Drive Shaft Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2021 - 2026
The drive shaft (driveshaft, driving shaft, tailshaft, propeller shaft, or Cardan shaft) Market is forecast to reach $8.76.1 billion by 2025, after growing at a CAGR of 7.12% during 2020-2025. The growth of the market is attributed to the growing concern towards the fuel efficiency coupled with strict government regulation regarding emission control, which has caused the launch of new BS-6 vehicles. The heavy adoption of environment friendly vehicles in the developed countries and consequent increase in production of these vehicles has allowed high deployment of drive shaft in the new vehicles thereby contributing towards the growth of the market. Another major reason contributing towards the growth of the Drive Shaft market is growing demand and consequent sales of all-wheel drive (AWD) vehicles, as two drive shaft are deployed in each vehicle. The demand of such advanced vehicles coupled with stringency and emission control regulations are anticipated to raise the growth of the drive shaft market during forecast period.
Key Takeaways
North America dominated the Drive Shaft market in 2018, owing to the high demand of commercial and electric vehicles.
Stringency in government regulations coupled with high growth in the launch of eco-friendly vehicles is anticipated to uplift the growth of the market.
Hollow drive shaft held a largest share in 2018, due to its flexible and light design contributing towards the growth of the market during the forecast periods.
Design Type - Segment Analysis
Hollow Drive Shaft held a larger market share in the Drive Shaft market in 2018. The growing demand is mostly attributed to the technological advancements and high adoption of the flexible and high performance drive shaft, which is driving the growth of the market. The growing demand of the light weight and flexible vehicle components in the automotive industry is one of the major factor contributing towards the growth of the hollow drive shaft in the drive shaft market. In 2018, one of the CNC specialist NUM launched a hollow shaft direct drive torque motor ideally applicable for smooth and accurate rotation at low speed. The growing advancements and launch of new products is anticipated to uplift the growth of the market during forecast period.
Vehicle Type - Segment Analysis
In the recent yeas (2018-2019), the high growth in the demand of heavy and light commercial vehicles across the major countries such as the U.S., China, Japan, Germany, is one of the major factor contributing towards the growth of the Drive Shaft market. According to OICA in 2018, the total number of commercial vehicles manufactured in the U.S. was 8,51,8734 units. Such high production clearly depicts the high demand of commercial vehicles in this region which is mostly to boost the growth of the Drive Shaft market during forecast period from 2020-2025. With more than 11 million vehicles traveling on the U.S. roads, which is 11.5 % of the total vehicles in the world as reported by the OICA in 2017, which is anticipated to uplift the growth of the market during forecast period.
Geography - Segment Analysis
North America is estimated to dominate the Drive Shaft market with an estimated market share of 37.23% which is followed by the APAC, in 2018. The high growth of drive shaft market in North American region is majorly attributed to the growing demand of the light commercial vehicles and electric vehicles. The growing production of vehicles and consequent increase in the deployment of drive shaft in these vehicles is significantly contributing towards the growth of the market.
Drivers – Drive Shaft Market
· Growing demand light commercial vehicles/electric vehicles
One of the major reason driving the growth of the driver shaft market is the high demand of the light commercial vehicles and growing adoption of the environment friendly electric vehicles across the developed countries such as the U.S., Canada, Germany and other such regions. The heavy growth in the technological advancements in these regions coupled with high production of new vehicles and consequent increase in the deployment of drive shaft in these vehicles is anticipated to drive the growth of the drive shaft market across the globe.
· Implementation of Stringent Environment Regulations
Governments across a number of nations are imposing stringent regulations to boost the fuel economy in order to reduce vehicular emission. The growing in stringent regulation for emission control and environment protection act has allowed the launch of BS-6 vehicles. The launch of new vehicles coupled with high deployment of sophisticated components such as Drive Shaft in these vehicles is anticipated to drive the growth of the drive shaft market during forecast period.
Challenges – Drive Shaft Market
· Technical Drawback
One of the major factor hindering the growth of the drive shaft market is complex installation process and high cost of installation and reinstallation. Moreover, once damaged the system cannot be repaired, it has to be replaced completely. The high cost of replacement is anticipated to restrain the growth of the market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the fuel additives market. In 2018, the market of Drive Shaft has been consolidated by the top five players accounting for 46% of the share. Major players in the Drive Shaft Market are GKN PLC, Hyundai Wia Corporation, Ifa Rotorion-Holding GmbH, Neapco Holdings LLC, Nexteer Automotive Group Limited, NKN, Ltd. among others.
Acquisitions/Technology Launches
In 2017, Dana launched a new light weight driveshaft line, especially designed for commercial vehicles. The launch of new products is anticipated to raise the growth of the market during forecast period.
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