Press release
Revolutionizing Drives: Automotive Constant Velocity Joints Dominate Market Report 2024
Automotive Constant Velocity Joint Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.68 billion In 2028 At A CAGR Of 6.1% :
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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Automotive Constant Velocity Joint Market Major Segments
Key Driver - Growing Demand For Commercial Vehicles Boosts The Automotive Constant Velocity Joint Market
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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Prominent Trend - Advancement In Lightweight Constant Velocity Joints To Enhance Market Competitiveness
Major companies operating in the automotive constant velocity joint market are developing innovative products such as small and lightweight constant velocity joints for vehicles with improved fuel efficiency and more significant market competitiveness. In vehicles, small, lightweight constant velocity joints (CVJs) help facilitate smooth power transmission from the engine to the wheels. For instance, in May 2021, NTN Corporation, a Japan-based manufacturer of mechanical components and equipment, including constant velocity joints, bearings, and precision machinery, launched a Small and Lightweight CVJ for the Rear of the Sub-axle, an innovative constant velocity joint designed for the sub-axles of rear-wheel-drive (RWD) vehicles. Its small and lightweight characteristics for front-wheel-drive (FF)-based 4WD vehicles reduce the size and weight of the CVJ while maintaining its required strength.
Automotive Constant Velocity Joint Market Players
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
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Largest And Fastest Growing Region In The Market
North America was the largest region in the automotive constant velocity joint market in 2023. 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
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Constant Velocity Joint Market Report Structure
3. Automotive Constant Velocity Joint Market Trends And Strategies
4. Automotive Constant Velocity Joint Market - Macro Economic Scenario
5. Automotive Constant Velocity Joint Market Size And Growth
…..
27. Automotive Constant Velocity Joint Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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