Automotive Half Shafts:
- The trend of electrification and light-weighting across the globe is expected to shape the automotive half-shaft market. Changes in design of drive-units with electric motors and increase in stringency in emission norms are pressing automakers to develop and innovate drive shafts
- Automotive Half Shafts are mechanical components used to transmit the torque from the differential to the wheels
Key Drivers and Restraints of Global Automotive Half Shafts Market
- Global car sales rose from 77.3 million units in 2016 to around 78.6 million units in 2018. Increase in vehicle sales due to economic growth in developing countries drives the global automotive half shafts market.
- Rise in demand for all-wheel-drive (AWD) vehicles is projected to boost demand for drive shafts. This in turn is anticipated to propel the automotive half shafts market. The U.S. is the leading manufacturer of AWD vehicles; however, a similar trend has been observed across the world, with Japan and China emerging as production hubs for AWD vehicles.
- Sales of AWD vehicles are increasing, as automakers focus on delivering fuel-efficient vehicles due to rise in consumer demand for higher fuel economy and government regulations stressing on lower vehicle emissions
- Rise in vehicle production in Mexico and Brazil due to competitive production cost, favorable trade agreements with foreign countries, and rise in domestic demand is expected to boost the automotive half shafts market in Latin America
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Drive Shafts Segment to Expand at High CAGR
- The automotive industry is shifting from two wheel drive (2WD) to AWD and four wheel drive (4WD) vehicles. Hence, drive shafts are witnessing higher demand and are replacing axle shafts. The drive shafts segment is likely to expand at a high CAGR during the forecast period. Rise in preference for AWD and 4WD SUVs and CUVs boosts demand for drive shafts.
Passenger Vehicles to Witness Significant Demand
- Sales of passenger vehicles have been higher than commercial vehicles across the globe. Hence, the passenger vehicles segment is projected to dominate the global automotive half shafts market.
- Light commercial vehicle sales were earlier concentrated only in North America and Europe. However, rise in business opportunities and establishment of industries in Asia Pacific and Latin America have driven sales of light commercial vehicles in these region. This in turn increases demand for automotive Half Shafts.
Aftermarket Segment to Account for Leading Share of Global Market
- The aftermarket segment is anticipated to account for significant share of the global automotive half shafts market. The average age of cars has increased to about 11 years globally. The U.S. and China recorded 250 million and 350 million vehicles on road, respectively, in 2018. Rise in the number of on road vehicles has expanded the scope of maintenance and replacement. This is likely to augment the aftermarket segment.
Asia Pacific to Lead Global Automotive Half shafts Market
- In terms of region, the global automotive half shafts market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Emergence of Asia Pacific as a production hub with low-cost manufacturing and high domestic demand is set to drive the global automotive half shafts market. China, Japan, and India hold key positions in the global automotive half shaft market
- Asia Pacific was followed by Europe and North America. Economic recovery in Europe and North America has boosted vehicle sales in these regions, which in turn augments the automotive half shafts market.
Key Manufacturers Operating in Global Market
The global automotive half shafts market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- American Axle & Manufacturing, Inc.
- Nexteer Automotive
- Showa Corporation
- Neapco, Inc.
- GKN plc
- Dana Incorporated
- JTEKT Corporation
Global Automotive Half Shafts Market, by Half Shaft Type
- Drive Shafts
- Axle Shafts
Global Automotive Half Shafts Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
Global Automotive Half Shafts Market, by Sales Channel
- OEM
- Aftermarket
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