Global Automotive CV Joint Market to Reach $4.7 Billion by 2031: Opportunity Analysis by Joint Type, Vehicle, Propulsion & Channel

Rise in demand for lightweight constant velocity joints and surge in demand for commercial vehicles have boosted the growth of the global automotive constant velocity joint market. The market across Asia-Pacific dominated in terms of revenue in 2021, holding more than one-third of the market. The Covid-19 pandemic forced governments across the globe to implement strict lockdowns and impose ban on import-export of essential raw materials items.

According to a new report published by Allied Market Research, titled, "Automotive Constant Velocity Joint Market," The automotive constant velocity joint market was valued 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.

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In 2021, Asia-Pacific region dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the automotive constant velocity joint market in 2021. The rapid growth of the automobile sector across all segments along with growing customer inclination toward advancements of the fuel-efficient vehicles propel the growth of the market.

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

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.

The prominent key factors that drive the growth of the automotive constant velocity joint market are increase in demand for lightweight constant velocity joints, and increase in demand for commercial vehicles. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the manufacturing sector witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry, which in turn is expected fuel the market. In addition, in some undeveloped countries, there is an increase in the production and sales of vehicles, which is expected to boost the market.

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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.

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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Covid-19 scenario:

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

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

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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