According to latest research by Future Market Insights, automotive counter shaft market is set to witness steady growth during 2021-2031. Demand for counter shaft will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand for automotive components, thereby augmenting the need of automotive counter shaft over the forecast period.
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What is Driving Demand for Automotive Counter Shaft?
When the engine is working and the clutch is engaged, the counter shaft is used to rotate the gears. When the driver selects a gear, they drive a gear on the main shaft. The increasing automotive production and sales is the main driving factor behind the growth of automotive counter shafts.
As market entrants move to assert their share of the emerging automotive market place, it is anticipated that innovation will be crucial in driving the automotive industry in the coming years. As a result, material technology advancement that provides rigidity and requires less maintenance will help the organisation maintain its role in the value chain.
Electrification, Connectivity, and Technology will be the leading factor to drive sale of Automotive Counter Shaft Market.
The COVID-19-induced slowdown has had an effect on automotive sales all over the world. This has had a knock-on impact on sales of vehicle components and parts. Counter shaft is used extensively in automotive industry. Although lockdown and shelter-at-home guidelines have meant restricted automobile production activities, however sales are likely to improve over the course of the assessment period.
Demand of smooth and emission free transmission system is the primary concern in the automotive industry. For instance, the transition from emission to emission free individual mobility is hardly possible without the electrification of powertrain, and these emission free environment initiative will replace the old vehicle parc, which in turn, is expected to drive the demand for new automotive components, such as automotive counter shaft. Further, the breakneck process in the automotive industry, such as integration of artificial intelligence, machine learning and interconnected network, has made possible things that seemed illusory, for instance, development autonomous vehicle with no human presence on board. This has completely changed the definition of mobility in the automotive counter shaft market place. Therefore, over the stipulated period, sales of autonomous vehicles is estimated to expand. This is anticipated to create significant opportunities for the automotive counter shaft market over the forecast period.
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Asia Pacific Automotive Counter Shaft Market Outlook
Asia Pacific is estimated to be one of the prominent region. China, Japan, India, and South Korea is set to account for substantial share in global market during the assessment period 2021-2031.
The demand for passenger vehicle and commercial vehicle is directly related to the growth of the automotive counter shaft industry. The sale of counter shaft will be driven by the fact that China and Japan have large production capacity and fleet size within their countries.
The counter shaft manufacturing companies in Asia Pacific trying to target North America and APAC region to capture the market of counter shaft in near future to increase their market presence.
Europe Automotive Counter Shaft Market Outlook
Demand for counter shaft in Europe have been expanding significantly over the recent years and this trend is projected to persist over the coming years. These attributable to strategic development by market player for improving market presence in the region. Furthermore, emerging countries such as Germany, France, and Italy have been healthy markets because of the automobile production is increasing. These factors are expected to create positive prospects for the market growth in the region.
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Who are the Key Manufacturers and Suppliers of Automotive Counter Shaft?
Some of the leading manufacturers and supplier of automotive counter shaft includes
- Hirschvogel Automotive Group
- Bharat Forge
- JRB ENGINEERING WORKS
- Modern Automotives
- ITO NC Kogyo
- Kalyani Group
- Riken Forge
- Seiwa Forging
- Others
Many leading manufacturers and supplier have longstanding contracts with end-users to supply automotive counter shaft. Further, manufacturers are focused on establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, Thailand, and Taiwan to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.