HS Code:
Drive shafts, classified under HS Code 848310, are critical mechanical components used to transmit torque and rotation in vehicles and industrial machinery. Typically made of steel or aluminum, drive shafts connect various components of a drivetrain, such as the engine and wheels, enabling motion. This category includes transmission shafts, camshafts, and crankshafts, which are essential in automotive, aerospace, and manufacturing sectors. Global trade in drive shafts is driven by the demand for automobiles, heavy machinery, and industrial equipment, with significant production and consumption in regions with strong manufacturing bases.
Total Trade Volume
USD 15.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for electric vehicles (EVs)
Increased need for specialized drive shafts designed for EV powertrains, shifting focus from traditional internal combustion engine components.
2021-2023
Automation in manufacturing
Adoption of advanced manufacturing technologies like 3D printing and robotics has reduced production costs and improved precision, boosting trade volumes.
2020-2022
Supply chain diversification
Post-COVID-19, companies are diversifying supply chains to reduce dependency on single regions, leading to increased trade from emerging markets.
2021-2023
The United States imposed additional tariffs on Chinese drive shaft imports as part of ongoing trade disputes, prompting manufacturers to explore alternative sourcing options.
March 2023
Increased costs for US importers and potential shift of supply chains to countries like Vietnam and Mexico.
New EU regulations under the Green Deal mandate stricter emission standards, pushing manufacturers to develop lightweight and energy-efficient drive shafts.
January 2023
Higher R&D costs but long-term growth in demand for innovative, sustainable products.
A new bilateral agreement reduced tariffs on automotive components, including drive shafts, between Japan and South Korea, facilitating smoother trade.
July 2022
Increased trade volume between the two nations, benefiting major exporters like Japan’s NTN Corporation.