Drive Shaft Market Research Report - Global Forecast to 2030

Drive Shaft Market Research Report Information By Vehicle Type (Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Vehicle), By Design (Front Drive Shaft and Rear Drive Shaft), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

ID: MRFR/IA - E/6277-HCR | 100 Pages | Author: Pradeep Nandi | March 2024         

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Global Drive Shaft Market Overview:


Drive Shaft Market Size was valued at USD 5,794.9 million in 2021. The drive shaft market industry is projected to grow from USD 6,165.77 million in 2022 to USD 9,518.73 million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.40% during the forecast period (2022 - 2030). Increasing vehicle sales and increasing the automotive industry's development are the key market drivers enhancing market growth.
Drive Shaft Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Drive Shaft Market Trends




  • Increasing demand for electric vehicles to boost the market growth




Over the past three years, sales of electric vehicles have increased positively on a scale. For instance, in 2020, EV sales increased 39% year over year to 3.1 million units, while the overall passenger car market declined by 14%. EV sales are expected to increase by double digits in many European nations in 2020. In contrast to 26% in 2019, the European region accounted for roughly 43% of sales of electric cars in 2020. Approximately 3.24 million plug-in vehicles were sold globally, up from 2.26 million in 2019. Sales have increased significantly due to stricter regulations by various organizations and governments to reduce emissions and promote zero-emission vehicles.


China is the market leader for electric vehicles. In China, the number of electric vehicle sales is rapidly increasing. For instance, in 2020, almost 1.3 million new energy vehicles were sold, accounting for 41% of all EV sales globally, only behind Europe. Regarding EV share, China continues to be far ahead of the US. In the US, only 2.4% of sales in 2020 were electric vehicles.


Furthermore, vehicle manufacturers are working tirelessly to create the most effective electric vehicles as the market for them expands. Additionally, driveshaft manufacturers are updating their product lines to offer the best products to OEMs to increase market share. For instance, in February 2021, the manufacturer of fully electric commercial vehicles, Volta Trucks, officially announced that Meritor had been chosen as the key supplier of drivetrain components for Volta Zero. This significant purchasing milestone will support the delivery of Volta Zero vehicles for customer trials in 2021, and the start of series production around a year later has enhanced the drive shaft market CAGR across the globe in recent years.


However, due to the presence of significant developing nations in the region, such as China and India, where demand for both passenger and commercial vehicles is rising annually, the region's automobile market is expanding quickly. For instance, in January 2021, China's vehicle sales and manufacturing rose by 34.6%. Following the country's recovery from COVID-19's effects, sales have increased since 2020. According to supply and demand statistics, China is the largest automobile market, another factor driving the growth of the drive shaft industry revenue.


Drive Shaft Market Segment Insights:


Drive Shaft Vehicle Type Insights


The drive shaft market segmentation, based on vehicle type, includes passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment held the majority share 2021 of the drive shaft market revenue. The passenger car sector is driven by automation and connectivity due to rising manufacturing in the Asia-Pacific region. Low-cost labor and abundant raw materials will boost the passenger vehicle industry globally. Over the anticipated timeframe, the growth of the heavy-duty truck industry will be fueled by rising and local trading activity.


Drive Shaft Design Insights


The drive shaft market segmentation, based on design, includes the front drive shaft and rear drive shaft. The rear drive shaft segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. The main factor influencing the market's growth is considered to be the fact that most commercial vehicles have rear drive shafts. An automobile's transmission transmits power or rotary motion to the rear axle through the drive shaft. Hence, the rising demand for rear drive shafts positively impacts market growth.


Figure 2: Drive Shaft Market by Design, 2021 & 2030 (USD Million)
Drive Shaft Market by Design, 2021 & 2030

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Drive Shaft Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Drive Shaft industry accounted for USD 2,543.96 million in 2021 and is expected to exhibit the fastest CAGR growth during the study period. Emerging Asian-Pacific economies contribute to a share of vehicle sales, which is anticipated to continue over the forecast period. Furthermore, significant GDP growth and rising per capita income are the main drivers of the automotive industry's expansion. They are anticipated to positively impact drive shaft demand in this region during the projected period.


Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: DRIVE SHAFT MARKET SHARE BY REGION 2021 (%)
DRIVE SHAFT MARKET SHARE BY REGION 2021


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe drive shaft market accounts for the second-largest market share due to its favorable government policies, the presence of leading OEMs, and its developed automobile infrastructure. Further, the Germany drive shaft market held the largest market share, and the UK drive shaft market was the fastest-growing market in the European region.


The North America drive shaft market accounts for a significant market share. The rising demand for electric and light commercial vehicles is majorly attributed to the drive shaft market's rapid expansion in the North American region. The market is expanding due to the rising vehicle production and the consequent increase in drive shafts use in these vehicles. Moreover, the US drive shaft market held the largest market share, and the Canada drive shaft market was the fastest-growing market in the North America region.


