Published on : Nov 22, 2019
The global automotive drive shafts market is likely to expand considerably on the back of increased output from the automobile industry. Following the major depression of 2009, industries across the world suffered a setback, however now economic growth is back on track. Automobile industry has been growing at a rapid pace over the last few years.
The global automotive drive shafts market has been segmented on the basis of type, application, and region.
American Axle Manufacturing Inc., Xuchang Yuangdong Driveshaft Co., Ltd., Dana Incorporated, Nexteer Automotive, and Neapco Holdings LLC are some of renowned companies that operate in the global automotive drive shafts market.
Increased Demand for Lightweight Vehicles Bolsters Demand in the Market
The companies that are operating in the global automotive drive shafts market shifted their focus on the making of new products and introducing them to the market as early as possible. Quick adoption of marketing strategies that aid in wider penetration of products are likely to fuel expansion of the global automotive drive shafts market during the assessment period. In addition to that, many of the leading market players are emphasizing on bringing forth improved quality products.
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Automotive drive shafts mostly refer to motorized devices, which are deployed as torque in vehicles. Elements like aluminum render shafts sturdy and light thereby helping them maintain balance. The expansion of the global automotive drive shafts market is supported directly by the recuperation of the automotive industry post depression. Automotive drive shafts are essential for conventional IC engine and hybrid automobiles. The global automotive drive shafts market is further driven by the rising demand for fuel-efficient lightweight vehicles.
Furthermore, strict regulations of various governments pertaining to carbon emission are also furthering the promotion of the global automotive drive shafts market. Automotive drive shafts made from carbon fibre, steel, and aluminum. Use of these materials diminishes the total weight of the vehicle enabling low consumption of fuel and better speed. Use of automotive drive shafts offer pleasant driving experience, which is another component supporting the expansion of the global automotive drive shafts market. Apart from that, the ability of automotive drive shafts to replace and repair vital components of a vehicle encourages growth of the global automotive drive shafts market.
On the other hand, increasing use of electric cars poses a serious threat to the expansion of the global automotive drive shafts market. These cars operate on batter do not make much use of drive shafts, thereby impeding growth of the market during the period of assessment. Nevertheless, increased investment to accelerate automobile activities is likely to help the global automotive drive shafts market to defeat these challenges in the forthcoming years.
Increased Manufacturing Activities Propel Market Growth in Asia Pacific
For the purpose of analysis, the global automotive drive shafts market is split in the major regions of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific.
Asia Pacific is likely to be one of the rapidly growing regions in the global automotive drive shafts market and is expected to continue with regional dominance in the forthcoming years. The boom in the manufacturing sector including automobiles in developing countries like Japan, China, and India is highly likely to boost the market in Asia Pacific. Automotive drive shafts are likely to find massive use in the heavy commercial vehicles in Asia Pacific, while passenger vehicles are likely to follow heavy commercial vehicles closely. The automotive drive shafts market in Asia is expected to be benefitted from the expanding economic activities as expansion in businesses is anticipated to give automotive industry a thrust, thereby fueling progress of the market.