New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Drive Shaft Global Market Report 2022" - https://www.reportlinker.com/p06323477/?utm_source=GNW

The global automotive drive shaft market is expected to grow from $15.12 billion in 2021 to $15.97 billion in 2022 at a compound annual growth rate (CAGR) of 5.6%. The automotive drive shaft market is expected to grow to $19.99 billion in 2026 at a compound annual growth rate (CAGR) of 5.8%.

The automotive drive shaft market consists of sales of the automotive drive shaft by entities (organizations, sole traders, and partnerships) that are used to connect the transmission unit and engine in the car for front and four-wheel drive.A driveshaft is a mechanical component of automotive that provides transmission of torque of the engine gearbox to vehicle wheels in a synchronized manner for smooth motion of a vehicle.

The automotive driving shaft uses a rod-like component that transmits torque from the vehicle's engine to the wheels.

The main product types of automotive drive shafts market are rigid side shafts and hollow side shafts.Hollow side shafts refer to the hollow drive shaft fitted to electric motors or right-angle gear drives to accept the solid shaft of the pump.

The vehicle types utilizing automotive drive shafts include passenger vehicles, light commercial vehicles, and heavy commercial vehicles.The different drive utilizing automotive drive shafts include front-wheel drive, rear-wheel drive, and other drive types.

The materials used in automotive drive shafts include aluminum, steel, and carbon fiber. These products are sold through different sales channels including OEM and aftermarket.

Asia Pacific was the largest region in the automotive drive shaft market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive drive shaft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The automotive drive shaft market research report is one of a series of new reports that provides automotive drive shaft market statistics, including automotive drive shaft industry global market size, regional shares, competitors with an automotive drive shaft market share, detailed automotive drive shaft market segments, market trends and opportunities, and any further data you may need to thrive in the automotive drive shaft industry. This automotive drive shaft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The growing sales of electric vehicles are expected to propel the growth of the automotive drive shaft market going forward.An electric vehicle refers to an automobile that is powered entirely or partially by electricity from a battery that requires recharging.

The driveshaft is a mechanical component of automotive that provides transmission of torque of the engine gearbox to vehicle wheels in a synchronized manner for smooth motion of the vehicle. For instance, in February 2022, according to The Economics Times, an Indian-based newspaper, around 6.5 million electric vehicles were sold in the year 2021 including fully electric and partially electric vehicles. Therefore, the growing sales of electric vehicles will drive the growth of the automotive drive shaft market.

The new product innovation is the key trend gaining popularity in the automotive drive shaft market.Major companies operating in the automotive drive shaft market are focused on developing new product innovations and solutions to strengthen their position.

For instance, in March 2021, Nexteer Automotive, a US-based multinational company operating in automotive drive shaft and motion control technology launched its new Half-shaft technologies to strengthen its driveline portfolio to meet the unique demands of electric vehicles in the drive shaft. The new half-shaft technology of Nexteer Automotive can solve challenges in optimization of noise, vibration, and harshness (NVH) performance in electric vehicles by enhancing durability and efficiency.

In August 2020, GNK Automotive Limited, a London-based manufacturer of motor vehicles acquired the Tochigi production assets of Nissan Motor Co., Ltd. for a deal amount of JPY 9 billion ($81.54 million). Through this acquisition, GNK Ltd aims to lead the automotive drive shaft market, especially in Japan. Nissan Motor is a Japan-based vehicle manufacturing company that includes drive shafts.

The countries covered in the automotive drive shaft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06323477/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001