By the end of 2032, the market for automobile drive shafts is anticipated to be worth over US$54 Bn, growing at a value CAGR of 4.9%.
An automobile’s drive shaft is a motorised part used to move torque from one end to the other of the vehicle, such as from the engine to the wheels. Steel, aluminium, and carbon fibre are used to make a drive shaft for a car. Aluminum is selected since it is sturdy and lightweight because it makes it possible to balance the drive shafts. The consequence is an increase in spinning speed and a reduction in the overall weight of the vehicle.
Drive shafts made of aluminum lighten the total weight of the car and reduce fuel consumption. As a result, it is anticipated that during the projection period (2022-2032), these general characteristics will drive overall automotive drive shaft market expansion.
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Key Takeaways from Market Study
- By product type, solid drive shafts are projected to account for a market share of more than 54% by 2032.
- The rear drive shaft segment is expected to hold the largest market share of more than 60%, under the position segment.
- By vehicle type, passenger cars are estimated to create an absolute $ opportunity of US$ 10.4 Bn by 2032.
- By region, East Asia is projected to account for the largest share in the global market (38% market share by 2032).
- China and the U.S. are projected to register an absolute $ opportunity of more than US$ 9 Bn, collectively, from 2022 to 2032.
“Expansion of the automotive drive shaft market is predicted to be positively impacted by consistently rising investments in the automotive sector in North America and Europe, despite the slowdown in car output,” says a Persistence Market Research analyst.
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Automobile manufacturers are working tirelessly to create the most effective electric vehicles as the market for them expands. Additionally, driveshaft producers are changing their product lines to offer the best products to OEMs in an effort to increase their market share.
Recent modifications to pollution standards required the development of new car models with improved engines by manufacturers. As a result, a majority of automakers are making significant investments in the research and development of cutting-edge technology to lighten their cars and developing novel ways to use new materials for drive shafts.
Drive shafts for automobiles are becoming more popular due to their many advantages over traditional components. These drive shafts give automakers the chance to use lightweight parts to lighten vehicles, increase fuel efficiency, and adhere to legal requirements.
Global demand for automobile drive shafts is anticipated to grow quickly, aided by a rebounding auto sector and the implementation of strict fuel economy and environmental protection standards.
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