The global automotive interconnecting shaft market was estimated at US$ 22.39 Billion in 2021 and is likely to accumulate a value of US$ 23.11 Billion in 2022. The industry is likely to procure US$ 34.2 Billion by 2032, and record a CAGR of 4% during the forecast period from 2022 to 2032.
| Report Attribute | Details |
| Estimated Base Year Value (2021) | US$ 22.39 Billion |
| Expected Market Value (2022) | US$ 23.11 Billion |
| Anticipated Forecast Value (2032) | US$ 34.2 Billion |
| Projected Growth Rate (2022-2032) | 4% CAGR |
The automotive interconnecting shaft market players are continuously working to improve the automobile components for a better driving experience. The demand for the automotive interconnecting shaft is influenced by the increasing production and sales of the vehicle. The growing customer demand for increased comfort in vehicles can spike the market graph in the coming time. Also, the rapid adoption of All Wheel Drive (AWD), majorly in North America and Europe has further enhanced the demand for interconnecting shafts.
Players of the market are carrying out extensive R&D to innovate their products and gain a competitive edge against their competitors. With these initiatives, the industry is likely to bolster notably in the forecast period. For instance, in February 2022, Endurance Technologies announced that it had added a new product vertical: the drive shaft. In another news, in August 2021, Wanxiang Qiancho, a China-based company principally involved in the manufacture and distribution of automobile parts, announced that its subsidiary, Wanxiang Qianchao Transmission Shaft Co., Ltd had begun with the production of high-speed ball cage driveshafts for a van model manufactured by the Russian Company GAZ International LL (GAZ).
The increasing demand for automobiles across the globe is projected to be the most significant factor driving the market during the forecast period. The growing investment of players to develop advanced material with high strength is likely to drive the industry significantly. Also, the spurring production of lightweight vehicles can magnify the market reach.
In September 2020, Ashok Leyland announced the introduction of a new range of light commercial vehicles. In another news, in February 2021, Nissan revealed the latest upgrade to its light commercial vehicle lineup, the new NV300 Combi, which comprised improved safety and powertrain & engines to provide better performance. Undoubtedly, with such developments and technological advancements in the automotive industry, the market for the interconnecting shaft is likely to prosper during the forecast period.
The increasing carbon footprint has resulted in the imposition of stringent rules to curb CO2, thereby enhancing growing production for EVs. Emergence of EVs is a direct threat to interconnecting shafts. EVs eliminate the need for interconnecting shafts, which is projected to be one of the significant factors hampering the industry’s rise.
Government across the globe is encouraging the usage of EVs to reduce carbon emission, pushing the manufacturers to invest in EVs. This is definitely profitable for the EV market, however, a big hurdle for the automotive interconnecting shaft market. Governments are offering various schemes and incentives to manufacture the battery of EVs. For instance, the Indian government plans to reduce the Goods & Service Tax (GST) on e-vehicles from 12-15%. Besides, USD 2.101.5 tax exemption would also be given. In another instance, the South Korean government announced that it will provide US$ 900 Million tax exemptions for the development of EVs. Such exemptions are likely to hit the market negatively and benefit the EVs industry.
The market in North America is expected to garner about US$ 712 Million in 2021 and develop at a CAGR of 6.63% during the forecast period. The growth of the market in the region can be attributed to the growing production of commercial and passenger vehicles.
In North America, Mexico has established itself as the most renowned manufacturing hub since the automobile manufacturers from the US have set their production facilities, thereby, benefitting the global automotive interconnecting shaft market. The Mexican land is dominated by giant players like Toyota, FCA, Ford, Honda, Mazda, and VW Group. However, the United States is likely to capture the maximum market share of about 80%. The growth can be attributed to the multiplying vehicle sales volume in the region.
As per the analysis, Asia is expected to record a CAGR of 5.6% during the forecast period from 2022 to 2032. The region comprises the two most fast-developing countries, India and China, which together constitute about 35% of the total vehicle production. The growing disposable income and the increasing demand for premium vehicles are likely to aid in the regional market expansion.
The players of the region are focusing on expanding their reach through acquisitions and partnerships. In May 2020, Maruti Suzuki India Ltd announced the acquisition of Japan’s Sumitomo Corporation’s stake in their joint venture JJ Impex (Delhi) Pvt. Ltd. The Government in India is encouraging FDIs through various courses in the automotive sector which is expected to bring innovation to the automotive interconnecting shafts and benefit the industry during the forecast period.
The global automotive interconnecting shaft market is a highly competitive market. Some of the distinguished players of the market are GKN Automotive Limited, BumWoo Precision Co., LTD, Eco Shaft (M) SDN BHD, NTN Bearing Corporation, Manufacturing Technology, Inc., Hyundai WIA Corp., and Changzhou Yirui Machining Co., Ltd. Players are primarily focusing on mergers & acquisitions to expand their reach across the globe.
| Report Attribute | Details |
| Growth Rate | CAGR of 4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Customization | Available Upon Request |
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FMI estimates the global automotive interconnecting shaft market to record a CAGR of 4% during the forecast period.
North America is expected to lead the market while recording a CAGR of 6.63% during the forecast period.
GKN Automotive Limited, BumWoo Precision Co., LTD, Eco Shaft (M) SDN BHD, among others are some of the prominent players in the market.
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Automotive Interconnecting Shaft Market
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