Press release
Automotive Constant Velocity Joint Market Size, Share, Growth Report and Forecast 2024-2032
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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