LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the release of their ‘Automotive Drive Shafts Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the components and spares industry. This report breaks down the data and analysis behind the procurement of automotive drive shafts and acts as an all-inclusive guide for making smart purchasing decisions.
“The rise in electrification projects across the globe has increased the demand for automotive drive shafts from the power and energy sector,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “Also, there is a strong demand for suppliers that provide a one-stop-solution for all types of cables as it helps in the standardization of cables in industrial facilities,” added Bhuvaneshwari.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the global automotive drive shafts market:
- Advent of IT companies in the automotive industry
- Increased focus on reducing vehicles' weight
- Use of composite materials for drive shaft construction
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Advent of IT companies in the automotive industry
In the recent years, the automotive drive shafts market is witnessing an influx of IT companies. IT companies, at large, provide solutions for data management and automation, which help in streamlining the supply chain process.
Increased focus on reducing vehicles' weight
The automotive industry is focusing on reducing the weight of the vehicles to improve fuel efficiency and reduce the impact of emissions from automobiles. Lightweight vehicles require less power for mobility, thereby consuming lesser fuel.
Use of composite material for drive shaft construction
The category is witnessing the use of composite materials to manufacture drive shafts. The composite material enhances the strength while enabling suppliers to reduce the weight of the drive shaft.
View our report snapshot to gain detailed insights into the current market trends.
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