Drive Shaft Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the drive shaft market grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the drive shaft industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


One of the primary business strategies manufacturers adopt in the drive shaft industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The drive shaft industry has provided vehicles with some of the most significant benefits in recent years. The drive shaft industry major players such as GKN PLC (UK), Advanced Composite Products & Technology Inc., ACPT Inc. (US), American Axle & Manufacturing Holdings Inc. (US), and others are working on expanding the market demand by investing in research and development activities.


GKN PLC (UK) is a British multinational company with its main office in Redditch, England, that manufactures automotive and aerospace components. It has a well-established company named Guest, Keen, and Nettlefolds. The initials of three early members of the company's history, John Guest, Arthur Keen, and Joseph Henry Nettlefold, are used as the name. All three were significant iron and steel industry figures during the Industrial Revolution. Although steel production remained the main focus of GKN for the bulk of the 20th century, it diversified into the production of tools and components. Government policies during the second half of the 20th century, when Britain's steel industry was the target of numerous nationalization and privatization attempts, significantly impacted it. In January 2020, GKN PLC and Delta Electronics Inc. announced their collaboration to create cutting-edge eDrive technology.


Also, American Axle & Manufacturing Holdings Inc. (US) is a manufacturer of driveline and drivetrain systems and components for automobiles, with its corporate headquarters in Detroit, Michigan. AAM has expanded to serve numerous OEM manufacturers in passenger, light truck, and commercial vehicle segments. Some of its key products are axles, drive shafts, front axles, universal joints, sealing products, and thermal management items. In February 2021, Ram's heavy-duty pick-up truck axle and driveshaft program was secured by American Axle & Manufacturing (AAM) Holdings Inc. through 2030.


Key Companies in the drive shaft market include



  • GKN PLC (UK)

  • Advanced Composite Products & Technology Inc.

  • ACPT Inc. (US)

  • American Axle & Manufacturing Holdings Inc. (US)

  • Neapco Holdings LLC (US)

  • Dana Holding Corporation (US)

  • Yamada Manufacturing Co. Ltd. (Japan)

  • Trelleborg AB (Sweden)

  • NTN Corporation (Japan)

  • Ifa Rotorion - Holding GmbH (Germany)

  • The Timken Company (US), among others


Drive Shaft Industry Developments


February 2021: Ram's heavy-duty pick-up truck axle and driveshaft program has been secured by American Axle Manufacturing (AAM) through 2030.


August 2021: Wanxiang Qianchao announced the beginning of production of high-speed ball cage driveshafts for a van model manufactured by the Russian company GAZ International LL through its subsidiary Wanxiang Qianchao Transmission Shaft Co. (GAZ).


February 2022: Drive shafts have been added as a new product vertical, according to Endurance Technologies. The driveshaft is a high-tech, proprietary product used in the automotive industry. Three-wheelers and four-wheelers, including some light commercial vehicles, are eligible for the application. For EVs as well, the driveshaft is a necessary component.


Drive Shaft Market Segmentation:


Drive Shaft Vehicle Type Outlook



  • Passenger Cars

  • Light Commercial Vehicle

  • Heavy Commercial Vehicle


Drive Shaft Design Outlook



  • Front Drive Shaft

  • Rear Drive Shaft


Drive Shaft Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 5,794.9 million
Market Size 2022 USD 6,165.77 million
Market Size 2030 USD 9,518.73 million
Compound Annual Growth Rate (CAGR) 6.40% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Vehicle Type, Design, and Region
Geographies Covered North America, Europe, Asia-Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled GKN PLC (UK), Advanced Composite Products & Technology Inc., ACPT Inc. (US), American Axle & Manufacturing Holdings Inc. (US), Neapco Holdings LLC (US), Dana Holding Corporation (US), Yamada Manufacturing Co. Ltd. (Japan), Trelleborg AB (Sweden), NTN Corporation (Japan), Ifa Rotorion - Holding GmbH (Germany), and The Timken Company (US)
Key Market Opportunities Increasing demand for lightweight drive shafts to meet the demand for fuel-efficient vehicles with the stringent norms
Key Market Dynamics Increasing vehicle sales Increase in the development of the automotive industry




Frequently Asked Questions (FAQ) :

The drive shaft market size was valued at USD 5,794.9 Million in 2021.

The market is projected to register a CAGR of 6.40% during the forecast period 2022-2030.

Asia-Pacific had the largest share of the market.

The key players in the market are GKN PLC (UK), Advanced Composite Products & Technology Inc., ACPT Inc. (US), American Axle & Manufacturing Holdings Inc. (US), Neapco Holdings LLC (US), Dana Holding Corporation (US), Yamada Manufacturing Co. Ltd. (Japan), Trelleborg AB (Sweden), NTN Corporation (Japan), Ifa Rotorion - Holding GmbH (Germany), and The Timken Company (US).

The passenger cars category dominated the drive shaft industry in 2021.

The rear drive shaft had the largest share in the drive shaft market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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