The Increasing Demand For Vehicles has Propelled the Growth of the Side Shaft Market in the APAC Region!
- Himanshu Patni
- December 30, 2023
- AUTOMOTIVE, NEWS
- Bahrain Side Shaft Market, Kuwait Side Shaft Market, Middle East Side Shaft Market, Oman Side Shaft Market, Qatar Side Shaft Market, Saudi Arabia Side Shaft Market, Side Shaft Market, Side Shaft Market Growth, Side Shaft Market Share, Side Shaft Market Trends, UAE Side Shaft Market
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The automotive industry in the Asia Pacific (APAC) region is growing rapidly, with countries like China, India, and Japan being major players. The increasing demand for vehicles, driven by factors such as rising incomes, urbanization, and government initiatives, has led to a corresponding increase in the production of passenger vehicles. This growth in production has also led to an increase in the demand for side shafts, which are an essential component of vehicles’ drivetrains.
In addition to the growing automotive industry, there is also a high demand for luxury and premium vehicles in the APAC region. These vehicles often come equipped with advanced drivetrains, including side shafts, which require more complex and expensive components. As a result, the demand for side shafts in the APAC region is driven by the increasing production of luxury and premium vehicles.
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The APAC region is also experiencing a growing trend towards electric and hybrid vehicles, which require different drivetrains and components compared to traditional internal combustion engine vehicles. Side shafts are an essential component of these drivetrains and are in high demand as a result. This demand is further driven by government initiatives and regulations aimed at promoting the adoption of electric and hybrid vehicles.
In conclusion, the increased production of passenger vehicles in the APAC region is driving the demand for side shafts, due to factors such as the growing automotive industry, high demand for luxury and premium vehicles, increasing demand for electric and hybrid vehicles, and growing aftermarket demand.
FIG. 1 APAC Side Shaft Market Revenue (2020-2030)- USD Mn
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Based on type, the market is segmented as hollow and solid. Amongst these, the solid segment dominated the market in 2021. This is because solid side shafts are known for their high durability and strength, which makes them a preferred choice for many vehicle manufacturers. They can withstand the stresses and strains of heavy-duty use and are less prone to wear and tear than other types of side shafts. Additionally, Solid side shafts are also generally less expensive than other types of side shafts, such as hollow shafts.
By vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. Among these, passenger vehicles captured the majority share of the side shaft market in 2021. The major share of the passenger vehicles segment can be attributed to the high demand for passenger vehicles around the world, and this demand is driving the growth of the side shaft market. As more people purchase passenger vehicles, there is a growing need for side shafts to power the rear wheels of the vehicle.
Global Side Shaft Market Segmentation
Market Insight, by Position
· Hollow
· Solid
Market Insights, by Type
· Rear Axle
· Front Axle
Market Insights, by Vehicle Type
· Passenger Vehicles
· Commercial Vehicles
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o Italy
o France
o Rest of Europe
· APAC
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· GKN Automotive Limited
· JTEKT Corporation
· Dana Limited.
· HYUNDAI WIA CORP.
· Nexteer Automotive Group Ltd
· SHOWA CORPORATION
· Yamada Manufacturing Co., Ltd.
· American Axle & Manufacturing, Inc.
· Wanxiang Qianchao Co. Ltd
· NTN Corporation