Drive Shaft Market
Drive Shaft Market
The market for Drive Shaft was estimated at $19.09 billion in 2024; it is anticipated to increase to $29.1 billion by 2030, with projections indicating growth to around $41.4 billion by 2035.
Global Drive Shaft Market Outlook
Revenue, 2024 (US$B)
$19.1B
Forecast, 2034 (US$B)
$38.6B
CAGR, 2024 - 2034
7.3%
Market Key Insights
- The Drive Shaft market is projected to grow from $19.1 billion in 2024 to $38.6 billion in 2034. This represents a CAGR of 7.3%, reflecting rising demand across Automotive Industry, Marine Propulsion and Heavy Machinery and Industrial Equipment.
- The market leaders of this sector include American Axle & Manufacturing Inc. and Dana Incorporated and Hyundai Wia which determine the competitive dynamics of this market.
- U.S. and Germany are the top markets within the Drive Shaft market and are expected to observe the growth CAGR of 4.7% to 7.0% between 2024 and 2030.
- Emerging markets including India, Brazil and South Africa are expected to observe highest growth with CAGR ranging between 8.4% to 10.1%.
- The Drive Shaft market will receive a $2.9 billion boost from Transition like Transition to Composite Materials during the 2030 period.
- The Drive Shaft market is set to add $19.5 billion between 2024 and 2034, with manufacturer targeting Steel & Carbon fiber Material projected to gain a larger market share.
- With Rising automotive industry, and Advancements in drive shaft technology, Drive Shaft market to expand 102% between 2024 and 2034.
Opportunities in the Drive Shaft
The market for vehicles holds great potential for drive shaft manufacturers that remains largely untapped at this point in time. Growth opportunities abound by venturing into duty truck and bus sectors. Especially in emerging nations facing challenges, with their public transportation infrastructure. This strategic move addresses a need and has the potential to significantly elevate sales of drive shafts.
Growth Opportunities in North America and Europe
North America Outlook
Europe Outlook
Market Dynamics and Supply Chain
Driver: Rising Automotive Industry, and Industrial Expansion and Infrastructure Development
Restraint: High Manufacturing & Maintenance Costs
Opportunity: Strategic alliances for Technological Advancements and Leveraging Lightweight Material Innovation
Challenge: Technological Complexity
Supply Chain Landscape
Raw Material Sourcing
ArcelorMittal
Thyssenkrupp AG
Production
Dana Incorporated
Nexteer Automotive
Wholesale & Distribution
GKN Driveline
American Axle & Manufacturing
End User
Automotive
Marine
Industrial Machinery
Raw Material Sourcing
ArcelorMittal
Thyssenkrupp AG
Production
Dana Incorporated
Nexteer Automotive
Wholesale & Distribution
GKN Driveline
American Axle & Manufacturing
End User
Automotive
Marine
Industrial Machinery