Rising Production of Vehicles Accelerates Demand for Automotive Drive Shafts Market
The global Automotive drive shafts market has been gaining steady momentum in the recent years with the accelerated production of vehicles across the world. These mechanical devices carry power from the engine to wheels. As automotive drive shafts have to put up with extreme pressure and stress, they have designed to be strong and light weight to ensure absorption of torque of the engine. The drive shafts have to be light weight in order to reduce the weight of the vehicle. Owing to the excessive demand for vehicles across the globe, the demand for automotive drive shafts has also risen. According to the research report, the global automotive drive shafts market is expected to be worth US$8.9 bn by the end of 2024 as compared to US$5.3 bn in 2015. During the forecast years of 2016 and 2024, the global market is estimated to leap ahead at a CAGR of 6.1%.
The global drive shafts market has been growing against the backdrop of rising production of automobiles. As the global automotive industry has been growing at a relentless speed since the 2008 economic depressing, it has ensured the revival of production of several automobile parts. Analysts predict that the automobile industry will continue to grow in the coming years, spelling a positive outlook for the overall market. The demand for automotive drive shafts will also remain steady in n the after sales services segment as these critical components of vehicles have to be replaced due to their wear and tear over time. The only hindrance in the global automotive drive shafts market is the emerging trend of electric vehicles. Electric vehicles operate on batteries, which are charged by electricity, thus eliminating the need for shafts completely.
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The global automotive drive shafts market has been segmented on the basis of vehicle into passenger vehicles, heavy commercial vehicles, and light commercial vehicles. Out of these, the heavy commercial vehicles are expected to show remarkable progress over the forecast period. As heavy commercial vehicles form the backbone of the economy, they will continue to demand automotive drive shafts more than the other segments. These shafts will be predominantly be used for heavy duty trucks that are used for transporting foods across national and international borders.
Asia Pacific Emerges as Leading Regional Market as Emerging Economies become Automobile Manufacturing Hubs
In terms of geography, the global automotive drive shafts market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these, Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The booming production of vehicles in emerging economies of India, China, and Japan is expected to drive this regional market in the coming few years. The heavy commercial vehicles are estimated to hold the dominant position in Asia Pacific automotive drive shafts market, while the passenger cars will be the second largest segment. The rising economic activity in this region along with soaring capital investments is expected to provide the Asia Pacific automotive drive shafts market an unwavering support all through 2024.