Global Automotive Drive Shafts Market is estimated to reach $9 billio Global Automotive Drive Shafts Market

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Global Automotive Drive Shafts Market growth till 2024: Variant
Market Research
Global Automotive Drive Shafts Market is estimated to reach $9 billion by 2024; growing at a CAGR of
6.1% from 2016 to 2024. Automotive drive shafts are mechanical component prepared from aluminium,
steel, and carbon fibre. It reduces the overall weight of the vehicle with more speed and low fuel
consumption, by transmitting power from the engine to the wheels. Rising trend of four wheeler vehicles
with increased desire for efficient and comfortable drive pose a huge demand for automotive drive shafts
market.
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Growth in automobile sector, rising concern about fuel efficiency, and stringent carbon emission
regulations, are the major factors driving the global automotive drive shafts market. Moreover, desire for
enhanced and comfortable driving has also supplemented the growth of the global automotive drive
shafts market. However, a high deviation of the material prices used in manufacturing of light weight drive
shaft is expected to restrain the market growth in coming years. Rising consumer awareness towards light
weight drive shafts to increase fuel efficiency would provide several growth opportunities for the market
in coming years.
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