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Drive Shaft Market Size

ID: MRFR//6277-HCR | 100 Pages | Author: Pradeep Nandi| November 2024

The Drive Shaft market is undergoing significant transformations, influenced by various factors that shape its market dynamics. As a crucial component in a vehicle's powertrain system, the drive shaft plays a vital role in transferring torque from the transmission to the wheels. The market dynamics of Drive Shafts are inherently tied to the broader trends in the automotive industry, including shifts in vehicle design, manufacturing technologies, and consumer preferences.

One of the primary drivers impacting market dynamics is the global trend towards lightweighting in automotive design. Automakers are increasingly focused on reducing vehicle weight to improve fuel efficiency and meet stringent emission standards. This emphasis on lightweight construction has led to the adoption of advanced materials, such as high-strength alloys and composites, in drive shaft manufacturing. The demand for lightweight and durable drive shafts is on the rise, influencing the market positively.

The evolving landscape of drivetrain technologies also contributes to the dynamics of the Drive Shaft market. With the increasing prevalence of electric vehicles (EVs) and hybrid vehicles, drive shafts are undergoing modifications to accommodate different powertrain configurations. In electric vehicles, for example, drive shafts may be integrated with electric motors to transmit power to the wheels. As the automotive industry experiences a shift towards electrification, the demand for drive shafts tailored for electric and hybrid vehicles is expected to grow, impacting market dynamics.

Moreover, the geographical expansion of the automotive market plays a crucial role in shaping the dynamics of the Drive Shaft market. Emerging economies, experiencing rapid urbanization and rising disposable incomes, are witnessing a surge in automotive sales. This growth in vehicle ownership fuels the demand for drive shafts, especially in regions where the automotive industry is expanding. The geographical distribution of manufacturing facilities and the emergence of new markets contribute to the overall dynamics of the Drive Shaft market.

The competitive landscape and industry collaborations are essential factors influencing market dynamics. Key players in the Drive Shaft market are engaged in strategic partnerships, mergers, and acquisitions to strengthen their market presence and expand their product portfolios. The competitive environment fosters innovation and technological advancements, driving the evolution of drive shaft technologies to meet the changing demands of the automotive industry.

However, challenges such as cost considerations and the complexity of integrating advanced technologies pose obstacles to market growth. The automotive industry's cost-sensitive nature, particularly in emerging markets, can impact the widespread adoption of advanced drive shaft technologies. Additionally, the integration of drive shafts with new and evolving drivetrain technologies requires careful engineering to ensure compatibility, efficiency, and cost-effectiveness.

In conclusion, the market dynamics of the Drive Shaft market are shaped by a combination of lightweighting trends, advancements in drivetrain technologies, geographical expansion of the automotive market, and the competitive landscape driving innovation. As the automotive industry continues to evolve, the demand for efficient, lightweight, and durable drive shafts is expected to grow. Striking a balance between performance improvements, cost considerations, and technological advancements will be crucial for market players to navigate and thrive in this dynamic landscape.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2022 USD 6,165.77 Billion
Growth Rate 6.40% (2022-2030)

Global Drive Shaft Market Overview


Drive Shaft Market Size was valued at USD 41,974.0 million in 2023. The drive shaft market industry is projected to grow from USD 44,200.4 million in 2024 to USD 65,689.4 million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.08% during the forecast period (2024 - 2032). Increasing vehicle sales and increasing the automotive industry's development are the key market drivers enhancing market growth.


Global Drive Shaft Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Drive Shaft Market Trends




  • Increasing demand for electric vehicles to boost the market growth




Over the past three years, sales of electric vehicles have increased positively on a scale. For instance, in 2020, EV sales increased 39% year over year to 3.1 million units, while the overall passenger car market declined by 14%. EV sales are expected to increase by double digits in many European nations in 2020. In contrast to 26% in 2019, the European region accounted for roughly 43% of sales of electric cars in 2020. Approximately 3.24 million plug-in vehicles were sold globally, up from 2.26 million in 2019. Sales have increased significantly due to stricter regulations by various organizations and governments to reduce emissions and promote zero-emission vehicles.


China is the market leader for electric vehicles. In China, the number of electric vehicle sales is rapidly increasing. For instance, in 2020, almost 1.3 million new energy vehicles were sold, accounting for 41% of all EV sales globally, only behind Europe. Regarding EV share, China continues to be far ahead of the US. In the US, only 2.4% of sales in 2020 were electric vehicles.


Furthermore, vehicle manufacturers are working tirelessly to create the most effective electric vehicles as the market for them expands. Additionally, driveshaft manufacturers are updating their product lines to offer the best products to OEMs to increase market share. For instance, in February 2021, the manufacturer of fully electric commercial vehicles, Volta Trucks, officially announced that Meritor had been chosen as the key supplier of drivetrain components for Volta Zero. This significant purchasing milestone will support the delivery of Volta Zero vehicles for customer trials in 2021, and the start of series production around a year later has enhanced the drive shaft market CAGR across the globe in recent years.


However, due to the presence of significant developing nations in the region, such as China and India, where demand for both passenger and commercial vehicles is rising annually, the region's automobile market is expanding quickly. For instance, in January 2021, China's vehicle sales and manufacturing rose by 34.6%. Following the country's recovery from COVID-19's effects, sales have increased since 2020. According to supply and demand statistics, China is the largest automobile market, another factor driving the growth of the drive shaft industry revenue.


