Our latest research report entitled Automotive Drive Shafts Market (by shaft type (hotchkiss drive shaft type, flexible drive shaft type and torque tube drive shaft type), vehicle type (passenger vehicles, commercial vehicles, and electric vehicles)) provides complete and deep insights into the market dynamics and growth of automotive drive shafts. Latest information on market risks, industry chain structure automotive drive shafts cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential automotive drive shafts growth factors. According to the report the global automotive drive shafts market is projected to grow at a CAGR of 6.5% over the forecast period of 2018-2024.
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An Automotive drive shaft, also called as propeller shaft or prop shaft is a component of the drive train in a vehicle, that is used with the purpose of delivering torque from the transmission to the differential, which then transmits this torque to the wheels in order to move the vehicle. The driveshaft is primarily used to transfer torque between components that are separated by a distance since different components must be in different locations in the vehicle. These driveshafts are made up of aluminum, steel, and carbon fiber. Short drive shafts are commonly used to send power from a central differential, transmission, or transaxle to the wheels. The main advantage of the drive shaft is that it is less likely to become jammed. Drive shafts are used differently in different vehicles, varying greatly in cars with distinct configurations for front-wheel drive, four-wheel drive, and the previously mentioned front-engine rear-wheel drive. Other vehicles also use drive shafts, like motorcycles, locomotives, and marine vessels.
In addition, the growing concern for fuel efficiency and the stringent norms posed by the international emission control authorities have motivated the manufacturers to develop lightweight drive shafts without negotiating on their performance and rigidness. Moreover, the drive shafts need to be light in weight hence the demand for automotive drive shafts has increased, which in turn, is fuelling the growth of the automotive drive shafts market. Moreover, fluctuation in the prices of raw materials is the factors restraining the growth of the automotive drive shafts market during the forecast period. Furthermore, an increase in demand for passenger vehicles is anticipated to create growth opportunities in the upcoming years.
Asia Pacific Dominated the Automotive Drive Shaft Market
Among the geographies, Asia Pacific dominated the automotive drive shaft market. The growth in the Asia Pacific region is due to the emerging economies of India, China, and Japan. EPA (Environment Protection Authority) policies and stringent CAFÉ (Corporate Average Fuel Economy) regulations forced automotive manufacturers to reduce the weight of the vehicles to reduce emissions and fuel consumptions.
Moreover, the increasing investment in the automobile industry, especially in countries such as China, is anticipated to boost the growth in the automotive drive shaft market. The global production of passenger cars alone has increased from 40.1 million in 2001 to 73.45 million in 2017, and that of overall vehicles was around 97.30 million in 2017.
The report on the global automotive drive shafts market covers segments such as shaft type and vehicle type. On the basis of shaft type the global automotive drive shafts market is categorized into hotch kiss drive shaft type, flexible drive shaft type, and torque tube drive shaft type. On the basis of vehicle type the global automotive drive shafts market is categorized into passenger cars, light commercial vehicles, and heavy commercial vehicles.
Major Key Players Mentioned in this Premium Report
The report provides profiles of the companies in the global automotive drive shafts market such as GKN PLC, American Axle Manufacturing Inc., Dana Incorporated, Nexteer Automotive, Xuchang Yuangdong Driveshaft Co., Ltd., Neapco Holdings and Others.
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The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global automotive drive shafts market. Moreover, the IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of automotive drive shafts market.
Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the automotive drive shafts market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the automotive drive shafts market to understand the present and future trends in this market and formulate their strategies accordingly.