Press release
Automotive Constant Velocity Joint Market Growth to be Driven by Emerging Trends | $4.9 Billion by 2029
Automotive Constant Velocity Joint
What is the Projected Market Size of the Automotive Constant Velocity Joint Industry?
In recent times, there has been a robust expansion in the market size of the automotive constant velocity joint. The market, which stood at $3.69 billion in 2024, is set to increase to $3.89 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%. Factors such as rising vehicle productions, growth of the automotive aftermarket, increased global automotive sales, a shift towards front-wheel-drive vehicles, and a growing predilection for fuel efficiency have all contributed to this historical growth.
What Will Be the Size of the Automotive Constant Velocity Joint Market by 2029?
Strong expansion is anticipated in the automotive constant velocity joint market over the next few years, with the market size predicted to reach $4.9 billion in 2029, reflecting a compound annual growth rate (CAGR) of 5.9%. The upswing in this forecasting period is attributable to factors such as the adoption of electric and hybrid vehicles, the demand for compact and lightweight CVJs, the globalization of automotive production, developments in suspension systems, and trends towards autonomous and connected vehicles. Key trends for the forecasting period encompass growing interest in all-wheel and four-wheel drive systems, ongoing globalization of automotive supply chains, the incorporation of smart sensors for predictive maintenance, emphasis on ecological sustainability, and the use of CVJs in autonomous vehicles.
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What Are the Key Drivers Accelerating Growth in the Automotive Constant Velocity Joint Market?
The potential expansion of the automotive constant velocity joint market is likely to be driven by a rising demand for commercial vehicles. These types of vehicles, utilized for business purposes, goods transportation, and service delivery in return for payment, have a high demand. There's an increased need for CV joints, which allows power transmission from the vehicle's differential or transmission to the wheels, since they improve driving stability and comfort, especially in commercial vehicles like trucks and delivery vehicles. For example, GoodCarBadCar, a US-based website, reported that about 56.5 million passenger vehicles were bought globally in 2022, an upsurge of roughly 1.9 percent from the prior year. As such, the upswing in commercial vehicles demand is poised to stimulate growth in the automotive constant velocity joint market.
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How Is the Automotive Constant Velocity Joint Market Segmented by Type, Application, and Region?
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), After market
Subsegments:
1) By Rzeppa Joints: Standard Rzeppa Joints, Heavy-Duty Rzeppa Joints
2) By Tripod Joints: Single-Tripod Joints, Multi-Tripod Joints
3) By Fixed And Plunge Joint: Fixed Joints, Plunge Joints
4) By Other Joint Types: Cross-Groove Joints, Double-Offset Joints, Spherical Joints
What Are the Key Trends Driving Growth in the Automotive Constant Velocity Joint Market?
Leading firms in the Automotive Constant Velocity Joint Market are prioritizing the development of new and inventive products such as CV axles to bolster vehicle performance, escalate fuel efficiency, and mitigate vibrations. CV Axles, also known as constant velocity axes, form a critical part of a vehicle's drivetrain, linking the transmission to the wheels and facilitating a steady transfer of power. This is while compensating for the suspension's vertical oscillations. For example, in September 2023, the American manufacturing firm GSP Inc. introduced the Performance Revolution Axle Line, capable of withstanding rigorous conditions. This product is equipped with a high-performance CV boot and clamp ensuring extended durability, a unique import spline design, and a coating that has undergone oxidation for top-tier corrosion resistance. Each axle is supplied with all the necessary hardware for straightforward installation, providing users with an uncomplicated experience while continuing to deliver the excellence typical of high-end automotive components.
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Who Are the Leading Companies Driving Growth in the Automotive Constant Velocity Joint Market?
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
Which Is the Leading Region in the Global Automotive Constant Velocity Joint Market?
North America was the largest region in the automotive constant velocity joint market in 2024. 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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