Global Automotive Constant Velocity Joint Market Report 2024: Market Size, CAGR

Overview and Scope
An automotive constant velocity joint is a mechanical component that transmits torque and rotation between two shafts at varying angles while maintaining a consistent velocity output. Automotive constant velocity joint is essential to keep stable and smooth power transfer, especially in vehicles with front-wheel drive (FWD), all-wheel drive (AWD), and independent suspension systems.

Sizing and Forecast
The automotive constant velocity joint market size has grown strongly in recent years. It will grow from $3.45 billion in 2023 to $3.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to vehicle production growth, expansion of automotive aftermarket, rise in global automotive sales, shift toward front-wheel-drive vehicles, increasing preference for fuel efficiency..

The automotive constant velocity joint market size is expected to see strong growth in the next few years. It will grow to $4.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to electric and hybrid vehicle adoption, demand for compact and lightweight cvjs, globalization of automotive manufacturing, evolving suspension systems, autonomous and connected vehicle trends.. Major trends in the forecast period include rising interest in all-wheel and four-wheel drive systems, continued globalization of automotive supply chains, integration of smart sensors for predictive maintenance, focus on environmental sustainability, adoption of cvjs in autonomous vehicles..

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Segmentation & Regional Insights
The automotive constant velocity joint market covered in this report is segmented –

1) By Joint Type: Rzeppa Joints, Tripod Joints, Fixed And Plunge Joint, Other Joint Types
2) By Propulsion: Internal Combustion Engine (ICE), Electric And Hybrid, Other Propulsions
3) By Application: Passenger Car, Commercial Vehicle
4) By End-User: Original Equipment Manufacturer (OEM), Aftermarket

North America was the largest region in the automotive constant velocity joint market in 2023. The regions covered in the automotive constant velocity joint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
An increase in demand for commercial vehicles is expected to propel the growth of the automotive constant velocity joint market going forward. Commercial vehicles refer to a category of vehicles that are used for business, the transportation of goods and cargo, or providing services in exchange for compensation. Increasing demand for commercial vehicles such as trucks and delivery vehicles fuels the need for CV joints to transmit power from the vehicle's transmission or differential to the wheels, enhancing driving comfort and stability. For instance, in December 2022, according to the National Automobile Dealers Association, a US-based trade organization representing franchised new-car and truck dealerships, the sale of commercial trucks in the USA reached 476,000 units, reflecting a 3.8% increase compared to 2021. Therefore, the increase in demand for commercial vehicles will drive the growth of the automotive constant velocity joint market.

Key Industry Players
Major companies operating in the automotive constant velocity joint market report are JTEKT Corp., Wanxiang Group Corporation, Dana Inc., SKF AB, GKN Automotive Ltd., Hyundai WIA Corporation, American Axle and Manufacturing Holdings Inc., NTN Corp., The Timken Company, Nexteer Automotive Group Ltd., Trelleborg AB, IFA Holding GmbH, Xiangyang Automobile Bearing Co. Ltd., GSP Automotive Group Wenzhou Co. Ltd., Wonh Industries Co Ltd., C&U Americas LLC, Aikoku Alpha Corporation, Nuova Tecnodelta Spa, Hartford Technologies Inc., Taizhou Heri Auto Parts Co. Ltd., Shandong Kaifurui Auto Parts Co. Ltd., Eco Shaft (M) Sdn Bhd, Falga Srl, Nanyang Automobile And Cycle Group, Zhejiang Feizhou Vehicle Industry Co. Ltd., Shandong Huifeng Auto Fittings Co, Heri Automotive Inc., Wenzhou Guansheng Auto Parts Manufacture Co.Ltd

The automotive constant velocity joint market report table of contents includes:

1. Executive Summary
2. Automotive Constant Velocity Joint Market Characteristics
3. Automotive Constant Velocity Joint Market Trends And Strategies
4. Automotive Constant Velocity Joint Market - Macro Economic Scenario
5. Global Automotive Constant Velocity Joint Market Size and Growth
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32. Global Automotive Constant Velocity Joint Market Competitive Benchmarking
33. Global Automotive Constant Velocity Joint Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Constant Velocity Joint Market
35. Automotive Constant Velocity Joint Market Future Outlook and Potential Analysis
36. Appendix

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