Drive Shaft Market Segment Insights:


Drive Shaft Vehicle Type Insights


The drive shaft market segmentation, based on vehicle type, includes passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment held the majority share 2021 of the drive shaft market revenue. The passenger car sector is driven by automation and connectivity due to rising manufacturing in the Asia-Pacific region. Low-cost labor and abundant raw materials will boost the passenger vehicle industry globally. Over the anticipated timeframe, the growth of the heavy-duty truck industry will be fueled by rising and local trading activity.


Drive Shaft Design Insights


The drive shaft market segmentation, based on design, includes the front drive shaft and rear drive shaft. The rear drive shaft segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. The main factor influencing the market's growth is considered to be the fact that most commercial vehicles have rear drive shafts. An automobile's transmission transmits power or rotary motion to the rear axle through the drive shaft. Hence, the rising demand for rear drive shafts positively impacts market growth.


Figure 2: Drive Shaft Market by Design, 2021 & 2030 (USD Million)Drive Shaft Market by Design, 2021 & 2030


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Drive Shaft Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Drive Shaft industry accounted for USD 2,543.96 million in 2021 and is expected to exhibit the fastest CAGR growth during the study period. Emerging Asian-Pacific economies contribute to a share of vehicle sales, which is anticipated to continue over the forecast period. Furthermore, significant GDP growth and rising per capita income are the main drivers of the automotive industry's expansion. They are anticipated to positively impact drive shaft demand in this region during the projected period.


Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: DRIVE SHAFT MARKET SHARE BY REGION 2021 (%)DRIVE SHAFT MARKET SHARE BY REGION 2021


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe drive shaft market accounts for the second-largest market share due to its favorable government policies, the presence of leading OEMs, and its developed automobile infrastructure. Further, the Germany drive shaft market held the largest market share, and the UK drive shaft market was the fastest-growing market in the European region.


The North America drive shaft market accounts for a significant market share. The rising demand for electric and light commercial vehicles is majorly attributed to the drive shaft market's rapid expansion in the North American region. The market is expanding due to the rising vehicle production and the consequent increase in drive shafts use in these vehicles. Moreover, the US drive shaft market held the largest market share, and the Canada drive shaft market was the fastest-growing market in the North America region.


Drive Shaft Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the drive shaft market grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the drive shaft industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


One of the primary business strategies manufacturers adopt in the drive shaft industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The drive shaft industry has provided vehicles with some of the most significant benefits in recent years. The drive shaft industry major players such as GKN PLC (UK), Advanced Composite Products & Technology Inc., ACPT Inc. (US), American Axle & Manufacturing Holdings Inc. (US), and others are working on expanding the market demand by investing in research and development activities.


GKN PLC (UK) is a British multinational company with its main office in Redditch, England, that manufactures automotive and aerospace components. It has a well-established company named Guest, Keen, and Nettlefolds. The initials of three early members of the company's history, John Guest, Arthur Keen, and Joseph Henry Nettlefold, are used as the name. All three were significant iron and steel industry figures during the Industrial Revolution. Although steel production remained the main focus of GKN for the bulk of the 20th century, it diversified into the production of tools and components. Government policies during the second half of the 20th century, when Britain's steel industry was the target of numerous nationalization and privatization attempts, significantly impacted it. In January 2020, GKN PLC and Delta Electronics Inc. announced their collaboration to create cutting-edge eDrive technology.


Also, American Axle & Manufacturing Holdings Inc. (US) is a manufacturer of driveline and drivetrain systems and components for automobiles, with its corporate headquarters in Detroit, Michigan. AAM has expanded to serve numerous OEM manufacturers in passenger, light truck, and commercial vehicle segments. Some of its key products are axles, drive shafts, front axles, universal joints, sealing products, and thermal management items. In February 2021, Ram's heavy-duty pick-up truck axle and driveshaft program was secured by American Axle & Manufacturing (AAM) Holdings Inc. through 2030.


Key Companies in the drive shaft market include



  • GKN PLC (UK)

  • Advanced Composite Products & Technology Inc.

  • ACPT Inc. (US)

  • American Axle & Manufacturing Holdings Inc. (US)

  • Neapco Holdings LLC (US)

  • Dana Holding Corporation (US)

  • Yamada Manufacturing Co. Ltd. (Japan)

  • Trelleborg AB (Sweden)

  • NTN Corporation (Japan)

  • Ifa Rotorion - Holding GmbH (Germany)

  • The Timken Company (US), among others


Drive Shaft Industry Developments


February 2021: Ram's heavy-duty pick-up truck axle and driveshaft program has been secured by American Axle Manufacturing (AAM) through 2030.


August 2021: Wanxiang Qianchao announced the beginning of production of high-speed ball cage driveshafts for a van model manufactured by the Russian company GAZ International LL through its subsidiary Wanxiang Qianchao Transmission Shaft Co. (GAZ).


February 2022: Drive shafts have been added as a new product vertical, according to Endurance Technologies. The driveshaft is a high-tech, proprietary product used in the automotive industry. Three-wheelers and four-wheelers, including some light commercial vehicles, are eligible for the application. For EVs as well, the driveshaft is a necessary component.


Drive Shaft Market Segmentation:


Drive Shaft Vehicle Type Outlook



  • Passenger Cars

  • Light Commercial Vehicle

  • Heavy Commercial Vehicle


Drive Shaft Design Outlook



  • Front Drive Shaft

  • Rear Drive Shaft


Drive Shaft Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



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