Press release
Automotive Constant Velocity Joint Market Expansion Continues, with Forecast Valuation of $5 Billion by 2029
Automotive Constant Velocity Joint Market Size
Automotive Constant Velocity Joint Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the automotive constant velocity joint market has witnessed robust growth in the past few years. It is expected to surge from $3.69 billion in 2024 to around $3.94 billion in 2025, showing a compound annual growth rate (CAGR) of 6.8%. The previous growth can be associated with the expansion of automotive production, broadening of the automotive aftermarket, an upward trend in global automotive sales, a movement towards front-wheel-drive vehicles, and a rising inclination for fuel-efficient automobiles.
Automotive Constant Velocity Joint Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for significant expansion in the automotive constant velocity joint market in the coming years, with forecasts predicting growth to $5 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 6.1%. This projected development during the prediction period can be linked to factors such as the rising popularity of electric and hybrid vehicles, increasing demand for lightweight and compact CVJS, internationalization of auto manufacturing, the evolution of suspension systems, as well as trends in autonomous and connected vehicles. Key trends in the forecast period also include growing interest in all-wheel and four-wheel drive systems, the continued internationalization of auto supply chains, usage of smart sensors for anticipatory maintenance, emphasis on ecological sustainability, and the integration of CVJS into self-driving cars.
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What Are the Drivers Transforming the Automotive Constant Velocity Joint Market?
The future growth of the automotive constant velocity joint market is anticipated to be fueled by the upsurge in commercial vehicle demand. Commercial vehicles, typically utilized for business endeavors and the conveyance of goods and services in return for payment, have seen a growing demand. The need for CV joints, which transfer power from the vehicle's transmission or differential to the wheels, improves driving comfort and stability, is directly influenced by the rise in commercial vehicles such as trucks and delivery ones. As per data from GoodCarBadCar, a US-based digital platform, around 56.5 million cars meant for passengers were sold globally in 2022, which is an increase at the rate of 1.9 percent in comparison to the year prior. As a result, the growth of the automotive constant velocity joint market is expected to be driven by the surge in commercial vehicle demand. Surging trends in the usage of recreational vehicles are also predicted to contribute to the growth of the automotive constant velocity joint market. Recreational vehicles, which are either motorized or towable and provide a means for travel, recreation, and temporary dwelling, are growing in popularity. Smooth and effective power transmission from the RV's engine to its wheels, facilitated by automotive constant-velocity joints, ensures reliable movement. As per data collected in April 2022 by Cover4Caravans, a UK-based insurance provider for caravans, roughly 755,000 motorhomes and touring caravans are currently being frequently used within the UK. This number is expected to rise to 889,466 by 2030, translating to an 18% increase over the next eight years. Hence, the escalating usage of recreational vehicles is playing a key role in the growth of the automotive constant velocity joint market.
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What Long-Term Trends Will Define the Future of the Automotive Constant Velocity Joint Market?
Leading businesses in the Automotive Constant Velocity Joint Market are concentrating on creating innovative goods such as CV axles to augment automobile performance, boost fuel efficacy, and diminish vibrations. CV Axles or constant velocity axes play a part in a vehicle's drivetrain linking the transmission to the wheels which effectuates smooth power distribution while adapting to the motion of the suspension. For example, in September 2023, US-based manufacturing firm GSP Inc. introduced the Performance Revolution Axle Line built to endure strenuous conditions. Features of this product include a high-performance CV boot and clamp for enduring longevity, a unique import spline design, and a coating that has been oxidized for optimal resistance against corrosion. Each axle comes inclusive of all the necessary hardware needed for effortless installation, providing a trouble-free experience for users while preserving the quality synonymous with premium automotive components.
Which Segments in the Automotive Constant Velocity Joint Market Offer the Most Profit Potential?
The automotive constant velocity joint market covered in this report is segmented -
1) By Joint Type: Rzeppa Joints, Tripod Joints, Fixed And Plunge Joint, Other Joint Types
2) By Propulsion: Internal Combustion Engine (ICE), Electric And Hybrid, Other Propulsions
3) By Application: Passenger Car, Commercial Vehicle
4) By End-User: Original Equipment Manufacturer (OEM), After market
Subsegments:
1) By Rzeppa Joints: Standard Rzeppa Joints, Heavy-Duty Rzeppa Joints
2) By Tripod Joints: Single-Tripod Joints, Multi-Tripod Joints
3) By Fixed And Plunge Joint: Fixed Joints, Plunge Joints
4) By Other Joint Types: Cross-Groove Joints, Double-Offset Joints, Spherical Joints
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Which Firms Dominate the Automotive Constant Velocity Joint Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Automotive Constant Velocity Joint Market?
North America was the largest region in the automotive constant velocity joint market in 2024. 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
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