According to the report by Expert Market Research (EMR), the global automotive constant velocity joint market size reached a value of USD 3.28 billion in 2023. Aided by the increasing demand for fuel-efficient vehicles, the rising adoption of electric and hybrid vehicles, and the expansion of the automotive sector in emerging economies, the market is projected to further grow at a CAGR of 5.60% between 2024 and 2032 to reach a value of USD 5.36 billion by 2032.
Constant velocity (CV) joints are critical components in vehicles, allowing the transmission of power from the engine to the wheels while accommodating the up-and-down motion of the suspension and the steering’s turning angles. They are essential for ensuring a smooth and efficient driving experience. As the automotive sector evolves with technological advancements and environmental considerations, the demand for high-quality and durable constant velocity joints is expected to surge.
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The push for fuel efficiency in the automotive sector is a significant automotive constant velocity joint market driver. Manufacturers are increasingly focusing on lightweight and efficient components to reduce vehicle weight and enhance fuel economy. Constant velocity joints, being a vital part of the drivetrain, are being designed to meet these requirements, thus propelling their demand in the market.
Furthermore, the rapid growth of electric and hybrid vehicles presents a lucrative opportunity for the automotive constant velocity joint market growth. These vehicles require specialised constant velocity joints that can handle the unique torque characteristics of electric motors, leading to the development of advanced constant velocity joint designs tailored for electric and hybrid applications.
Furthermore, the passenger car segment holds a significant share of the market, attributed to the high production and sales of passenger vehicles worldwide. However, the light commercial vehicle segment is expected to witness substantial growth due to the increasing demand for delivery vans and small trucks for e-commerce and logistics services, consequently driving up the automotive constant velocity joint market share.
The Asia-Pacific region dominates the global automotive constant velocity joint market, driven by the robust automotive sector in countries such as China, India, Japan, and South Korea. The region’s market growth is further fuelled by the rising demand for vehicles, increasing disposable incomes, and the presence of major automotive manufacturers.
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Europe and North America are also key markets for automotive constant vehicle joints, with a strong focus on technological advancements and the adoption of electric and hybrid vehicles. The stringent environmental regulations in these regions are pushing automakers to develop more efficient and eco-friendly vehicles, thereby driving the automotive constant velocity joint market demand.
Automotive Constant Velocity Joint Market Segmentation
The market can be divided based on joint type, vehicle type, application, and region
Market Breakup by Joint Type
- Tracta Joints
- Rzeppa Joints
- Double Coupling
- Thomson Coupling
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Market Breakup by Application
- Commercial
- Logistics
- Defence and Aviation
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive constant velocity joint market. Some of the major players explored in the report by Expert Market Research are as follows:
- GKN Automotive Limited
- American Axle & Manufacturing Inc.
- Hyundai Wia Corp.
- IFA Group
- Neapco Holdings LLC
- ECO SHAFT (M) SDN BHD
- NKN Ltd.
- AB SKF
- Shandong Carfree Auto Fittings CO., Ltd
- Dana Limited
- Others
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