Global Automotive Drive Shafts Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9 billion by 2024 from $6 billion in 2016, growing at a CAGR of 6.1% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 6.5% and 6.2%, respectively, during the forecast period.
Growth in automobile sector, rising concern about fuel efficiency, and stringent carbon emission regulations, are the major factors driving the global automotive drive shafts market. Moreover, desire for enhanced and comfortable driving has also supplemented the growth of the global automotive drive shafts market. However, a high deviation of the material prices used in manufacturing of light weight drive shaft is expected to restrain the market growth in coming years. Rising consumer awareness towards light weight drive shafts to increase fuel efficiency would provide several growth opportunities for the market in coming years.
The global automotive drive shafts market has been segmented on the basis of vehicle type, shaft type, and position type. By vehicle type, the global automotive drive shafts market is segmented into heavy commercial vehicles, passenger car, and light commercial vehicles. By shaft type, the market is divided into Hotchkiss drive shaft, flexible drive shaft and torque tube drive shaft. By Position type the market has been segmented into, front wheel drive shaft and rear wheel drive shaft. By vehicle type, the heavy commercial vehicles accounted for the largest market share in 2016. The passenger car segment is expected to grow at the fastest CAGR during the forecast period. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the world (RoW).
Asia-Pacific accounted for the largest market share of 33.3% in 2016, owing to increased demand for fuel efficient vehicles in regions such as India, China, and Japan which has led to development of light weight drive shaft. Europe accounted for the second largest market share of 27.9% driven by stringent emissions regulation in the region. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 6.5% during the forecast period 2016-2024, owing to high growth in automobile sector.
The major players in the market include GKN PLC., American Axle Manufacturing Inc., Dana Incorporated, Xuchang Yuangdong, Neapco Holdings, LLC., The Timken Company, Nexteer Automotive, IFA Rotorion, Wilson drive shafts, and Yamada Manufacturing, among others.