Automotive Drive Shaft Market Outlook
The global automotive drive-shaft market is anticipated to reach a valuation of USD 9.4 billion by 2024 from an estimated market size of USD 5.6 billion in 2015, growing at a CAGR of 6.6% during the forecast period 2016-2024. The major factors impacting the growth of the market are increasing concerns over automotive fuel efficiency, government norms ®ulations, growing automobile sales. Further, this has led drive shaft OEMs to manufacture lightweight products and other innovations. The sales of commercial vehicles have an utmost impact on the growth of automotive drive shaft market. In 2016, the sales of commercial vehicles recorded were more than 20 million units as the commercial vehicle market is growing on the back of the expansion of economic corridors in various developing countries such as China, India, Japan & others.
Booming automotive sales in developing regions majorly in the Asia Pacific has also strengthened the domestic consumption of drive shafts components and their aftermarket sales. automotive aftermarket industry is also expected to witness the significant growth of new products such as electric drive shafts with the emergence of hybrid and electric vehicles. Further, the aftermarket industry is expected to witness significant growth in drive shafts component majorly in developing countries as these countries are less likely to adopt electric vehicles technology as compare to developed regions.
Browse Full Report Here: Automotive Drive-Shaft Market
The Global Automotive Drive-Shaft Market can be segmented as follows:
By Product Types
- Flexible Drive-Shaft
- Torque Tube Drive-Shaft
- Hotchkiss Drive-Shaft
By Vehicle Type
- Passenger Cars
- LCV (Light Commercial vehicles)
- HCV (Heavy Commercial vehicles)
Global Automotive Drive Shaft Market can be studied under following regions
- North America
- The Middle East and Africa
- Latin America
- Asia Pacific
On the basis of the geographical analysis, Asia Pacific is the dominating region, with India & China being the top markets for automotive drive-shaft, owing to huge automotive industry & high sales of automobiles in the region. APAC is further closely followed by Europe market share due to the presence of top players in the region.
Automotive Drive-Shaft Market Report includes the company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments. The competitive analysis of the following major players is included in the report
GKN PLC, NTN, Dana Holding Corporation, Nexteer, Hyundai-Wia, Yamada Manufacturing, American Axle Manufacturing Inc., JTEKT, Neapco, Meritor, Showa, SDS, Yuandong, Wanxiang, Guansheng, Lingyun, Hengli, Danchuan, IFA Rotorion,etc.
Asia Pacific Automotive Drive-Shaft Market
China: China has emerged as the largest automobile market in the world. In 2016, backed by tax incentives to the buyers of low pollution-emitting vehicles, the vehicle's sales reached 28 million units. Moreover, the tax incentive was extended for the year 2017. Thus, China is labeled as a giant vehicle manufacturer, which has provided immense growth opportunities to the growth of the automotive drive-shaft market. New energy vehicles manufactured in China were 28.03 million units in 2016. But as China automotive manufacturing fails to stand as per the international standards, government’s ‘Made in China 2025’ policy provides floor for the new entrants in the market in manufacturing automotive drive-shafts.
Japan: the Automotive industry is one of Japan’s core industries. Japan automotive manufacturing provides immense growth space for the automotive drive-shaft market. Automotive parts are both imported and domestically manufactured. In 2016, 9.20 million units of automobiles were manufactured in Japan with passenger cars accounted for the largest market share. Japanese manufactured automobiles quality share a decent place in the international market due to the advanced technology available in the country. Toyota Motor Corp., Japanese company sold 10.2 million units worldwide in 2016, securing the second position after Volkswagen. Thus, establishment and expansion of the automotive drive-shaft market in Japan is expected to experience massive growth prospects.
Key questions answered in this Global Automotive Drive-Shaft Market Report
- What is the global automotive drive-shaft market Size by 2024 and what would be the expected growth rate of the industry?
- What is the total revenue per segment and region in global automotive drive-shaft market in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
- What are the automotive drive shaft market trends and recent developments?
- What are the factors which are driving the automotive drive shaft market?
- What are the major barriers to automotive drive shaft market growth?
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