Growing Consumer Interest in Hybrid and Electric Vehicles to Drive Innovations
The automotive industry, over the past decade, has witnessed growth as well as several plateauing phases due to a host of factors. While the sales of automobiles continue to fluctuate worldwide, the automotive sector is gradually adapting to the new regulatory landscape and industry requirements. In the wake of mounting environmental concerns, OEMs and other players involved in the automotive sector are increasingly investing resources toward the development of environment-friendly automotive concepts, production of lightweight components made from new materials, and product design to stand-out from other competitors in the current automotive half shaft market landscape.
In addition, as driver safety and driving experience quotient continues to influence the purchasing trends across the global automotive sector, market players are aligning their operations with evolving consumer preferences. The global automotive half shaft market is expected to witness steady growth in the upcoming decade, owing to technological advancements, research, entry of new lightweight materials, and increasing demand for automobiles in the developing regions. The gradual shift toward full-electric and hybrid automobiles is another factor that is expected to accelerate innovations in the global automotive half shaft market during the assessment period.
At the back of these factors, along with the growing emphasis on improving the fundamental characteristics of automotive half shafts, the global market is expected to surpass the market value of US$ 25 Bn by the end of 2030.
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Market Players Focus on Redefining Driveline Technologies
The tectonic shift toward full-electric and hybrid vehicles has brought about a considerable change in the global automotive half shaft market in recent years. Existing driveline technologies are primarily optimized for traditional powertrains. However, with the emergence of hybrid and electric vehicles, market players are expected to develop and optimize driveline technologies in line with the requirements of electric vehicles. Driveline innovations are projected to gain considerable momentum in the upcoming years, as the automotive industry gears up for a new era of electric and hybrid vehicles.
The electric vehicle segment was niche and less common in comparison with the mainstream vehicles a few years ago. However, in the current scenario, the sales of electric and hybrid vehicles continue to move in the upward trajectory, owing to stringent regulatory landscape and increasing support by governments across the world. The changes in the wheel suspension movement and articulation angles that have an impact on the performance of vehicles are likely to drive the global automotive half shaft market in the forthcoming decade. At present, market players operating in the current global automotive half shaft market are increasingly focusing on improving the software control of oscillations by rolling out stiffer automotive half shafts.
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Focus Likely to Remain on Design Factors and Material Selection
With steady research pertaining to driveline applications, manufacturers are primarily aiming to offer both, optimum performance and comfort to consumers. The design factors and material selection process are the two fundamental criteria that are likely to gain considerable attention in the near future. Market players are increasingly exploring the potential benefits of new materials in the manufacturing of half shafts to achieve these objectives. In recent years, carbon fiber (polymer matrix composite) has emerged as a popular choice of material in half shaft production, and the trend is anticipated to gain further momentum during the assessment period.
Some of the key factors that players operating in the global automotive half shaft market are increasingly focusing on include improvement in vehicle performance, reduction of fuel consumption, minimization of un-sprung mass, better vehicle handling, and decline in residual out of balance forces.
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Production to Move at Slow Pace amid COVID-19 Pandemic
Automotive is one of the worst hit sectors by COVID-19 pandemic in 2022. The closure of manufacturing units as a result of the stringent lockdown measures imposed by governments, especially in India and China, has majorly affected the production of automotive components, including half shafts. Moreover, restrictions on cross-border trade and transportation are some of the other factors that have played a pivotal role in disturbing the global supply chain of the automotive half shaft market. While the demand for automotive half shafts is expected to decline in 2022, the production is expected to move in the slow lane. As consumers are increasingly shying away from purchasing new vehicles due to the ongoing COVID-19 situation, the global automotive half shaft market is likely to grow at a sluggish pace