Key Insights

The Global Drive Shaft Market is valued at USD 43.2 Billion in 2023 and is projected to reach a value of USD 80.1 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 5.70% between 2024 and 2032.

Definition And Overview

The Drive Shaft also called as propeller shaft or prop shaft is a component of the drive train in a vehicle that is used to deliver torque from the transmission to the differential, which then transmits this torque to the wheels in order to move the vehicle. The Drive Shaft is primarily used to transfer torque between components that are separated by a distance, since different components must be in different locations in the vehicle. A front-engine rear-wheel drive car must have a long Drive Shaft connecting the rear axle to the transmission since these parts are on opposite sides of the car. Drive Shafts are used differently in different vehicles, varying greatly in cars with distinct configurations for front-wheel drive, four-wheel drive, and the previously mentioned front-engine rear-wheel drive.

The report covers in-depth study on the Global Drive Shaft Market, which comprises market trends such as drivers, restraints, and opportunities, regional trends, segmental analysis, and competitive landscape among others. This study comprises the market estimations and forecast in terms of revenue for each segment at the global/regional/country level along with a detailed analysis of growth prospects, challenges, and opportunities. The report includes a separate chapter covering detailed Drive Shaft Market overview that includes Porter’s Five Forces Analysis, PESTLE Analysis, Player Positioning Analysis, SWOT Analysis, and Value Chain Analysis among others.

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COVID-19 Impact Analysis

The wise spread COVID-19 outbreak has impacted several industries including Drive Shaft. The governments across the globe compel to employ stringent restriction such as lockdown, international border seals, and implementing strict social distancing measures. This forces serval industries to opt for work from home which in turn disrupted the business processes. However, after mid 2021 the world is witnessing reopening of trading activities, business operations which is expected to stimulate the economic growth during upcoming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long-term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

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Industry Analysis

The report explains various driving factors, restraints/challenges, and opportunities in detail. These assessments aid the industry stakeholders to analyze the Drive Shaft Market on the basis of different parameters, such as economies of scale, the share of various distribution channels, various factors affecting consumer behavior such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences.

The increasing demand for lightweight components is anticipated to augment the global Drive Shafts market in the years to come. This is due to the majority of the present and upcoming electric vehicle models are all-wheel drives (AWD) or rear-wheel drive (RWD), which is expected to generate a huge demand for lightweight Drive Shafts.

The rising vehicle sale and production across the globe is anticipated to augment the growth of the Drive Shaft Market during the forecast period. This is owing to the rapid urbanization, increasing disposable income of the consumers, and advancement in technologies. Furthermore, the increasing adoption of personal vehicles has also increased the global sales and production of automobiles which in turn is expected to support the growth of the Drive Shaft Market in the forecast period.

The major factor which is expected to hamper the growth of the Drive Shafts market is the high cost associated with the replacement of Drive Shaft. The Drive Shaft is the bar that drives the wheels of a vehicle. The rubber gaiters which are located at each end of these shafts prevent the bearings at the end of the Drive Shaft damaging from water. Once moisture has gone past the gaiter the Drive Shaft will fail to work and increase the costs of replacements.

Market Segmentation

The report delivers an acute breakdown of the market based on various segments such as Type, Position, Vehicle Type and region. The report will cover market estimations and forecast for each segment by region for the years 2019–2032. Several growth factors and opportunities impacting various segments have been incorporated in the report.

On the basis of Type, the market is divided into Hollow, Rigid. Hollow held the largest share in 2022 and is projected to witness substantial growth during the forecast period.

Based on Position, the market is divided into Front, Rear. Rear attributed to the highest market share and is expected to grow at a significant CAGR from 2023 to 2032.

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Competitive Landscape

The Global Drive Shaft Market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Drive Shaft Market are Nexteer Automotive Group Limited, GKN PLC, NTN Corporation, Neapco Holdings LLC, Hyundai Wia Corporation, Yamada Manufacturing Co. Ltd., American Axle & Manufacturing Holdings Inc., Ifa Rotorion - Holding GmbH, Trelleborg AB, NKN Ltd.. This section of the report will provide you extensive information on all key players based on business overview, product portfolio, marketing strategies, recent developments, financial performance, and geographical presence among others. Moreover, the report also includes extensive information on key strategies such as new product development/launch, merger & acquisitions, partnerships, collaborations & joint ventures, research & development, and regional expansion.

Global Drive Shaft Market : Regional Analysis

Based on the geography, the Global Drive Shaft Market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The regional analysis covers market estimations and forecast for each segment for each region for the years 2019–2032. The concentration of raw material suppliers as well as market players in one specific region impacts the global market scenario and the report covers exclusive information on the same. Also, the report analyzes the intensity of competition in each region and its influence on the growth of the Global Drive Shaft Market.

The Global Drive Shaft Market can be categorized as Type, Application, End-Use Industry, and Region.