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The Global Automotive Drive Shafts Market Is Boosted By Increasing Production Of Vehicles Globally

Global Automotive Drive Shafts Market Report, published by Variant Market Research, forecast that the global market was valued at $6 billion in 2016 and expected to reach $9 billion by 2024, growing at a CAGR of 6.1% from 2016 to 2024. In geographical segments, Asia-Pacific and Europe are expected to grow at a CAGR of 6.5% and 6.2%, respectively, over the forecast period 2016 - 2024.
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The global automotive drive shafts market is majorly driven by increasing automotive sector in developing countries, increasing production of vehicles globally, growth in disposable income and increasing consumer knowledge towards fuel efficiency. However, demand for electric vehicles and variations in material price may restraints the growth of the market. Additionally, enhanced fuel efficiency and market expansion would provide growth opportunities for the market in the future year.
The global automotive drive shafts market has been classified into shaft type, vehicle type, position type, and geography. Shaft type consists flexible drive shaft, hotchkiss drive shaft, and torque tube drive shaft. Vehicle type includes passenger car, heavy commercial vehicles, and light commercial vehicles. Position type comprises rear wheel drive shaft and front wheel drive shaft. Among vehicle type, the heavy commercial vehicles held for the major market share in 2016. The passenger car segment is anticipated to grow at the fastest CAGR during the forecast period.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. In 2016, Asia-Pacific accounted for the largest market share of 33.3%, driven by growing demand for fuel efficient vehicles in regions such as India, China, and Japan which has led to development of light weight drive shaft. Europe held for the second largest market share of 27.9%, due to stringent emissions regulation in the region. In terms of growth, Asia-Pacific is anticipated to attain the fastest CAGR of 6.5% during the forecast period 2016-2024, owing to high growth in automobile sector.
The major players in the market comprise American Axle Manufacturing Inc., GKN PLC., Dana Incorporated, Neapco Holdings, LLC., Xuchang Yuangdong, Wilson drive shafts, The Timken Company, Nexteer Automotive, Yamada Manufacturing, and IFA Rotorion, among others.
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Scope of Automotive Drive Shafts Market
Vehicle Type Segments
• Heavy Commercial Vehicles
• Passenger Cars
• Light Commercial Vehicles
Shaft Type Segments
• Hotchkiss Drive Shafts
• Torque Tube Drive Shaft
• Flexible Drive Shaft
Position Segment s
• Front Drive Shaft
• Rear Drive Shaft
Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o United Kingdom
o Spain
o Others
• Asia-Pacific
o China
o India
o Japan
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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News Release: The Global Automotive Drive Shafts Market Is Boosted By Increasing Production Of Vehicles Globally
Submitted on: September 12, 2017 09:34:41 AM
Submitted by: sneha
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