surge in demand for high-performance vehicles is a significant driving force behind the drive shaft market. With consumers increasingly seeking vehicles boasting enhanced acceleration, speed, and overall performance, there arises a need for advanced drive shaft technologies. As per a report by the International Organization of Motor Vehicle Manufacturers (OICA), global passenger car production hit 65.2 million units in 2023, showcasing resilience despite the challenges posed by the COVID-19 pandemic. As the automotive sector rebounds and consumer preferences gravitate toward high-performance vehicles, the demand for cutting-edge drive shafts is poised for substantial growth.
The drive shaft market is also propelled by the growing adoption of lightweight materials and advanced manufacturing methods. Automakers are intensifying efforts to reduce vehicle weight to enhance fuel efficiency and curb emissions to comply with stringent government regulations. A study by the U.S. Department of Energy indicates that a 10% reduction in vehicle weight can yield a 6-8% improvement in fuel efficiency. Lightweight materials like aluminum, carbon fiber, and composites are increasingly being employed in drive shaft manufacturing. These materials not only contribute to weight reduction but also augment performance attributes.
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Segmentation Overview:
The drive shaft market has been segmented into design type, position type, vehicle type, and region.
The solid shaft segment accounted for a significant market share in 2023.
- Based on the market segmentation by design type, in 2023, the solid shaft segment held the largest share of the drive shaft market. Solid shafts have been the traditional choice for many vehicles due to their strength, durability, and cost-effectiveness.
The rear axle segment registered a substantial market share in 2023.
- In 2023, the rear axle segment accounted for the largest share of the drive shaft market. Rear-wheel drive (RWD) vehicles, which utilize drive shafts connected to the rear axle, have been popular for many automakers due to their superior handling, traction, and weight distribution characteristics.
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Drive Shaft Market Report Highlights:
- The drive shaft market growth is anticipated at a CAGR of 6.3% by 2032.
- Surging demand for high-performance vehicles fuels drive shaft market growth.
- The Middle East and Africa region is projected to be the fastest-growing market for drive shafts in the near future. The growth can be attributed to the increasing investments in infrastructure development, rising urbanization, and growing middle-class population in the region.
- Some prominent players in the drive shaft market report include GKN plc, American Axle & Manufacturing, Inc., Dana Incorporated, Nexteer Automotive, Xuchang Yuangdong Drive Shaft Co., Ltd., Neapco Holdings LLC, NTN Corporation, Hyundai Wia Corporation, Ifa Rotorion - Holding GmbH, Trelleborg AB, Yamada Manufacturing Co., Ltd., and Meritor, Inc.
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