Growing sales of vehicles across the globe are related to the growth of global automotive drive shaft market as all vehicles are equipped with driveshaft.
Improving socio-economic conditions in developing countries and growing personal disposable income led the consumers to spend more on vehicles purchase. In 2016, global sales of passenger vehicles crossed 60 million units, which showcase the remarkable growth of automotive drive shaft market.
Global drive-shafts market is segmented into vehicle types such as passenger cars and commercial vehicles. Passenger car segment is the important segment as it represents major part of global automotive driveshaft market. The global passenger cars sales increased by nearly 4% in 2015 with majority of SUVs and crossovers sale increased in China and Europe automotive market.
Global automotive drive shaft market is significantly growing owing to rising sales of passenger and commercial vehicles. The global automotive drive shaft market valued USD 5.6 billion in 2015 and the market is expected to expand at a compound annual growth rate of 6.6% over the forecast period i.e. 2016-2024. Global automotive driveshaft market is projected to reach USD 9.4 billion by the end of 2024. Geographically, Asia-Pacific is the dominating market with more than 40% market share of sales in global automotive drive shaft market. China remains the strong market in region with 7% y-o-y growth. Asia-Pacific region is closely followed by the Europe with increase in sales by 6% in 2016 compared to 2015. North-America witnessed growth in sales by 1.5% with increase in sales by 18% in Mexico, in 2015.
Carbon Composite Automotive Driveshaft: Innovation
Carbon Composites is an innovative technology to improve the performance of driveshaft used in high performance and high torque generating vehicles. Composite driveshaft increases strength of driveshaft up to three times at half the weight of driveshaft made of solid metals, which reduces the overall weight of powertrain of vehicles and increases the fuel efficiency. The global automotive drive shafts market is expected to expand at a CAGR of 10% over the forecast period.
Global Automotive Driveshaft Market Outlook 2024 contains detailed overview of the global automotive driveshaft market in terms of market segmentation by product type, by vehicle type, by position type. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global automotive driveshaft market which includes profiling of companies such as NTN Corporation, Hyundai WIA Corporation, NKN Ltd., Nexteer Automotive, GKN Plc, IFA Rotorion, Axle Manufacturing Inc., Dana Incorporated, Xuchang Yuangdong etc. 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. Overall, the report represents comprehensive synopsis on the global automotive drive shaft market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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