Automotive Drive Shafts Market 2022 Global Demand, Growth, Opportunities, Major Key Players and Forecast to 2032
Increasing Adoption of Hollow Automotive Drive Shafts to Create New Opportunities for Market Players: Persistence Market Research
NEW YORK CITY, NEW YORK, USA, Aug. 9, 2022 /EINPresswire.com/ — The “Global Automotive Drive Shaft Market” is expected to grow at a CAGR of 4.9% and reach a market valuation of nearly 54 USD billion by the end of 2032.
An automobile’s driveshaft is a motorized component used to transfer torque from one end of the vehicle to the other, such as from the engine to the wheels. A driveshaft for an automobile is made of steel, aluminum and carbon fiber. Because it is strong and lightweight, aluminum is preferred as it helps balance the driveshafts. As a result, the rotational speed is increased and the total weight of the car is reduced.
Aluminum driveshafts lighten the car’s overall weight and reduce fuel consumption. Accordingly, it is anticipated that during the projection period (2022-2032), these general characteristics will drive the overall expansion of the automotive drive shaft market.
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Key insights from market research
By product type, solid drive shafts are expected to account for a market share of over 54% by 2032.
The rear driveshaft segment is expected to hold the largest market share of over 60%, below the position segment.
By vehicle type, passenger cars are estimated to create an absolute dollar opportunity of US$10.4 billion by 2032.
By region, East Asia is expected to account for the largest global market share (38% market share by 2032).
China and the United States are projected to register an absolute dollar opportunity of over US$9 billion, collectively, from 2022 to 2032.
“The expansion of the automotive driveshaft market is expected to be positively impacted by the steady increase in investment in the automotive sector in North America and Europe, despite the slowdown in automotive production,” says an analyst from Persistence Market Research .
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Automakers are working tirelessly to create the most efficient electric vehicles as their market grows. Additionally, driveshaft producers are changing their product lines to offer the best products to OEMs in a bid to increase their market share.
Recent changes in pollution standards have necessitated the development of new car models with improved engines by manufacturers. As a result, a majority of automakers are making significant investments in researching and developing advanced technologies to lighten their cars and are developing new ways to use new materials for driveshafts.
Automotive drive shafts are becoming increasingly popular due to their many advantages over traditional components. These driveshafts give automakers the ability to use lightweight parts to make vehicles lighter, increase fuel efficiency and meet legal requirements.
Global demand for automotive driveshafts is expected to grow rapidly, aided by a booming automotive sector and the implementation of stringent fuel economy and environmental protection standards.
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