Side Shaft Market: Current Analysis and Forecast (2022-2030)
Emphasis on Type (Solid and Hollow) and By Position (Rear Axle and Front Axle) and Vehicle Type (Passenger Vehicles, and Commercial Vehicles) and Region/Country
Side Shaft Market was valued at USD 7 billion in 2021 & is expected to grow at a CAGR of 5.0% from 2022-2030. Moreover, Economic growth in many countries is driving the demand for personal transportation, which is driving the demand for vehicles, and in turn the demand for side shafts. The global demand for automobiles has been growing steadily over the past few years, and this trend is expected to continue in the future. This growing demand is driving the production and sales of vehicles, which in turn is driving the demand for side shafts. For instance, In March 2021, Nexteer Automotive, a leading company in intuitive motion control, made an announcement that it is expanding its Driveline portfolio with new Halfshaft technologies that are specifically designed to meet the requirements of electric vehicles (EVs).
Some of the major players operating in the market include 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, and NTN Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies
Insights Presented in the Report
“Amongst type, the hollow segment witnessed significant growth in 2021.”
Based on type, the market is segmented as hollow and solid. Amongst these, the hollow segment witnessed significant growth in the market in 2021. This is because the hollow segment of the side shaft market is growing due to the increasing demand for lightweight and efficient drivetrains in vehicles. The use of hollow side shafts helps to reduce the weight of the drivetrain, which improves the fuel efficiency and performance of the vehicle. Furthermore, the hollow segment of the side shaft market is growing due to the increasing use of advanced materials, such as carbon fiber and aluminium, in the manufacturing of vehicles. These materials are lightweight and strong, which makes them ideal for use in the manufacturing of hollow side shafts.
“Amongst vehicle type, the commercial vehicles witnessed significant growth in 2021.”
By vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. Among these, the commercial vehicle segment witnessed significant growth in the side shaft market in 2021. The major share of commercial vehicles can be attributed to commercial vehicles, such as trucks and buses, which are used for the transportation of goods and people over long distances. These vehicles are subjected to heavy loads and high torque demands, which require strong and durable drivetrains. The use of side shafts in commercial vehicles helps to improve the strength and efficiency of the drivetrain, which is why this segment has a significant share of the market.
“Asia-Pacific is expected to grow at the highest CAGR during the forecasted period.”
The Asia-Pacific region is home to several emerging economies, such as China, India, and Indonesia, which have been experiencing rapid economic growth in recent years. This has led to an increase in disposable income, which has led to an increase in demand for consumer goods, including automobiles and their components. Additionally, the region is experiencing significant technological advancements, such as the development of autonomous driving technology. This has created opportunities for the commercial vehicle industry to innovate and develop new products and services that meet the changing needs of customers.
Side Shaft Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global side shaft market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Side Shaft Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global side shaft market were the three major steps undertaken to create and analyze the adoption of side shaft in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global side shaft market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the side shaft market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the side shaft market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, vehicle type, and position. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the side shaft market. Further, we conducted factor analysis using dependent and independent variables such as type, vehicle type, and position of the side shaft market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the side shaft market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global side shaft market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the side shaft market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global side shaft market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global side shaft market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global side shaft market.
The main Objective;93 of the Global Side Shaft Market Study
The current & future market trends of the global side shaft market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the side shaft market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the type, vehicle type, and position.
- Define and analysis of the regulatory framework for the side shaft
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the side shaft market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the side shaft market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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