Composite drive shaft Market shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Composite drive shaft Market Growth and Trends
The automotive composite drive shaft market is anticipated to register a Compound annual growth rate of over 6.5% during its forecast period between 2020 to 2025. Its rise is expected to be steady and gradual within the coming years in relevance to all the key market players and strategies.
The factors driving the market further includes:
- The increasing need for more efficient drive shafts in the market is one of the primary growth factors for this market.
- The utilization of these drive shafts to reduce noise and vibrations emitted within the motors these are inhibited in that propels the market
- Longer lifetime in comparison to the carbon fiber shafts which are its alternatives that drives in more consumers towards utilizing the market’s manufacturing
- The necessity for vehicles with high operational efficiencies and performance without defects like stiffness like its market alternatives that escalates the market growth
- Light in weight thus, takes up less space of engines, fits solidly and is easy and flexible for the consumers to handle that arises the market’s growth
- Ideal utilization in high-end cars providing it with the high capacity efficiency that performs tasks faster and with durability driving it’s economic growth rate highly over the forecast period
- The utilization of advanced manufacturing processes with the enhancement in technology which makes these shafts more user-facilitating and highly contributes to the market’s revenue while also incurring smaller costs of assembling thus meeting the necessary quality and quantity standards that have been set up by the consumer-demand chain boosting its growth rate. The quantity aspect is well monitored so that consumers can get their tasks performed faster
- Rising stringent regulations brought up by the government that has developed an urge of controlling vehicle exhaust emissions without causing a compromise on its performance strength
- Diversification of components built into these shafts that improvises its performance over the conventional solid-type drive shafts
- Expansion in the investments deposited by consumers across the globe that provides the market with the ideal economic stability while driving its growth higher
Challenges:
Several challenges faced by the drive shaft market includes:
- The rate of expenses to buy components. With industrialization and the global market evolving prices of components in improved equipment has risen steadily. This makes it difficult for most manufacturers to increase the input made by their manufacturing plants due to the disability to afford high prices eventually, fluctuating the rate of production and efficiency in the market, with less production consumers will shift their demand towards its challenging alternatives like the conventional drive shafts which will immensely decline the growth of the market over its forecast period.
Composite drive shaft Industry Regional Analysis
Composite drive shaft Market Research Report Scope/Definition
For the purpose of this market research report, the composite driveshaft is defined as a mechanical component used to transmit torque and rotation. Composite driveshafts have greater torsional flexibility when compared to the traditional shafts. As torque carriers, drive shafts are prone to torsion and shear stress, hence the need to use composite materials to make driveshafts because composite materials have strength, high specific stiffness, and specific modulus corrosion resistance and resistant to wear. The composite drive shaft usage is more convenient because of its lightweight properties that decrease the vehicle weight, ensuring easy to spin without compromising the quality and reliability. Rising concern for fuel efficiency and new policies and regulations implemented by the international emission control authorities have urged manufacturers to furthermore composite driveshafts without interference on their performance and rigidness. Composite driveshafts boast advanced high torque and safety standards.
Composite drive shaft Market Share and Competition
Key companies operating in this industry are: GKN plc (Melrose Industries PLC), JTEKT Corporation, Dana Incorporated, Hyundai WIA Corporation, Nexteer Automotive Group Ltd, American Axle & Manufacturing, Hitachi Automotive Systems, Machine Service, and Neapco.
Composite drive shaft Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Design Type Analysis (Revenue, USD Million, 2021 - 2028)
• Hollow Shaft
• Solid Shaft
Position Type Analysis (Revenue, USD Million, 2021 - 2028)
• Rear Axle
• Front Axle
Vehicle Type Analysis (Revenue, USD Million, 2021 - 2028)
• Passenger Car
• Commercial Vehicle
End-User Analysis (Revenue, USD Million, 2021 - 2028)
• OEM
• Aftermarket
Region Analysis (Revenue, USD Million, 2021 - 2028)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Composite drive shaft Industry Companies
• GKN plc (Melrose Industries PLC)
• JTEKT Corporation
• Dana Incorporated
• Hyundai Wia Corporation
• Nexteer Automotive Group Ltd
• American Axle & Manufacturing
• Hitachi Automotive Systems
• Machine Service
• Neapco
Available Versions of Composite drive shaft Market: -
United States Industry Research Report
Europe Industry Research Report
Asia Pacific Industry Research Report
India Industry Research Report
