Technavio analysts forecast the global automotive driveshaft marketto grow at a CAGR of almost 5% during the forecast period, according to their latest report.
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Technavio has published a new report on the global automotive driveshaft market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global automotive driveshaftmarketfor 2017-2021. To calculate the market size, the report considers the global sales volume of commercial vehicles and passenger cars.
The global automotive driveshaft market has a linear relationship with the total sales of passenger cars and commercial vehicles (including LCVs and MHCVs). The global automotive driveshaft market is a derived market, and so its growth or decline depends on the number of vehicles sold. The OEM segment contributes to the overall market for automotive driveshafts.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive driveshaft market:
Increase in sales of passenger cars
The sales of passenger cars are highly correlated with the market growth of driveshafts as all passenger cars are equipped with driveshafts. Driveshafts in the passenger cars segment contribute to the majority of the global automotive driveshaft market. The global car sales increased by around 3% in 2015 with SUVs and crossovers accounting for the majority of the sales in the Chinese and the European passenger cars market.
Praveen Kumar, a lead powertrain research analyst at Technavio, says, "Increasing preference for fuel efficiency and the comfort of traveling in three-row seats in crossovers and SUVs are the main drivers for the SUV and crossover markets in the US. Though both SUVs and crossovers look similar, they are distinct in fuel efficiency and usability
Growing preference for M&HCVs for transporting freight
Escalating sales of M&HCVs directly boost the market for driveshaft as every heavy, medium, and light-duty vehicle is equipped with two to four driveshafts as per the application of the vehicle. HCVs are equipped with a minimum of four driveshafts as they require the most amount of torque for hauling large amounts of weight.
"In emerging countries, such as China and India, there is a growing preference for transporting freight through road. The subsequent increase in the use of heavy, medium, and light-duty vehicles are likely to experience less share of rail being used for rail transport," adds Praveen.
Rising competition among super sports car manufacturers driving high-performance driveshaft systems
The global sports car market has evolved over the years with improving automotive technologies, growing economies, and developing infrastructure across the world. The global automotive industry has revolutionized the global economy to the extent that it is one of the primary parameters defining the GDP of a nation, as owing a vehicle comes second in the list of essentials.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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