Automotive Drive Shafts Market Size, Industry Share and Forecast, 2032

The global automotive drive shafts market was estimated to be worth USD 69.63 billion in 2023 and is expected to grow to USD 123.78 billion by the end of 2032, according to a report released by Zion Market Research. Over the course of the projection period, the market is anticipated to rise at a CAGR of 6.60%. The growth factors, barriers, and effects on demand for the worldwide automotive drive shafts market are examined in this study over the duration of the forecast. Additionally, it will support exploration and navigation of the emerging prospects in the Automotive Drive Shafts Market sector.

Global Automotive Drive Shafts Market: Overview

Automobile drive shafts are powered components used to transfer torque from the engine to one end of the car before it gets to the wheels. Steel, carbon fiber, and aluminum make up these components. Because of their aluminum construction, which combines strength and lightness, the drive shafts can be balanced. This reduces the car’s overall weight and increases rotational speed. Aluminum driveshafts lighten the car’s total weight and reduce fuel consumption. Driveshafts made of aluminum rotate faster and with greater balance.

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Steel drive shafts are quite hefty and require a lot of horsepower to rotate and transfer torque. It adds significantly to the vehicle’s overall weight, requiring more fuel to run. The global market for automotive drive shafts is expanding due to this general characteristic of various shaft types.

Global Automotive Drive Shafts Market: Growth Factors

The primary drivers of the worldwide automotive drive shafts market have been confirmed to be the drive shafts’ depreciation and the rise in the number of cars produced, the replacement of which is supported by a productive “after sales” services sector. The market for automobile drive shafts is expected to show promising performance in the near future, as it is currently experiencing a resurgence. The largest automobile manufacturer in the world, APAC is predicted to maintain its lead in the global automotive drive shaft market in the near future. The APAC region has shown notable growth in recent years, both in terms of GDP and the growth of its auto industry and auto parts business.

Conversely, since electric automobiles run on batteries that are charged by electricity, it is expected that their use will reduce the need for drive shafts. Therefore, it is anticipated that this factor will restrain the growth of the global market for automotive drive shafts.

Global Automotive Drive Shafts Market: Segmentation

The global automotive drive shafts market is divided into heavy commercial vehicles, light commercial vehicles, passenger automobiles, and other vehicle types. The global market for automotive drive shafts is segmented based on the kind of shaft, which includes torque tube drive shaft, hotchkiss drive shaft, flexible drive shaft, and others.The worldwide automotive drive shafts market is divided into front wheel drive shaft and rear wheel drive shaft segments based on position type.

Global Automotive Drive Shafts Market: Regional Analysis

The Asia Pacific region is anticipated to witness growth in the global market for automobile drive shafts. The region includes developing countries including Japan, South Korea, China, and India. This region is where the majority of vehicles manufactured worldwide are produced. Consumers want better fuel efficiency and lower emissions in response to rising pollution levels. Consequently, this propels the expansion of the worldwide market for automobile drive shafts.

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