Global Cardan Shaft Market Growth Is Projected To Increase Owing To Increasing Demand From Automotive Manufacturers

A cardan shaft is a mechanical element and its function is to transfer torque and rotation to another connected component in the machine. Demand for cardan shaft is increasing from various mechanical purpose due to its advantages such as easy in installation, length compensation, highly efficient, and efficient spline. Continuous R&D activities are carried out for the development of a product that facilitates less maintenance and assembly operations, improved service life, and compact design.

The factors that expected to increase demand for cardan shaft are ring automotive manufacturers focus to increase fuel efficiency and approach towards the development of lightweight driveshaft without compromising the performance and rigidness. In addition, rising automotive sale across the globe and increasing adoption from OEMs in order to increase vehicle comfort and performance are other factors expected to increase demand for cardan shaft.

Moreover, factors that are expected to positively impact market growth is rapid industrialization in developed and developing economies, coupled with increasing demand for cardan shaft with compact design and increased torque capacity in comparison from rolling mill plants and heavy machinery construction plants. In addition, increasing demand for cardan shaft from steel manufacturers is expected to is another factor expected to support the market growth. However, the factor expected to hinder the market growth is fluctuating raw material prices.

Technological advancements by major players and development of a product with high-quality performance, reliability, and flexibility, coupled with innovative product offerings are expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period. In addition, increasing expansion activities by major players through strategic partnership and agreements is expected to further support market growth to a certain extent.

Cardan shaft is of various types such as small series, medium series, and heavy-duty series. The wide applicability of these products is seen in various industry such as the automotive, manufacturing, and machinery & equipment application.

Asia Pacific accounts for largest revenue share in the global cardan shaft market currently, owing to the increasing number of vehicle production, stringent carbon emission regulations, approach towards increasing fuel efficiency, and presence of major manufacturers operating in emerging economies in this region. In addition, growing merger and acquisition activities between regional and international players is expected to further support market growth to a certain extent in this region.

Moreover, developing foreign direct investment regulations, easy availability of raw material and low-cost labor is attracting manufacturers across the globe to shift their production units in developing countries which in turn is expected to support market growth.

The market in North America and Europe are expected to contribute significant revenue share in the global market. This can be attributed to rapid industrialization, increasing demand from the paper industry, and the presence of major players operating in the countries in this region.