Automotive Interconnecting Shaft Market research to Register a Robust Growth Rate During the Forecast Period 2019 – 2029
VALLEY COTTAGE, N.Y. – Automotive Interconnecting Shaft Market: Introduction
Automotive interconnecting shaft is a mechanical unit utilized for connecting the other drive shaft component for effective rotation and transmission of the torque. Automotive interconnecting shaft 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 automotive interconnecting shaft market is directly influenced by the global automotive production and fleet scenario. The sales of automotive interconnecting shaft is driving through OEM as well as aftermarket sales channels. However, the aftermarket sales share is minimum than the OEM due to the good lifespan of the automotive interconnecting shaft. Generally, the automotive interconnecting shaft are manufactured in-house rather than procuring it from SME manufacturers.
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Automotive Interconnecting Shaft Market: Drivers, Restraints and Opportunities
Propeller shaft is a vital component of the drive line which transfers the torque from gearbox to the wheels. Automotive 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 automotive interconnecting shaft sales positively in the coming decade.
Worldwide automotive fleet on the road is expected to create aftermarket sales opportunities for the automotive interconnecting shaft. The increasing demand for regular maintenance activities and breakdowns is anticipated to propel the demand for automotive interconnecting shaft in the upcoming 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 automotive interconnecting shaft market.
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Increasing concern towards vehicle emission is expected to gain traction 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 penetration of the Electric vehicle is estimated to hamper the demand for Automotive Interconnecting Shaft.
Automotive Interconnecting Shaft Market: Regional Outlook
South Asia region especially India is pegged to contribute towards majority of the demand for Automotive Interconnecting Shaft market. 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 automotive interconnecting shaft. On the other hand, the mature markets i.e. North America and Europe have well established automotive production facilities, which is estimated to hold notable market share collectively globally. East Asia, followed by South Asia and Europe are anticipated to lead the growth of Automotive Interconnecting Shaft Market in the forthcoming years. Latin America and Middle East & Africa has relatively deficient automotive production which is estimated to witness the stagnant growth in the global market.
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Automotive Interconnecting Shaft Market: Key Participants
Some of the key participants identified in the global automotive interconnecting shaft market are:
- GKN Automotive Limited
- BumWoo Precision Co., LTD
- Eco Shaft (M) SDN BHD
- NTN Bearing Corporation
- Manufacturing Technology, Inc.
- Hyundai WIA Corp.
- Changzhou Yirui Machining Co., Ltd
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