Press release
Automotive Constant Velocity Joint Market 2019-2023 | Global Industry Overview by GKN, IFA Rotorion, SKF, NTN, Nexteer Automotive NKN, ZWZ, and Zhejiang ODM Transmission Technology, Wanxiang Qianchao
Automotive Constant Velocity Joint Market
Competitive Landscape
The key players in the global automotive constant velocity joint market include NTN Corporation (Japan), Shandong Huifeng Auto Fittings Co. Ltd.(China), Zhejiang ODM Transmission Technology Co., Ltd. (China), ZWZ (China) , GKN (U.K), IFA Rotorion (Germany), SKF (Sweden), Taizhou Hongli Automobile Parts Co. Ltd. (China), NKN Co. Ltd. (Japan), Nexteer Automotive (U.S.), American Axle & Manufacturing Holdings, Inc.(U.S.), Nanyang Automobile & Cycle Group (China), and Wanxiang Qianchao Co. Ltd. (China).
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Segmentation
The global automotive constant velocity joints market has been segmented based on joint type, vehicle type, and application.
By joint type, the global automotive constant velocity joints market has been segmented into tracta joints, Rzeppa joints, double coupling, Thomson coupling, and others.
By vehicle type, the global automotive constant velocity joints market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle.
By application, the global automotive constant velocity joints market has been segmented into commercial, logistics, defense, and aviation.
An automotive constant velocity joint allows transfer of torque to the front or rear axles through variable angles at constant speed. They offer the advantage of same output energy in relation to the input energy. The global automotive constant velocity joints market is poised for a moderate CAGR of 6.5% and is estimated to reach a significant market size over the forecast period of 2018-2023, projects Market Research Future (MRFR) in a detailed study.
The rapid increase in the number of passenger cars across the globe has been a significant drive for the growth of the global automotive constant velocity joints market. Constant velocity joints aid smooth turning and easy driving which induces high demand for them. Rising construction activities around the globe also spur the demand for constant velocity joints market. Construction activities require heavy motor vehicles for carrying construction materials which generate demand for constant velocity joints. Additionally, expanding logistics & transportation industry is also expected to reflect positively on the growth of the global automotive constant velocity joints market. On the downside, the growth of the global automotive constant velocity joints market might be restricted by high replacement cost and growing usage of public transport as a medium of commutation. Surging awareness to reduce greenhouse emissions have shifted preference towards public transport which has considerably reduced the sales of cars and is likely to impact the market growth adversely. Also, Innovation and development in material with high heat resistance and low distortion remain major challenges for automotive manufacturers.
Regional Analysis
Geographically, the global automotive constant velocity joint market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North The Americas is the leading market for automotive constant velocity joint spurred by continuous innovation in constant velocity joints and substantial growth in the manufacturing industry which generates high demand for velocity joints in the region. Surging awareness regarding environment safety is also a key growth influencer in the region.
Europe is a significant market for automotive constant velocity joints and is likely to showcase considerable growth over the forecast period on account of prolific growth of the manufacturing industry across the region. Stringent regulations pertaining to the manufacturing industry is also anticipated to become stricter in future which will propel the market over the forecast period. Additionally, thriving logistics & transportation industry in Russia and Poland will accelerate the growth of the automotive constant velocity joint market in Europe.
APAC is poised to exhibit rapid growth rate and capture the highest CAGR over the forecast period. Rise in the sales of luxury cars purveyed by a rise in GDP and increased purchasing power across countries such as China, India, and Japan boost the growth of the market in APAC.
Industry Updates
In October 2018, Shanghai GKN Huayu Driveline Systems opened a new technical center for the research & development of constant velocity joint and eDrive systems.
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Continued…….
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