Drive Shaft Market Estimated to Grow with a Healthy CAGR During Forecast Period 2021-2023| COVID-19 Analysis
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
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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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