The increasing global automotive production is significantly driving the demand for drive shafts, as they are a critical component in the power transmission system of vehicles. Automakers worldwide are focused on ramping up production to meet rising consumer demand, particularly in developed regions such as North America and Europe and Asia-pacific, where the demand for passenger vehicles has grown steadily. Drive shafts are essential in transferring torque from the engine to the wheels, ensuring efficient vehicle performance and handling. As automakers invest in producing more advanced, high-performance vehicles, the need for durable, lightweight drive shafts have increased, pushing manufacturers to innovate and develop more efficient drive shaft solutions
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Data Bridge Market Research analyses that the Global Drive Shaft Market is expected to reach a value of USD 25.97 billion by 2031 from USD 16.86 billion in 2023, growing at a CAGR of 5.6% during the forecast period 2024 to 2031.
Key Findings of the Study
Demand for Lightweight Vehicles
The growing demand for lightweight vehicles, driven by increasing fuel efficiency regulations and the shift towards electric vehicles, is boosting the global drive shaft market. Manufacturers are focusing on producing lightweight drive shafts using materials such as carbon fiber and aluminum to enhance vehicle performance while reducing emissions. These advancements not only improve vehicle handling but also contribute to lower fuel consumption, making them essential in the automotive industry's efforts to meet environmental standards and consumer preferences for fuel-efficient and eco-friendly vehicles.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable from 2016-2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Components (Slip Yokes, Yoke Shafts, End Yokes, Companion Flanges, Flange Yokes, Weld Yokes, Center Yokes, Splined Slip Stubs, Midship Stubs, and Others), Design Type (Hollow Shaft and Solid Shaft), Drive Shaft Type (Hotchkiss Drive Shaft, Torque Tube Drive Shaft, Flexible Drive Shaft, and Slip-In-Tube Drive Shaft), Position Type (Front Axle and Rear Axle), Material Type (Carbon Steel, Aluminum, Stainless Steel, Composite Materials, Carbon Fiber, and Others), Vehicle Type (Passenger Cars and Commercial Vehicle), Sales Channel (OEM and Aftermarket)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Turkey, Netherlands, Norway, Finland, Denmark, Sweden, Poland, Switzerland, Belgium, Rest of Europe, China, Japan, India, South Korea, Australia, Indonesia, Thailand, Malaysia, Singapore, Philippines, Rest of Asia-Pacific, Brazil, Argentina, rest of South America. U.A.E., Saudi Arabia, South Africa, Egypt, Israel, and rest of Middle East and Africa
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Market Players Covered
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Schaeffler Technologies AG & Co. KG (Germany), Welte Rohrbiegetechnik GmbH (Germany), Johnson Power, Ltd. (U.S.), ACPT Inc. (U.S.), American Axle & Manufacturing, Inc. (U.S.), Bailey Morris (U.K.), D&F Propshafts (U.K.), Cummins Inc. (U.S.), Neapco Inc. (U.S.), Nexteer Automotive (U.S.), Dorman Products (U.S.), HYUNDAI WIA CORP (South Korea), JTEKT Corporation (Japan), THE TIMKEN COMPANY (U.S.), Wanxiang Group (China), YODON (China), YAMADA MANUFACTURING CO.,LTD. (Japan), Aequita SE&Co. KGaA (Germany), Hitachi Astemo, Ltd. (Japan), GSP EUROPE GmbH (Germany), BG Automotive LTD (U.K.), TUNGALOY CORPORATION (Japan), and GKN Automotive Limited (U.K.) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and PESTLE analysis.
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Segment Analysis
Global drive shaft market is segmented into seven notable segments based on the components, design type, drive shaft type, position type, material type, vehicle type and sales channel.
- On the basis of components, the global drive shaft market is segmented into slip yokes, yoke shafts, end yokes, companion flanges, flange yokes, weld yokes, center yokes, splined slip stubs, midship stubs, and others
In 2024, the slip yokes segment is expected to dominate the global drive shaft market
In 2024, the slip yokes segment is expected to dominate the market with a market share of 18.58% due to the their crucial role in accommodating changes in length and angle between the drive shaft and transmission. Their design allows for smooth power transmission while minimizing vibration and wear, making them essential for both traditional and modern vehicle drivetrains.
