According to the report, the global automotive half shaft market is projected to surpass US$ 25 Bn by 2030, expanding at a CAGR of ~5% during the forecast period. The rise in global vehicle production and increase in number of vehicle service centers across the globe boost the automotive half shaft market across the globe. Automotive half shaft market is mature, as the half shaft is an integral component of vehicles. The development and expansion of the automotive half shaft market is highly dependent on the production of vehicles across the globe, it has been observed that the production of vehicles was increasing consistently at a notable pace until 2017. However, slowdown in vehicle sales was witnessed in the 2nd half of 2018 and 2019. Additionally, outbreak of COVID-19 hampered the market due to limited availability of employees and disruption in the supply chain.
Expansion of Automotive Half Shaft Market
Vehicle production across the globe declined in 2018 and 2019 as compared to that in 2017; however, consumer preference toward utility vehicles increased. Automakers have registered increased penetration of sports utility vehicles and multi-utility vehicles globally. Furthermore, the advent of vehicle drive technology has prompted automakers to develop vehicles with all-wheel drive (AWD) and four-wheel drive (4WD). The demand for AWD vehicles is increasing, owing to a rise in the demand for stability, safety, and driving dynamics from end users. AWD vehicles offer better traction in harsh weather conditions and off-road applications, along with increase in fuel efficiency as compared to that offered by conventional drivetrains. An increase in the rate of adoption of such vehicles is directly proportional to an increase in the demand for propeller shafts.
Furthermore, it is essential for automakers and suppliers to adopt fuel saving and emission-reduction technologies such as vehicle shafts. Lightweight shafts help automakers comply with stringent emission norms, thereby driving the demand from automakers. This, in turn, is estimated to propel the automotive half shaft market.
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Segmentation of Automotive Half Shaft Market
Based on vehicle, utility vehicles is a highly attractive market segment, owing to increase in demand globally. Moreover, utility vehicles have been highly popular in North America and the Middle East; however, demand for these vehicles increased significantly since 2015, thus the segment is likely to be a key consumer of half shafts. Increasing penetration of four-wheel drive vehicles is projected to be a key factor driving the automotive half shaft market. In terms of materials used for the manufacturing of the half shafts, the steel segment followed by the aluminum segment accounted for major share of the global market. The development of various vehicles technologies and lightweight materials coupled with a rise in the demand for vehicle lighting to enhance the performance and efficiency of the vehicle is likely to drive the composite material segment during the forecast period.
Regional Analysis of Automotive Half Shaft Market
In terms of region, the global automotive half shaft market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a major share of the global automotive half shaft market in 2019, owing to the high rate of production of vehicles and rise in demand for powerful performance vehicles among rapidly developing economies in the region. The global automotive half shaft market is directly influenced by vehicle production and an increase in penetration of four-wheel drive vehicles. The demand for half shafts is likely to rise rapidly in developing regions, owing to increase in investment for industrial development and rise in demand for vehicles, due to an increase in per capita income.
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Major Players of Automotive Half Shaft Market
- Prominent players operating in the global automotive half shaft market include Advanced Composite Products & Technology Inc., American Axle & Manufacturing, Inc., Bailey Morris Limited, D & F PROPSHAFTS, Dana Limited, GKN Plc., HYUNDAI WIA CORP., IFA Group, JTEKT Corporation,
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