AUTOMOTIVE DRIVE SHAFT MARKET - GROWTH, TRENDS, AND FORECAST (2020 - 2025)

The automotive drive shaft market is expected to register a CAGR of over 6.5% during the forecast period (2020-2025).

• Growing concern for fuel efficiency and stringent norms posed by the international emission control authorities have urged the manufacturers to develop lightweight drive shafts, without compromising on their performance and rigidness. Composite drive shafts, which are the new entrants in the global market, boast incredibly high torque and safety standards.
• The growing production and sales of all-wheel drive (AWD) vehicles have been one of the major drivers for the market growth, as the vehicles are equipped with two drive shafts. About one-third of the vehicles sold over the past two years (2017-2018) have been AWD vehicles.
• Hollow drive shafts are anticipated to capture the overall market, due to their flexibility and improvised performance over the conventional and heavy solid type. Their design is robust enough to sustain varying torques received from the engine, and they are classified into two types based on the position of transmission, i.e., front and rear end.
• The intensity of competition in the market is high, as major players continue to expand and maintain their customer relationship for longer periods.