Press release
Automotive Constant Velocity Joint Market Size, Share, Trends, Growth Analysis And Forecast 2024-2033 | JTEKT Corp., Wanxiang Group Corporation, Dana Inc., SKF AB, GKN Automotive Ltd.
Automotive Constant Velocity Joint Market Report
The Business Research Company presents an extensive market research report on the Automotive Constant Velocity Joint Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market Players:
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 are prominent players in the industry.
Market Drivers:
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.
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https://www.thebusinessresearchcompany.com/report/automotive-constant-velocity-joint-global-market-report
Market Segments Include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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