According to the report, the global automotive drive shaft market is projected to reach ~US$ 21 Bn by 2027, expanding at a CAGR of ~2% during the forecast period, owing to an increase in popularity and demand of four wheel drive vehicles among consumers. The global automotive drive shaft market is mature; however, demand for more powerful vehicles and variation in technologies and material is playing a key role in changing the dynamics of the automotive drive shaft market.
Expansion of Automotive Drive Shaft Market
The expansion of the automotive industry across the globe, especially in developing economies such as China, India, and Brazil, is driving the global automotive drive shaft market. The automotive industry in Asia Pacific has been expanding at a notable pace since the last decade. The production of the auto industry has significantly increased in China, and India; additionally, they have made rapid advances in terms of volume production of vehicles, which in turn drives the global automotive drive shaft market. The high focus of automakers on reducing the weight of vehicles in order to enhance their efficiency and lower emission levels, due to enactment of stringent emission laws in most of the countries, is boosting the development of new materials for manufacturing of drive shafts, which in turn is propelling the market for automotive drive shaft.
Regional Analysis of Automotive Drive Shaft market
In terms of region, the global automotive drive shaft market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a significant share of the global automotive drive shaft market in 2018, owing to high production of vehicles and rising demand for powerful performance vehicles among rapidly developing economies in the region. The global automotive drive shaft market is directly influenced by vehicle production and increasing penetration of four wheel drive vehicles.
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Europe and North America are key markets for the automotive drive axle, owing to production of large number of premium and all-wheel drive vehicles. Countries with extreme cold weather situations in these two regions witness higher demand for four wheel drive vehicles due to their superior performance on icy roads.
Over the past few decades, automotive drive shafts were largely made from steel due to the exceptional durability and noise dampening properties of the material. In addition, as steel is also relatively cost-effective than other alternative materials, even in the automotive drive shaft market landscape, it continues to remain one of the most extensively used materials to produce automotive drive shafts. However, recent calls to enhance the performance and energy efficiency of automotive vehicles has compelled companies in the automotive drive shaft market to explore the possibilities of using other materials such as aluminum and carbon fiber to design and manufacture automotive drive shafts.
Although steel is likely to remain the most popular material type, aluminum and carbon fiber are gaining immense popularity. Steel is tipped to remain the top choice to produce stock drive trains, as minimum maintenance is required. In recent years, the market share of aluminum automotive drive shafts has increased at a higher rate than that of steel drive shafts, and the trend is anticipated to continue in the upcoming decade. The growing popularity of aluminum automotive drive shafts can be largely attributed to the low weight of the material due to which, automotive manufacturers can optimize the efficiency and performance of their vehicles.
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Although the demand for aluminum automotive drive shafts is on the rise and projected to witness steady year-on-year growth, carbon fiber is likely to come out as a winner in terms of the most adopted material to produce drive shafts. Carbon fiber has emerged as one of the ideal weight-saving materials that is increasingly being used to develop automotive drive shafts. Moreover, carbon fiber is also high in durability and effective in vibration control. At present, the high cost of carbon fiber automotive drive shafts is a leading factor that is likely to hinder the demand, particularly in developing regions. However, as the cost of carbon fiber is likely to reduce as the technology matures, carbon fiber is projected to gain considerable popularity during the forecast period.
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