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Albany, New York, April 10, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has observed that the global automotive drive shafts market depicts the presence of several players, which is making the competitive landscape quite fragmented. The market is experiencing a rise in the level of competition among various types of vendors, which include large, medium, and small-scale. Yamanda Manufacturing Co., Dana Holding Corporation, NTN Corporation., and Hyundai Wia are the uppermost players working in the global automotive drive shafts market.
The companies in the global automotive drive shafts market are concentrating on the development of new products and launching them as soon as possible. Rapid adoption of such unique strategies are enabling market players in enhancing their market penetration worldwide. Along with this, several dominant players in the global automotive drive shafts are focusing on delivering products with enhanced quality. Furthermore, to deal with competition, these players are emphasizing on acquiring strategic mergers and acquisitions for expanding their geographical boundaries. Such strategy also ensures the market players to penetrate into many other foreign markets.
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According to experts from TMR, the global automotive drive shafts market was worth US$5.3bn in 2015. This revenue is expected to gain an impressive value of US$8.9 bn by the end of 2024. Experts project this growth to occur with an impressive CAGR of 6.1% during the forecast period from 2016 to 2024.
Among various vehicles, heavy commercial vehicles hold substantial share, which is expected to fuel growth in the global automotive drive shafts market during the forecast period. This is because of rising demand for heavy commercial vehicles in transportation industry and increasing need for automotive shafts in serving of heavy-duty trucks. Region wise, Asia pacific is expected to lead the global automotive drive shafts market in the coming years. This is attributed to an increased demand for automobiles’ parts and their production in the region.
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Rising Production of Several Types of Vehicles Augment Demand in Market
Automotive drive shafts are mainly motorized elements, which are employed to transport torque in a vehicle. Such elements are mostly made up of steel, aluminum, and carbon fiber. Such elements, especially aluminum makes the shaft light and sturdy, which helps them to maintain balance. The growth of the global automotive drive shafts market is directly fueled by the recovery of the automotive industry. This is because of the nature of automotive drive shafts, which are indispensable for hybrid automobiles and conventional IC engine. Rising concern about fuel efficiency and growing demand for lightweight vehicles are also majorly propelling expansion in the global automotive drive shafts market.
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Furthermore, rapid growth in automobile sector worldwide and governments’ stringent regulations in carbon emission are also boosting the global automotive drive shafts market. Along with this, soaring demand for enhanced and comfortable driving is another factor supplementing growth in the global automotive drive shafts market. Moreover, the global automotive drive shafts market is expected to grow steadily during the forecast period, owing to their ability in repairing and replacing the critical vehicles’ components.
Rapid Adoption of Electric Vehicles May Hinder Market’s Growth
Employment of electric cars appear as a big challenge in the automotive drive shafts market. This is due to the low requirement of drive shafts since the electric cars operate on battery. Thus, such factor is hampering the growth of the global automotive drive shafts market. Nonetheless, rising investments in automobile manufacturing is believed to help overcome such challenges in the near future.
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The review is based on a market research report by TMR, “Automotive Drive Shafts Market (Vehicle - Passenger Cars, Heavy Commercial Vehicles, and Light Commercial Vehicles; Shaft Type - Hotchkiss Drive Shaft, Flexible Drive Shaft, and Torque Tube Drive Shaft; Position Type - Front Wheel Drive Shaft, and Rear Wheel Drive Shaft) - Global Industry Analysis, Trend, Size, Share and Forecast 2016 - 2024”.
The segmentation of global Automotive Drive Shafts Market is based on:
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