Press release
Primary Catalyst Driving Universal Joint Market Evolution in 2025: Surge in Vehicle Manufacturing Drives Demand for Universal Joints Driver
Universal JointMarket Size
The increase in vehicle manufacturing is predicted to spur the expansion of the universal joint market. The term vehicle production pertains to the large-scale creation of motor vehicles such as commercial and passenger cars, designed for consumer purchase. The escalation in vehicle manufacturing can be attributed to higher consumer demand for cars, improvements in manufacturing technology, governmental incentives in favor of electric cars, increased disposable incomes, and a shift towards eco-friendly and fuel-efficient vehicles. A universal joint plays a crucial role in the automotive sector by facilitating the transmission of torque and rotary motion between two misaligned shafts at an angle, thus ensuring an efficient power transfer. For example, in April 2023, the International Energy Agency, a French intergovernmental organization, stated that the electric car market is witnessing a significant surge, with sale figures exceeding 10 million in 2022. Moreover, electric cars made up 14% of all new car purchases, a significant increase from about 9% in 2021. Consequently, the surge in vehicle production is catalyzing the universal joint market's growth.
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What is the future CAGR of the universal joint market, and how will it impact industry expansion?
The market size of the universal joint has seen vigorous growth in the past few years. The size is estimated to increase from $97.97 billion in 2024 to $104.25 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.4%. The historic period growth is due to factors such as transportation development, a surge in the all-wheel-drive vehicle market, enhanced industrialization, the expansion of the automotive industry, and increased infrastructure investment.
The market size of the universal joint is anticipated to witness robust growth in the approaching years, expanding to $131.76 billion in 2029 with an anticipated compound annual growth rate (CAGR) of 6.0%. This growth in the predicted period is likely due to increased vehicle manufacturing, heightened demand for heavy-duty vehicles, widespread utilization of all-wheel-drive systems, higher emphasis on vehicle safety, and boosted automotive exports. The forecast period will also see significant trends such as technological developments, the use of advanced materials, the introduction of smart universal joints, the rise of hybrid vehicles, and the adoption of digital twin technology.
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What are the most significant trends transforming the universal joint market today?
Key players in the universal joint market are concentrating their efforts on the creation of innovative products such as square ball universal joints. These new products are aimed at providing a higher level of service to consumers in the heavy truck market, with advanced attributes. The square ball universal joint is a distinctive kind of universal joint crafted for superior durability and functionality in situations needing torque transfer at multiple angles. The joint uses square-shaped balls in place of the usual cross or spiders seen in standard iruniversal joints. In August 2024, for instance, CCTY, a bearings and assemblies manufacturer based in China, unveiled their Square Ball Universal Joint for the robust truck market. This square ball universal joint presents a singular and efficient design, making torque transmission with fewer parts in comparison to conventional models simpler. Traditional universal joints can contain over 100 separate elements, but this revolutionary joint only has eight parts, and just three are vital for the transmission of torque. Its square ball model ensures the joint rotates smoothly and requires zero maintenance while an IP68-grade boot seal protects the bearing surfaces from debris and retains grease, increasing longevity and efficacy.
Which key market segments comprise the universal joint market and drive its revenue growth?
The universal joint market covered in this report is segmented -
1) By Type: Constant Velocity Joint; Cross-Axis Universal Joint; Ball-Type Universal Joint
2) By Material: Steel; Alloy; Plastic
3) By Sales Channel: Original Equipment Manufacturers; Aftermarket
4) By Application: Passenger Vehicle; Commercial Vehicle; Agricultural Machinery; Industrial Equipment
Subsegments:
1) By Constant Velocity Joint: Fixed Type Constant Velocity Joint; Plunging Type Constant Velocity Joint; Double Offset Constant Velocity Joint; Tripod Constant Velocity Joint
2) By Cross-Axis Universal Joint: Single Cross Joint; Double Cross Joint; Heavy-Duty Cross Joint; Ball-Type Universal Joint
3) By Ball-Type Universal Joint: Single Ball Joint; Double Ball Joint; Specialty Ball-Type Universal Joint
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What regions are at the forefront of universal joint market expansion?
North America was the largest region in the universal joint market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the universal joint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the universal joint market?
Major companies operating in the universal joint market are Wanxiang Group Corporation, Dana Incorporated, SKF Group, Hyundai WIA Corporation, NTN Corporation, The Timken Company, Meritor Inc., Moog Inc., Belden Universal, Rexnord Corporation, GKN Automotive Limited, Neapco Holdings LLC, Koyo Bearings, Renold plc, American Axle & Manufacturing Inc., JTEKT Corporation, Crown Automotive Sales Co. Inc., Xiangyang Automobile Bearing Co. Ltd., IFA Rotorion Holding GmbH, Gewes GmbH, Ruland Manufacturing Co. Inc., Altra Industrial Motion Corp., Bailey Morris Ltd., Heri Automotive Co. Ltd., Elbe Group
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What Is Covered In The Universal Joint Global Market Report?
•Market Size Forecast: Examine the universal joint market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the universal joint market for a structured understanding.
•Key Players Overview: Analyze major players in the universal joint market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the universal joint market.
•Segment Contributions: Evaluate how different segments drive overall growth in the universal joint market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the universal joint market.
•Industry Challenges: Identify potential risks and obstacles affecting the universal joint market.
•Competitive Landscape: Review strategic developments in the universal joint market, including expansions, agreements, and new product launches.
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