Automotive Constant Velocity Joint Market Trend Set To Experience Revolutionary Growth Till 2031

As per the report published by Allied Market Research, the global automotive constant velocity joint market was pegged at $2.9 billion in 2021, and is estimated to reach $4.7 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. The report offers a detailed study of top segments, value chains, changing market trends, competitive scenarios, key investment pockets, and regional landscape. The report is a vital source of information for investors, new entrants, leading market players, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.

An automotive constant velocity (CV) joint is a mechanical component that connects the driveshaft to the wheels, allowing them to rotate at a constant speed regardless of the angle between them. Found in front-wheel-drive, rear-wheel-drive, and all-wheel-drive vehicles, CV joints allow for smooth power transmission from the engine to the wheels, even when they move up and down over bumps or turn at sharp angles.

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Covid-19 scenario:

1. The Covid-19 pandemic forced governments across the globe to implement strict lockdowns and impose a ban on import-export of essential raw materials items. This sudden decline in the availability of raw materials for vehicle components disrupted the supply chain.

2. The disrupted supply chain negatively impacted the sales of automotive constant velocity as they are directly linked with automotive manufacturing and sales operations.

3. The global automotive constant velocity joint market is segmented on the basis of joint type, vehicle type, propulsion, distribution channel, and region.

Automotive manufacturing has technologically evolved in the area of drivetrain, powertrain, safety, and stability to improve the operational efficiency of the vehicle. Automotive consumers are demanding more output efficient and optimum performance high-end driving operations. Moreover, end users' demand outlook has shifted more toward added luxury, comfort, and driving dynamics. The change in demand for end consumers is gaining traction for four-wheel drive (4WD) and all-wheel drive (AWD) vehicles to attain safety and vehicle dynamic levels. Original equipment manufacturers (OEMs) are focused on these drive systems to cater to the change in requirement of end-users. In recent years, AWD and 4WD vehicles' penetration has increased drastically, and it is expected to maintain the momentum in the coming years. These drive systems require efficient transmission system for efficient driving owing to this with the increase in demand for AWD and 4WD vehicles are fueling the demand for automot.

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Based on joint type, the rzeppa joints segment held the lion's share in 2021, accounting for around two-thirds of the market. In addition, the segment is expected to manifest the highest CAGR of 5.9% during the forecast period.

On the basis of distribution channel, the OEM segment held the largest share in 2021, contributing to around three-fifths of the market. However, the aftermarket segment is projected to portray the highest CAGR of 6.3% during the forecast period.

Based on vehicle type, the passenger car segment dominated the market in terms of revenue in 2021, accounting for nearly three-fourths of the market. Furthermore, the segment is projected to register the highest CAGR of 5.6% from 2022 to 2031.

On the basis of propulsion, the ICE segment held the largest share in 2021, contributing to more than 90% of the market. However, the electric and hybrid segment is anticipated to register the highest CAGR of 15.7% during the forecast period.

The global automotive constant velocity joint market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in terms of revenue in 2021, holding more than one-third of the market. In addition, the region is anticipated to register the highest CAGR of 6.1% during the forecast period.

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The global automotive constant velocity joint market includes an in-depth analysis of the prime market players such as American Axle & Manufacturing, Inc., GKN Automotive Limited, GSP Automotive Group Wenzhou Co. Ltd., Hyundai WIA Corporation, IFA Group, Nanyang Automobile & Cycle Group, Neapco Holdings LLC, Nexteer Automotive, NKN LTD, NTN Corporation, Shandong Carfree Auto Fittings CO., LTD, SKF, Taizhou Hongli Automobile Parts Co., Ltd., Wanxiang Qianchao Co. Ltd., and Zhejiang ODM Transmission Technology Co., Ltd.

The report analyzes these key players in the global automotive constant velocity joint market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.

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