1. Market Research
  2. > Automotive Market Trends
Automotive Drive Shaft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Automotive Drive Shaft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • March 2021
  • 96 pages
  • ID: 6039475
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The automotive driveshaft market is valued at USD 29.15 billion in 2020 and is expected to reach USD 39.67 billion in 2026 and is anticipated to register a CAGR of about 4.93% during the forecast period (2021-2026).

The outbreak of pandemic COVID-19, impacted the whole supplychain for the market as demand side (i.e. OEMs) plants were shut down as the new vehicles sales were almost zero during the imposed lockdown as movement of people was not allowed in order to contain the spread of the virus. Yet, with the gradual opening of the economies the demand is returning back to the market.

Trends, such as increasing sales of all-wheel-drive vehicles, growing sales of SUVs, and the increasing demand for lightweight components, are expected to drive the automotive driveshaft market in the coming years.

Countries such as China, the United States, and Norway are continuing to see stronger demand for electric vehicles. Automakers are planning to launch more electric vehicle models in the coming years. The majority of the present and upcoming electric vehicle models are all-wheel drives (AWD) or rear-wheel drive (RWD), which will generate demand for lightweight driveshaft in the forecast period.

Increasing driveshaft recalls and demands from the aftermarket channel due to increasing vehicles in use is driving the market growth. For instance, In December 2020, American Honda will conduct two recalls for around 430,000 Acura and Honda vehicles in the United States. If needed, the company will be replacing their drive shafts for free.

Key Market Trends
Increasing Demand for Electric Vehicles Driving Growth

At the global level, the sales of electric vehicles have been growing positively over the past three years. The global sales of EVs in 2020 increased by 39% year on year to 3.1 million units, where the total passenger car market declined by 14%. China is leading the electric vehicle market. The sales of electric vehicles in China are growing at a rapid pace. Approximately 1.3 million new energy vehicles were sold in 2020, which represents 41% of the global EV sales, just behind Europe with 42% of global EV sales. China is still far ahead of the United States for EV share – in the United States, EV sales represented just 2.4% of sales in 2020.

As the demand for electric vehicle is growing, vehicle manufacturers are putting all their efforts in manufacturing the most efficient electric vehicles, and the driveshaft manufacturers are updating their product list to supply the best products to the OEMs to gain the market share. For instance,

- In February 2021, Volta Trucks, the full-electric commercial vehicle manufacturer, confirmed the appointment of Meritor as the strategic drivetrain component supplier for the Volta Zero. This major purchasing milestone will support the delivery of Volta Zero vehicles for customer trials during 2021 and the start of series production around 12 months afterward.
- In March 2021, Nexteer Automotive, a leader in intuitive motion control, made an announcement that it continues expanding its Driveline portfolio with new Halfshaft technologies that are tailored to meet the unique demands of electric vehicles (EVs). Nexteer’s Halfshaft technologies solve EV challenges by enhancing durability and efficiency while optimizing noise, vibration, and harshness (NVH) performance and low mass.

These trends are likely to drive the demand for lightweight and high-performance driveshafts, as they are indispensable automobile parts for conventional IC engine vehicles and hybrid and electric vehicles.

Asia Pacific Dominates the Market

The demand for automobiles in the region is growing with a high rate as the region has big developing nations like China, India, where the demand for both passenger cars and commercial vehicles are increasing yearly.

China’s vehicle production and sales increased by 34.6% in January 2021. The country has recovered from the impact of COVID-19 and has seen an increase in sales since 2020. China is the largest automobile market worldwide, both in terms of demand and supply.

The automotive sales in India declined in 2019 because of the transition to BS6 engine norms. The growth further decreased due to the economic slowdown and lockdowns caused by COVID-19. However, India became the fourth-largest auto market in 2019, displacing Germany with about 3.99 million units sold in the passenger and commercial vehicles categories. India is expected to displace Japan as the third-largest auto market by the end of 2021.

The sales of passenger vehicles were slowed down during the economic slowdown caused by COVID-19. But the demand for luxury vehicles in the region had minimal effect. For instance,

- In Australia, Audi sales were increased by 1.4% in 2020, as compared to 2019.
- During the year 2020, the luxury vehicles sales in China witnessed a growth of about 9% as compared to previous year.

The rising demand of vehicles and growing electrification of vehicles is expected to drive the market during forecast period.

Competitive Landscape
Some of the major players, like GKN PLC (Melrose Industries PLC), Yamada Manufacturing Co. Ltd., American Axle & Manufacturing Inc., JTEKT Corporation, and Dana Incorporated, have captured significant shares in the market.

The competition in the market is medium, as major players continue to crack high orders from major OEMs. For instance, in August 2018, Dana Incorporated announced that it has been selected by Daimler AG to supply front and rear propeller shafts to the all-new Mercedes-Benz X-Class pickup truck and latest generation Sprinter van.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on