The global automotive drive shafts market has been segmented on the basis of vehicle type, shaft type, and position type. By vehicle type, the global automotive drive shafts market is segmented into heavy commercial vehicles, passenger car, and light commercial vehicles. By shaft type, the market is divided into Hotchkiss drive shaft, flexible drive shaft and torque tube drive shaft.
Global Automotive Drive Shafts Market Report, published by Variant Market Research, forecast that the global market was valued at $6 billion in 2016 and expected to reach $9 billion by 2024, growing at a CAGR of 6.1% from 2016 to 2024. In geographical segments, Asia-Pacific and Europe are expected to grow at a CAGR of 6.5% and 6.2%, respectively, over the forecast period 2016 - 2024.
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The global automotive drive shafts market is majorly driven by increasing automotive sector in developing countries, increasing production of vehicles globally, growth in disposable income and increasing consumer knowledge towards fuel efficiency. However, demand for electric vehicles and variations in material price may restraints the growth of the market.
The global automotive drive shafts market has been classified into shaft type, vehicle type, position type, and geography. Shaft type consists flexible drive shaft, hotchkiss drive shaft, and torque tube drive shaft.
Vehicle type includes passenger car, heavy commercial vehicles, and light commercial vehicles. Position type comprises rear wheel drive shaft and front wheel drive shaft.
Among vehicle type, the heavy commercial vehicles held for the major market share in 2016. The passenger car segment is anticipated to grow at the fastest CAGR during the forecast period.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. In 2016, Asia-Pacific accounted for the largest market share of 33.3%, driven by growing demand for fuel efficient vehicles in regions such as India, China, and Japan which has led to development of light weight drive shaft.
Europe held for the second largest market share of 27.9%, due to stringent emissions regulation in the region. In terms of growth, Asia-Pacific is anticipated to attain the fastest CAGR of 6.5% during the forecast period 2016-2024, owing to high growth in automobile sector.
The major players in the market comprise American Axle Manufacturing Inc., GKN PLC., Dana Incorporated, Neapco Holdings, LLC., Xuchang Yuangdong, Wilson drive shafts, The Timken Company, Nexteer Automotive, Yamada Manufacturing, and IFA Rotorion, among others.
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Scope of Automotive Drive Shafts Market
Vehicle Type Segments
- Heavy Commercial Vehicles
- Passenger Cars
- Light Commercial Vehicles
Shaft Type Segments
- Hotchkiss Drive Shafts
- Torque Tube Drive Shaft
- Flexible Drive Shaft
Position Segment s
- Front Drive Shaft
- Rear Drive Shaft
- North America
- United Kingdom
- South Korea
- South America
- Middle East
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