- On the basis of design type, the global drive shaft market is segmented into hollow shaft and solid shaft
In 2024, the hollow shaft segment is expected to dominate the global drive shaft market
In 2024, the hollow shaft is expected to dominate the market with a market share of 63.21% due to increasing automotive production and growing Electric Vehicles (EVs) adoption.
- On the basis of drive shaft type, the global drive shaft market is segmented into hotchkiss drive shaft, torque tube drive shaft, flexible drive shaft, and slip-in-tube drive shaft. In 2024, the hotchkiss drive shaft is expected to dominate the market with a market share of 36.11%
- On the basis of position type, the global drive shaft market is segmented into front axle and rear axle. In 2024, front axle segment is expected to dominate the drive shaft market with a market share of 55.35%
- On the basis of material type, the global drive shaft market is segmented into carbon steel, aluminum, stainless steel, composite materials, carbon fiber, and others. In 2024, carbon steel segment is expected to dominate the market with a market share of 33.63%
- On the basis of vehicle type, the global drive shaft market is segmented into passenger cars and commercial vehicle. In 2024, passenger cars segment is expected to dominate the market with market share of 70.36%
- On the basis of sales channel, the global drive shaft market is segmented into OEM and aftermarket. In 2024, OEM segment is expected to dominate the market with market share of 63.53%
Major Players
Data Bridge Market Research analyzes Cummins Inc. (U.S.), GKN Automotive Limited (U.K.), JTEKT Corporation (Japan), Nexteer Automotive (U.S.), and American Axle & Manufacturing, Inc. (U.S.) as the major companies operating in the drive shaft market.
Market Development
- In September 2024, Cummins acquisition of Jacobs Vehicle Systems, including Clessie Cummins' revolutionary Jake Brake system. Originally inspired by a harrowing 1931 journey, the Jake Brake transforms engine braking, enhancing safety and efficiency for truckers. This innovation reflects Cummins' commitment to advanced engine technologies and safer transport solutions
- In September 2023, JTEKT announces advancements in automotive technology at the 2023 Tokyo Motor Show, showcasing innovations in steering and driveline systems aimed at enhancing vehicle performance and driving comfort for future mobility
- In August 2024, Nexteer introduces a cost-effective modular pinion assist Electric Power Steering (EPS) system, now available for all EPS architectures, enhancing flexibility and performance in steering solutions for various vehicles
- In May 2023, American Axle & Manufacturing (AAM) announced it had secured a contract to supply e-Beam axles for a future Stellantis electric vehicle program, featuring integrated 3-in-1 e-Drive technology, set to begin production later in the decade
- In December 2021, AEQUITA SE & Co. KGaA has finalized a binding agreement to fully acquire IFA Group, a prominent specialist in drive shafts, which elevates AEQUITA's automotive sector sales to over EUR 1 billion. This acquisition strengthens AEQUITA's position in the drive shaft market by capitalizing on IFA's innovative technologies and strong reputation among major automotive OEMs, setting the stage for ongoing growth and a competitive edge in the industry
Regional Analysis
Geographically, the countries covered in the global drive shaft market report are U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Turkey, Netherlands, Norway, Finland, Denmark, Sweden, Poland, Switzerland, Belgium, Rest of Europe, China, Japan, India, South Korea, Australia, Indonesia, Thailand, Malaysia, Singapore, Philippines, Rest of Asia-Pacific, Brazil, Argentina, rest of South America. U.A.E., Saudi Arabia, South Africa, Egypt, Israel, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Asia-Pacific is expected to dominate and be the fastest growing region in the global drive shaft market
The Asia-Pacific region dominates the global drive shaft market due to its rapidly expanding automotive industry, increased vehicle production, and rising demand for commercial vehicles. Major automotive hubs such as China, India, and Japan boost market growth through large-scale manufacturing activities.
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