Global Automotive Driveshaft Market To Reach $ 7.5 Billion By 2026

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FACTS AT A GLANCE
Editing: 6; Posted: March 2021
Management commitments: 391
Companies: 46 – Players covered include American Axle & Manufacturing Inc .; Dana, Inc .; GKN PLC; Meritor, Inc .; Neapco Holdings; Nexteer Automotive Group Ltd .; The Timken Company; Wanxiang Qianchao Co., Ltd. ; Xuchang Yuangdong Drive Shaft Co. Ltd. ; Yamada Manufacturing Co. Ltd. and others.
Blanket: All major geographies and key segments
Segments: Material (steel, aluminum, carbon fiber); Shaft type (Hotchkiss, flexible, torque tube); End use (passenger cars, commercial vehicles)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.

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Registry overview

ABSTRACT-

Global Automotive Driveshaft Market To Reach $ 7.5 billion by 2026
A drive shaft is a rotating shaft that transmits drive to the wheels. The drive shaft is also referred to as the drive shaft or the drive shaft or the cardan shaft. The driveshaft is a rotating tube that connects to the rear of the transmission and transmits rotational power to the rear of the vehicle. Automotive driveshafts are enjoying increasing adoption due to their many advantages over conventional components. These drive shafts offer automakers the ability to incorporate lightweight components to reduce vehicle weight, improve fuel efficiency, and comply with regulatory guidelines. The global automotive drive shafts market is expected to grow rapidly, supported by a recovering automotive industry and the implementation of strict regulations regarding energy efficiency and environmental protection. The presence of several manufacturers and suppliers offering both OEM (Original Equipment Manufacturers) and aftermarket products ensures a continuous supply of drive shafts and business growth for these companies. The demand for drive shafts is also driven by increasing automobile traffic and increasing vehicle production.

In the midst of the COVID-19 crisis, the global automotive drive shafts market estimated at US $ 5.5 billion in 2020, is expected to reach a revised size of 7.5 billion US dollars by 2026, with a CAGR of 5.4% over the analysis period. Steel, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.9% to reach US $ 4 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the aluminum segment is readjusted to a revised CAGR of 5.8% for the next 7 year period. This segment currently accounts for a 36.4% share of the global automotive drive shafts market. The heavy use of steel can be attributed to its superior strength, durability and machinability. Regulations aimed at improving the efficiency and performance of vehicles are driving the adoption of cost-effective materials and driving the shift from steel to aluminum. Additionally, steel-based driveshafts are relatively heavier than aluminum-based components and add weight to the vehicle, reducing fuel efficiency.

The US market is estimated at $ 1.1 billion in 2021, when China is expected to reach $ 1.8 billion by 2026
The automotive drive shafts market in the United States is estimated at US $ 1.1 billion in 2021. The country currently represents a 19.12% share of the world market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 1.8 billion during the year 2026, with a CAGR of 7.8% throughout the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 2.9% and 3.3% respectively over the period of analysis. In Europe, Germany is expected to grow by around 4.2% CAGR while the rest of the European market (as defined in the study) will reach US $ 2 billion at the end of the analysis period. the North America and Europe The region is expected to show significant growth due to increased investment in the automotive industry and R&D projects to develop sophisticated high-end vehicles. These developed markets are bolstered by strict emissions regulations as well as increasing production of all-wheel-drive vehicles. The regional market is propelled by growing auto production, large GDP and high per capita income. Supportive government policies and the presence of advanced automotive infrastructure are poised to further stimulate the market growth. The growing popularity of rear-wheel drive vehicles due to the high per capita expenditure on premium vehicles is expected to further stimulate the demand for automotive driveshafts in Europe. Become thin Asia Pacific is attributed to the enforcement of strict fuel economy and environmental protection regulations, as well as the continued efforts of automakers to reduce vehicle weight and increase fuel efficiency. Factors such as favorable macroeconomic scenario and increased per capita income are boosting automotive demand and positively influencing the drive shafts market.

Carbon fiber segment to reach $ 918.9 million by 2026
New materials, notably carbon fiber, have received considerable attention in recent years. Various car manufacturers are looking for suppliers that offer automotive drive shafts built on carbon fibers. Carbon fiber driveshafts offer the advantages of lighter weight, higher torque capacity, better reliability, higher rpm, increased safety and reduction noise, vibrations and harmonics. In the global carbon fiber segment, United States, Canada, Japan, China and Europe will drive the estimated 5.9% CAGR for this segment. These regional markets representing a combined market size of US $ 503.9 million in 2020 will reach a projected size of 750.6 million US dollars before the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 111.9 million by 2026, while Latin America will increase at a CAGR of 7.7% throughout the analysis period. After

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