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Increasing Production of All-Wheel-Drive vehicles Driving Demand for Automotive Drive Shafts: Fact Report
ROCKVILLE, MD, UNITED STATES, June 18, 2024 /EINPresswire / -- The global automotive drive shaft
market is estimated to reach US$ 36.49 billion in 2024, as per a new report published by Fact, a market research and competitive intelligence provider. Worldwide sales of automotive drive shafts are projected to rise at 4.9% CAGR from 2024 to 2034.
In recent years, there has been a noteworthy increase in the disposable income of more people around the world. This is further contributing to their rising spending capacity on products symbolizing an improved standard of living. This leads to an increase in the sales of automobiles, which is projected to further directly impact the demand for automotive drive shafts.
Growing sales of AWD (all-wheel drive) vehicles along with the increasing need for lightweight components are projected to contribute to automotive drive shaft demand. In addition, an increase in the demand for utility vehicles is also projected to contribute to the growing demand for automotive drive shafts with minimal maintenance and improved durability.
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Key Takeaways from Market Study
The global automotive drive shaft market is estimated at US$ 36.49 billion in 2024. Global sales of automotive drive shafts are forecasted to reach US$ 58.87 million by the end of 2034. The market is forecasted to expand at 4.9% CAGR from 2024 to 2034.
East Asia is set to hold 37.1% share of global market revenue by the end of 2034. Demand for automotive drive shafts in the United States is projected to increase at a CAGR of 3.8% and reach a market value of US$ 11.1 billion by 2034-end. OEMs are projected to account for 65.9% share of the market by 2034.
“Expansion of the automotive industry, growing demand for hybrid and electric vehicles, and focus on fuel efficiency are key factors contributing to increased demand for automotive drive shafts,” says a Fact analyst.
High Production Volume of Passenger Cars
Passenger vehicles are forecasted to hold a significant share of the global market owing to their increased production volume. Lighter drive shafts are used in these vehicles to provide fuel efficiency. Therefore, increasing production and sales of personal vehicles are projected to boost demand for automotive drive shafts in the coming years.
Competitive Landscape
Because of the existence of a few major companies, the worldwide market is extremely fragmented. Automotive drive shaft manufacturers strive to provide cost-effective solutions without sacrificing vehicle performance through their varied range of products. Suppliers are also focusing on globalization and creating goods that meet both present and future market emission standards.
Key Market Players
Leading automotive drive shaft manufacturers are NTN Corporation, Nexteer Automotive, GKN Automotive Limited, Trelleborg AB, American Axle Manufacturing Inc., Hyundai WIA Corporation, Dana Incorporated, Wanxiang Qianchao, Neapco Holdings, and Xuchang Yuandong Driveshaft Co., Ltd.
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More Valuable Insights on Offer
Fact, in its new offering, presents an unbiased analysis of the automotive drive shaft market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (hollow automotive drive shafts, solid automotive drive shafts), position (front automotive drive shafts, rear automotive drive shafts), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles), and sales channel (OEMs, aftermarket), and across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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S. N. Jha
Fact
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