ALBANY, N.Y., Dec. 2, 2020 /PRNewsCentre/ — Advances in material sciences for fabricating lightweight and inexpensive materials used in making automotive drive shafts have witnessed impetus from the steady demand for energy-efficient vehicles. New materials such as aluminum and carbon fiber have been increasingly tested in recent years and continue to increase the appetite for stakeholders in the automotive drive shafts.
Regulatory mandates in various developed and also developing regions for making energy-efficient utility vehicles available to consumers expand the possibilities in market. Post Covid-19 pandemic, production of automotive vehicles has gained pace, creating new market avenues.
The global automotive drive shaft market is expected to rise at tepid CAGR of ~2% during 2019 – 2027, with expected recovery of production of automotive vehicles in Q4 of 2020 strengthening market prospects. Despite the tepid growth, the final valuation of the market is expected to reach worth of ~US$ 21 Bn by 2027-end.
Advances in production technology and research in manufacturing technology are expected to boost the durability and noise dampening properties of automotive drive shafts, assert TMR analysts.
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Key Findings on Automotive Drive Shaft Market Report
Explore 413 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Automotive Drive Shaft Market (Drive Shaft Type: Single Piece and Multi-piece; Drive Type: Front Wheel Drive, Rear Wheel Drive, and Others; Drive System: Two Wheel Drive and Four Wheel Drive; Material: Aluminum, Steel, and Carbon Fiber; and Vehicle: Passenger Vehicle, Commercial Vehicle, and Electric Vehicle) – Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/automotive-drive-shafts-market.html
Automotive Drive Shaft Market: Key Driving Factors and Promising Avenues
Analyze global automotive drive shaft market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Automotive Drive Shaft Market: Regional Landscape
Geographically, automotive drive shaft market is seeing new avenues in Asia Pacific. The region accounted for a substantial share in 2019 and is expected to be a key market for automakers and manufacturers in automotive drive shaft market. Rising presence of globally prominent automakers along with the growing appetite of premium and luxury vehicles are opening new avenues in the regional market. Rise in consumer demand for four-wheel drive vehicles has spurred revenue generation in the Asia Pacific market.
North America and Europe have already been remunerative markets, mainly on the back of strides made in vehicles and high-end automotive.
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Global Automotive Drive Shaft Market: Segmentation
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