Automotive Half Shafts Market Report: with the development of new energy vehicles, the market size grows 3.6% year-on-year

According to YH Research's report on Automotive Half Shafts Market, this report provides Automotive Half Shafts Market scenario, definitions, classifications, applications and industry chain structure, also discusses development policies and plans as well as manufacturing processes and cost structures to analyse the Automotive Half Shafts Market development status and future market trends. The Automotive Half Shafts market is also analysed from the production and consumption perspectives, to identify the top producing regions, the top consuming regions, and the top manufacturers of Automotive Half Shafts market.

Data from the World Automotive Organisation (OICA) show that global automotive production and sales reached their peak in the last 10 years in 2017, at 97.3 million and 95.89 million units, respectively. 2018 saw the end of the global economic expansion period, and an overall decline in the global automotive market followed. By 2022, global automobiles stood at 81.6 million units. Currently, more than 90% of global automobiles are concentrated in three continents, Asia, Europe and North America, with Asia accounting for 56% of global automobile production, Europe for 20% and North America for 16%. Global automobile main production countries including China, the United States, Japan, South Korea, Germany, India and Mexico and other countries; of which China is the world's largest automobile largest automobile production country, accounting for about 32%.

As a key connecting part between the gearbox reducer and the driving wheel, the core function of automotive half shaft is to transmit torque. It is flexibly connected through the universal joints (U/JOINT) at both the inner and outer ends, where the inner universal joints use splines to closely bite with the gears of the gearbox, while the outer end is connected to the inner ring of the wheel bearing in the same way. When the vehicle is in motion, the half-shaft plays the role of a bridge, transmitting the power generated by the transmission to the drive wheels accurately and correctly, driving the wheels to rotate, and then propelling the car forward or backward, which is an indispensable and important part of the car's movement.

It is undertaken by half-shaft manufacturers, which not only need to have high-precision processing technology and strict quality control system, but also need to flexibly customise and develop various types of half-shafts, such as full-floating, 3/4-floating, and semi-floating, according to the market demand. The downstream market is mainly composed of automobile manufacturers and automobile maintenance market, which has strict requirements on the quality and performance of half shaft products, and is an important force to promote the development of the industry. Automobile manufacturers as the main application of half shafts, its scale and demand changes directly affect the supply and demand situation of the industry chain; while the automotive maintenance market is expanding with the increase in car ownership, providing a stable market demand for half shaft products. Looking ahead, the automotive half shaft industry chain will face multiple challenges and opportunities such as technological innovation and upgrading, environmental protection and sustainability, as well as digital transformation and intelligent production.

As an important part of the automotive transmission system, the development trend of the automotive half shaft industry is affected by various factors. With the continuous expansion of the global automotive market, especially the rapid development of the new energy vehicle market, the market size of the automotive half shaft industry will continue to grow.

Under the double promotion of globalisation and the "Belt and Road" initiative, Chinese half shaft manufacturers are ushering in unprecedented development opportunities. As an important part of the automotive transmission system, the performance and quality of half shafts are directly related to the stability and safety of the vehicle, therefore, with the continuous upgrading of the global automotive industry and the increasingly diversified needs of consumers, the demand for high-quality half shafts continues to grow.

Accelerated internationalisation
By participating in the "Belt and Road" initiative, China's half-shaft manufacturers have not only strengthened economic and trade cooperation with the countries along the route, but also realised the transformation from product export to production capacity cooperation by investing in factories and exporting technology. This not only helps to enhance the competitiveness of China's half shaft products in the international market, but also promotes the development of the local automotive industry chain, achieving mutual benefit and win-win situation. Meanwhile, with the help of the globalised supply chain network, Chinese half-shaft manufacturers are able to access raw materials, technology and market information more efficiently, further enhancing their comprehensive strength.

Steady growth in domestic market
In the domestic market, the demand for high-quality half-shafts continues to grow with the increasing number of vehicles and consumers' demand for vehicle performance. In particular, the rapid development of new energy vehicles has put forward higher requirements for lightweight, high-strength and wear-resistant half-shaft materials and technologies, providing new growth points for Chinese half-shaft manufacturers. In addition, the government's supportive policies for the automotive industry, such as subsidies for the purchase of new energy vehicles and vehicle trade-in, have further promoted the prosperity of the automotive market, which has indirectly contributed to the development of the half-shaft industry.

Technological Innovation Leads to the Future
In the face of fierce market competition and ever-changing market demand, China's half-shaft manufacturers continue to increase R&D investment and promote technological innovation and product upgrading. By adopting new materials, new processes and intelligent manufacturing technologies, they have improved the performance and quality of half-shaft products, reduced production costs and enhanced market competitiveness. At the same time, to strengthen cooperation with universities and research institutes, to carry out the deep integration of production, learning, research and use, and promote the overall improvement of the industry's technical level.

Industry Outlook
Looking ahead, China's automotive half shaft industry will continue to maintain a steady growth trend. On the one hand, with the gradual recovery of the global economy and the in-depth implementation of the "Belt and Road" initiative, the share of Chinese half-shaft products in the international market is expected to further expand; on the other hand, the continued prosperity of the domestic automobile market and the rapid development of new energy automobile industry, which will provide a broad space for the development of half-shaft industry. In addition, with the continuous application of intelligent manufacturing, green manufacturing and other advanced manufacturing technologies, China's automotive half shaft industry will usher in a broader development prospects.