ALBANY, New York, January 17, 2017 /PRNewswire/ --

According to the research report by Transparency Market Research, the global automotive drive shafts market was valued at US$5.3 bn in 2015 and is likely to be worth US$8.9 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.1% avionics systems market is expected to reach US$25.34 bn.

Heavy Commercial Vehicles to be Prime Consumers of Automotive Drive Shafts 

On the basis of vehicles, the market is divided into passenger cars, heavy commercial vehicles, and light commercial vehicles. Of these, the heavy commercial vehicles are expected to show steady growth rate in the coming years due to their demand in the transportation industry. The research report states, that the heavy commercial vehicles segment will rise at a CAGR of 6.2% between 2016 and 2024. The increasing demand for automotive shafts in production and serving of heavy-duty trucks is estimated to provide an impetus to the segment in the coming years.

Get Sample PDF for Professional Research Insights at http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=18383

Geographically, the market is segmented into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Asia Pacific is estimated to remain the leading regional market in the coming years as the demand for automobiles and their production picks up pace. The report estimates, that Asia Pacific automotive drive shafts market will rise at a CAGR of 6.5% between 2016 and 2024.

Repair and Replacement of Old Parts Augments Demand for Automotive Drive Shafts through After-sales Services 

The global automotive drive shafts market has been growing due to the unstoppable production of vehicles in emerging economies of Taiwan, India, China, and Singapore amongst others. As economies limp back to normalcy after the depression of 2008, the production and sales of automobiles and their parts have steadily risen to generate soaring revenues. In the coming years, the increasing investments in automobile manufacturing, especially in countries such as China, is likely to boost the automotive drive shafts market.

The demand for automotive drive shafts has also been increasing as they are the most critical parts of a vehicle. As they are known to working under continuous pressure and stress, they undergo severe damage, which demands their replacement or repair. Thus both of these factors are expected to propel the sale of automotive drive shafts in developing and developed countries.

Emerging Trend of Electric Vehicles to Impede Market Growth 

Despite the steady market drivers, the global automotive drive shafts market is facing a tough challenge. The emerging trend of electric cars against the backdrop of rising pollution concerns is expected to restrain the growth of the market. Electric cars operate on batteries, which can be charged. Thus, they completely eliminate the need for automotive drive shafts. Analysts state, "if this trend is to grow rapid as countries work on reducing carbon footprint it could negatively impact the global market".

Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/automotive-drive-shafts-market.htm

This review is based on Transparency Market Research's report titled, "Automotive Drive Shafts Market - Global Industry Analysis, Trend, Size, Share and Forecast 2016 - 2024."

The global automotive drive shafts market has been segmented as follows: 

Global Automotive Drive Shafts Market, By Vehicle Type 

• Passenger Cars
• Heavy Commercial Vehicles
• Light Commercial Vehicles

Global Automotive Drive Shafts Market, By Shaft Type 

• Hotchkiss Drive Shaft
• Flexible Drive Shaft
• Torque Tube Drive Shaft

Global Automotive Drive Shafts Market, by Position Type 

• Front Wheel Drive Shaft
• Rear Wheel Drive Shaft

Global Automotive Drive Shafts Market, By Geography 

• North America 
  • The U.S.
  • Canada
  • Mexico
• Europe 
  • U.K.
  • Germany
  • Italy
  • France
  • RoE (Rest of Europe)
• Asia Pacific 
  • India
  • Japan
  • China
  • RAPAC (Rest of Asia Pacific)
• Middle East and Africa (MEA) 
  • U.A.E
  • South Africa
  • RMEA (Rest of Middle East and Africa)
• Latin America (LATAM) 
  • Brazil
  • Argentina
  • Rest of Latin America (RLATAM)

Recent Research Reports by TMR: 

• Armored Vehicle Market: 

http://www.transparencymarketresearch.com/armored-vehicle-market.html                

• Commercial Aviation Crew Management System Market: 

http://www.transparencymarketresearch.com/commercial-aviation-crew-management-system-market.html    

About Us 

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR's syndicated reports strive to provide clients to serve their overall research requirement.

US Office Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com
Google+: https://plus.google.com/+Transparencymarketresearch

SOURCE Transparency Market Research