Market Insight-Global Cardan Shaft Market Overview 2022
The Global Cardan Shaft Market Size was estimated at USD 11930 million in 2021 and is projected to reach USD 17915 million by 2028, exhibiting a CAGR of 2.60% during the forecast period.– Bossonresearch.com
Cardan Shaft,also known as propeller shaft or drive shaft,is a mechanical component used for the transmission of torque and rotation.Cardan Shaft consists of a universal joint, shaft yokes, and intermediate support, etc. It acts as an intermediate between the driving and the driven shaft that are not aligned on the same axis transferring the running torque smoothly.
According to Bosson Research, the global Cardan Shaft Market Size was estimated at USD 11930 million in 2021 and is projected to reach USD 17915 million by 2028, exhibiting a CAGR of 2.60% during the forecast period. The growth of the market is attributed to the growing concern towards fuel efficiency coupled with strict government regulation regarding emission control, which has caused the launch of new BS-6 vehicles. The heavy adoption of environment-friendly vehicles in the developed countries and consequent increase in production of these vehicles has allowed the high deployment of the drive shaft in the new vehicles thereby contributing to the growth of the market. Another major reason contributing to the growth of the Drive Shaft market is the growing demand and consequent sales of all-wheel drive (AWD) vehicles, as two drive shafts are deployed in each vehicle. The demand for such advanced vehicles coupled with stringency and emission control regulations are anticipated to raise the growth of the drive shaft market during the forecast period.
Figure Global Cardan Shaft Market Size
Source: Bossonresearch.com, 2022
Segment Market Analysis by Type
Based on the available types in the market, this report covers qualitative and quantitative market sizing and forecasting till 2020 for the hollow and rigid market for key countries in Europe, North America, Asia-Oceania, and the rest of the world. The report also covers market sizing and forecast based on the position (front, and rear), vehicle type (passenger car, including hatchbacks, sedans, SUV/MUV/MPV, and others, and LCV).
Since the inception of automotive side shafts, they have evolved based on the performance requirements of vehicle applications. Hollow side shafts are slowly gaining preference over rigid side shafts, even in the light commercial vehicles segment. The major reasons for this shift in preference are fuel efficiency, increasing demand for vehicle performance, and increasing comfort levels offered by the hollow side shafts. OEMs are also adopting efficient technologies to comply with various regional emission norms in developed economies. The increasing vehicle production, stringent carbon emission regulations, and norms enhanced driving experience, and increase in fuel efficiency provided by these side shafts has driven the growth of the global automotive sideshaft market. However, fluctuating prices of raw materials used to produce the automotive side shafts in high-volume markets have restrained the growth of the automotive sideshaft market.
Manufacturers of side shafts are striving to offer cost-efficient solutions without compromising on the performance of the vehicle through their product offerings. Suppliers are concentrating on globalization and developing products to comply with the present and upcoming emission norms in the market. For this purpose, suppliers are closely working with local partners and OEMs to develop new technologies to save development costs and offer efficient technologies in the side shaft market.
In terms of type, the market size for hollow side shafts is estimated to be the largest, given its usage in almost all passenger cars across the world. Their lightweight further helps in improving the fuel efficiency of vehicles. The rigid sideshafts are basically used in light commercial vehicles and have a major market in the North American region. The major players in the automotive sideshaft market have been identified as GKN Plc. (U.K.), Nexteer Automotive (U.S.), NTN Corporation (Japan), Hyundai WIA Corporation (South Korea), and Trelleborg AB (Sweden) among others.
Segment Market Analysis by Vehicle Type
In context with vehicle type, the automotive drive shaft market in the passenger cars segment is accounted to hold the maximum share followed by light commercial vehicles. In the passenger car segment, the hollow sideshafts are used to offer comfort and fuel efficiency to the driver. As of 2015, global market for hollow drive shafts is estimated to be the largest, with a market share of 65% in terms of volume. In the case of rigid drive shafts, the market for this segment is driven by light commercial vehicles. OEMs are adopting lightweight side shafts that offer better fuel efficiency when compared with a rigid drive shaft.
Key players in the Cardan Shaft Market include:
GKN
JTEKT Corporation
Dana
Meritor
IFA Group
AAM
Xuchang Yuandong Drive Shaft
Neapco Components, LLC
Wanxiang Qianchao Co., Ltd.
Showa Corporation
Elbe Holding GmbH & Co. KG
Gewes
GSP Automotive Group Wenzhou Co., Ltd.
Ameridrive (Altra Industrial Motion Corp.)
WiCHMANN GmbH
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