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Automotive Drive Shaft Market 2022 Global Demand, Growth, Opportunity, Key Players and Forecast to 2032

Automotive Drive Shaft Market 2022 Global Demand, Growth, Opportunity, Key Players and Forecast to 2032

Automotive Drive Shaft Market:

Increasing Adoption of Automotive Hollow Drive Shafts to Create New Opportunities for Market Players: Persistent Market Research

NEW YORK CITY, NEW YORK, UNITED STATES, August 9, 2022 /ENDdresswire.com/ — The global “automotive drive shaft market” is estimated to have a CAGR of 4.9% and a market value of nearly $54 billion by the end of 2032.

A car’s driveshaft is a motorized part used to transfer torque from one end of the vehicle to the other, such as from the engine to the wheels. A drive shaft for a car consists of steel, aluminum and carbon fiber. Being strong and light, aluminum is preferred as it balances the drive shafts. As a result, the spin rate is increased and the overall weight of the car is reduced.

Aluminum drive shafts lighten the overall weight of the car and reduce fuel consumption. As a result, these general characteristics are expected to drive the overall market expansion of automotive driveshafts over the projection horizon (2022-2032).

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Key points from market research

By product type, solid driveshafts are expected to represent more than 54% market share by 2032.
The rear drive axle segment is expected to have the largest market share of more than 60%, below the position segment.
By vehicle type, it is estimated that by 2032, passenger cars will create an absolute $10.4 billion probability.
By region, East Asia is expected to hold the largest share of the global market (38% market share by 2032).
China and the US are expected to record an absolute probability of more than $9 billion from 2022 to 2032.
“The expansion of the automotive driveshaft market is predicted to be positively impacted by consistently increasing investment in the automotive sector in North America and Europe, despite the slowdown in auto production,” said a Persistence Market Research analyst.

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Market landscape

Automakers are working tirelessly to create the most effective electric vehicles as the market for them grows. In addition, driveshaft manufacturers are changing their product lines to offer OEMs the best products in an effort to increase their market share.

Recent changes to pollution standards have required the development of new car models with improved engines by manufacturers. As a result, a majority of automakers are making significant investments in research and development of advanced technology to make their cars lighter and develop new ways to use new materials for driveshafts.

Conclusion

Automotive drive shafts are becoming increasingly popular due to their many advantages over traditional components. These driveshafts give automakers the opportunity to use lightweight components to make vehicles lighter, improve fuel economy and meet regulatory requirements.

Global demand for automotive driveshafts is expected to grow rapidly, aided by a resurgent automotive industry and the implementation of strict fuel economy and environmental protection standards.

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