Automotive Drive Shaft Market

The automotive drive shaft is a motorized element, which is employed to transport the torque from one end of the vehicle to the other end, for example, from the engine prior to the wheels of the vehicle. Automotive drive shaft is made up of steel, aluminum, and carbon fiber. Aluminum is preferred as it is light and sturdy, thereby allowing the drive shafts to be balanced. Therefore, this produces more speed for rotating and also lowers the general weight of the car. Aluminum drive shafts reduce the overall weight of the car and make the vehicle to consume less fuel. Therefore, these overall properties of drive shafts are estimated to fuel the growth of the global automotive drive shafts market over the forecast period.

Market scope and structure analysis:

COVID-19 scenario analysis:

• Small & medium enterprises (SMEs) in the auto parts industry are expected to take a huge blow from COVID-19 pandemic-related developments in the current fiscal year.
• For manufacturing industries across the globe, COVID-19 has resulted in a vast decline in revenue and profits. 
• China is considered to be at the forefront of the global production and deployment of automation & robotics. The country is now shifting its focus toward a gradual recovery.
• The pandemic is expected to impact supply and demand for the industry, which is expected to impact the supply chain completely.
• The virus may force companies to accelerate investment in factory automation when the global economy eventually rebounds, but that is expected to take a while. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis 

Hollow shafts are expected to witness faster growth with increase in sales of electric vehicles. This is estimated to drive the growth of the automotive drive shaft market during the forecast period. Moreover, increase in adoption of electric vehicles can act as a restraint to the growth of the global automotive drive shaft market. Furthermore, growth in demand for aluminum propeller shaft is expected to create lucrative opportunities for the global automotive drive shaft market.

The global automotive drive shaft market trends are as follows:

Hollow shafts to witness faster growth: 

Weight reduction in the automotive industry has been a major concerning factor for innovators and manufacturers. A majority of passenger cars use hollow shaft as a drive shaft, owing to the advantages offered by these shafts when compared to solid drive shafts. Hollow drive shaft of same mass as of solid drive shaft performs in same manner without resulting in a failure. Therefore, this is leading to the growth of the global automotive drive shaft market.

Growing sales of electric vehicles: 

Sales of electric vehicles have been projecting a positive growth over the past years, and it is estimated to continue to gain more customers in the coming time. Moreover, many electric vehicle manufacturing companies plan to launch more electric vehicle models in the coming years. In addition, major automotive companies are also shifting their focus toward the electric vehicle segment, owing to their concern for the environment and increasing prices of fuels. Therefore, this is projected to boost the growth of the global automotive drive shaft market.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global automotive drive shaft market along with current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global automotive drive shaft market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global automotive drive shaft market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years. 

Questions answered in the global automotive drive shaft market research report:

• Which are the leading market players active in the global automotive drive shaft market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Automotive Drive Shaft Market Report Highlights