The global automotive constant velocity joint market revenue was around US$ 3 billion in 2021 and is estimated to reach US$ 4.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2022 to 2031.
The term "constant velocity joint" (CV joint) refers to a part put on a drive shaft that enables the drive shaft to transmit power across a varied angle while maintaining a constant rotating speed. It is found in all-wheel and front-wheel drive vehicles.
Factors Influencing Market Growth
Vehicle production and sales are rising in several developing nations, which is anticipated to stimulate the market.
The desire for lightweight constant velocity joints and the demand for commercial vehicles are the two main reasons propelling the growth of the automotive constant velocity joint market.
Installation problems and varying costs for the raw materials required to make CV joints are predicted to impede the market growth.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the Government enacted a lockdown global supply chains and sales of equipment were halted. However, vaccinations made it possible to ease restrictions on commerce, as well as travel both domestically and abroad. After the removal of the limits, travel swiftly recovered, leading to an increase in vehicle commutation, which is anticipated to drive growth in the market for automotive constant velocity joints.
Asia-Pacific dominated the market in terms of revenue. Due to the robust expansion of the automotive industry across all categories and rising consumer preference for improvements in fuel-efficient automobiles. These factors fuel the market in this region.
The leading competitors in the global automotive constant velocity joint market are:
American Axle Manufacturing Holdings Inc
Hyundai WIA Corporation
Nanyang Automobile & Cycle Group
Neapco Holdings LLC
Nexteer Automotive NA
NKN Co. Ltd
Shandong Huifeng Auto Fittings Co
Taizhou Hongli Automobile Parts Co. Ltd
Wanxiang Qianchao Co. Ltd
Zhejiang ODM Transmission Technology Co. Ltd
The global automotive constant velocity joint market segmentation focuses on Joint Type, Distribution Channel, Vehicle Type, Propulsion and Region.
Segmentation based on Joint Type
Fixed and Plunge Joints
Segmentation based on Distribution Channel
Segmentation based on Vehicle Type
Light Commercial Vehicle
Heavy Commercial Vehicle
Segmentation based on Propulsion
Electric and Hybird
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America