Impact of COVID-19 pandemic on Slip In Tube Drive Shaft Market Structure and Its Segmentation

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The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.

This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.

The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.

Slip-in-Tube Drive Shaft Market: Introduction

Slip-in-Tube Drive Shaft is a component of the drive line, designed to allow liner movement of two components and transmitting of torque rotation in a drive train. Slip-in-tube drive shaft works provides crash safety by absorbing energy in the event of a crash and thus, it is also known as collapsible drive shaft. Slip-in-tube drive shaft absorbs the linear movement of the vehicle, thereby making changes in the length of a driveshaft. Since it is an integral component of a drive line, the demand for slip-in-tube drive shaft is directly dependent on the growth of the automotive industry.

The positive growth outlook for the automotive industry, particularly in developing countries, is expected to boost the growth of the slip-in-tube drive shaft market during the forecast period. Owing to its various benefits, such as increased efficiency, better noise, vibration and harshness (NVH) performance, reduced weight and improved crash energy management, slip-in-tube drive shafts are expected to witness robust growth over the forecast period and will outpace the growth of other propeller shafts, such as single piece and multi piece shafts.

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Slip-in-Tube Drive Shaft Market: Dynamics

Recovery of automotive industry over the past couple of years has fueled the growth of the slip-in-tube drive shaft market as they are an indispensable part of conventional automotive vehicles. Commercial vehicle segment is anticipated to witness robust growth, mainly driven by increasing public transport infrastructure, construction activity and goods transportation. Further, the aftermarket segment of the slip-in-tube drive shaft market is expected to benefit from the rapidly increasing vehicle parc and vehicle aging.

With rising environmental concern, the consumer preference is shifting towards electric and hybrid cars. Furthermore, technological advancements coupled with favorable government policies and initiatives are driving the demand for electric vehicles, which in turn, is set to hamper the growth of the slip-in-tube drive shaft market during the forecast period. Moreover, fluctuating raw material prices of materials, such as steel, aluminum and alloys of carbon, will restrain the slip-in-tube drive shaft market growth.

Increasing environmental concerns and stringent regulations are expected to drive innovation in the global slip-in-tube drive shaft market. Furthermore, growing concern for fuel efficiency, owing to increasing carbon footprint and stringent emission norms, are compelling manufacturers to develop lightweight slip-in-tube drive shafts.

Slip-in-Tube Drive Shaft Market: Segmentation

On the basis of end-user, the market can be segmented into:

• Passenger Cars
• Light commercial vehicles (LCV)
• Heavy commercial vehicles (HCV)

On the basis of sales channel, the market can be segmented into:

• OEM (Original Equipment Manufacturer)
• Aftermarket

On the basis of material, the market can be segmented into:

• Steel
• Aluminum Alloy
• Carbon Fiber

Slip-in-Tube Drive Shaft Market: Regional Overview

Asia Pacific is estimated to hold the prominent share in the global slip-in-tube drive shaft market owing to the large automotive production base located in countries, such as China, India, Indonesia, Thailand and other Asian Countries. The region is expected to create lucrative growth opportunities for slip-in-tube drive shaft market participants, supported by rapid economic growth, increasing affluent population and rapid growing automotive industry. Further, favorable government initiatives will drive the manufacturing sector in the region, which in turn, will propel the growth of the slip-in-tube drive shaft market in near future. North America is expected to witness healthy growth over the forecast period. Europe is expected to witness robust growth, driven by economic growth in the region. Positive economic outlook and favorable political scenario in Latin America are driving investments in the automotive industry in the region, which in turn, is set to induce the growth of the slip-in-tube drive shaft market in the region. Further, Middle East Africa, backed by growing construction industry and industrialization, is set to witness significant growth in the automotive industry, which in turn, will drive the demand in the concerned market during the forecast period.

Slip-in-Tube Drive Shaft Market: Market Participants

Examples of some of the market participants identified across the value chain of the global market are General Ricambi S.P.A, Neapco Holdings, Yongjiu Auto Parts Co., Ltd and American Axle Manufacturing, Inc. among others.

The research report presents a comprehensive assessment of the Slip-in-Tube Drive Shaft market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Slip-in-Tube Drive Shaft market report also contains projections using a suitable set of assumptions and methodologies. The Slip-in-Tube Drive Shaft market research report provides analysis and information according to Slip-in-Tube Drive Shaft market segments such as geographies, application, and industry.

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