Automotive Interconnecting Shaft Market

Automotive Interconnecting Shaft Market Forecast and CAGR

According to latest research, the automotive interconnecting shaft market is projected to expand between 6.0% and 7.0% CAGR during the 2021-2028 assessment period. Automotive interconnecting shaft is a mechanical unit utilized for connecting the other drive shaft component for effective rotation and transmission of the torque.

It is a part of drive or propeller shaft that is used to connect other components of drive shaft with a specific distance for relative motion between them. The market is directly influenced by the global automotive production and fleet scenario. The sales of interconnecting shaft is driving through OEM as well as aftermarket sales channels.

What is Driving Demand for Automotive Interconnecting Shaft?

Major factors driving the market are the growing demand from the worldwide automotive fleet which is gaining prominence all over the world. Worldwide automotive fleet on the road is expected to create aftermarket sales opportunities for the market. The increasing demand for regular maintenance activities and breakdowns is anticipated to propel the demand for the shaft in the forecasted years.

Automotive owners are demanding fuel efficient performance of the vehicle with high reliability. For instance, the market players of the automotive interconnecting shaft can develop the product with advanced material with high strength and light weight of the product. This factor will drive the demand for the interconnecting shaft.

Increasing environment concern towards vehicle emission is expected to gain attraction for sales of electric Vehicles globally. The electric vehicle has advanced technology for the drive system, which excludes the need of propeller shaft in the vehicle. The Increasing use of the Electric vehicle is estimated to hamper the demand for the product.

Increasing demand from the automotive industries is one of the major factors driving the interconnecting shaft market. Propeller shaft is a vital component of the drive line which transfers the torque from gearbox to the wheels. This interconnecting shaft being an important component of the propeller shaft has been influenced by the growing automotive production.

Positive outlook of the automotive industry is expected to influence the products sales positively in the coming years.

Asia Pacific Automotive Interconnecting Shaft Sales Outlook

APAC is estimated to be the largest market for Automotive interconnecting shaft in forecasted period. The market for this region is segmented into China, India, Japan, Malaysia, Indonesia, and the Rest of APAC. According to the World Bank, APAC is the fastest-growing region in terms of both population and economy.

The region has witnessed significant growth in the past decade, accounting for over one-third of the world’s GDP. High economic growth, coupled with the increasing population, is expected to drive the region’s industrial sector. This is expected to increase the demand for the interconnecting shaft in automotive industries and its application.

South Asia region especially India is going to contribute towards majority of the demand for the interconnecting shaft. Owing to the increase in the automotive production and presence of one of the largest automotive fleet in the region will lead the market for the interconnecting shaft.

North America and Europe Demand Outlook for Automotive Interconnecting Shaft

North America and Europe have well established automotive production facilities, which is estimated to hold respectable market share globally. East Asia, followed by South Asia and Europe are anticipated to lead the growth of Automotive Interconnecting Shaft Market in the upcoming years.

Demand in this North America region is supposed to grow at a moderate pace due to the slowdown in production in end use industries. The capacity additions in the region of US and Canada are predicted to increase the market call over the outlook period.

Who are the Key Manufacturers and Suppliers of Automotive Interconnecting Shaft?

Some of the leading manufacturers and suppliers include

• GKN automotive
• Bum Woo Precision
• Eco shaft
• NTN Bearing
• Manufacturing Technology
• Hyundai wia
• Changzhou yirui machining.

Several key market participants are focusing on new & innovative product development to cater the growing demand from the end use sector.

Key players are investing an enormous amount in research and development to introduce new products and they are also investing to manufacture products in a sustainable way, to decrease the carbon emission.

Key players are also focusing on acquisitions of small and medium size players and collaborations with other market participants either for the R&D or to manufacture the product at a large scale.

Report Highlights:

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.