Overview

Market Research Future (MRFR) reveals that the global constant velocity joints market is projected to register a CAGR of 6.56% over the forecast period of 2018 to 2023.

Constant velocity joint reduces damage due to friction and abrasion, which increases longevity of automobiles. As constant velocity joint gain popularity among automobile manufacturers, its global market is expected to register robust growth across the review period. Incorporation of constant velocity joint in every type of vehicles such as passenger cars, SUV, hatchback, and sedans, and increase in purchase power of people are also expected to benefit the market growth. The ever-expanding transportation and logistics industry is expected to propel the global automotive market in an upward trend. Automotive developers focusing on bringing innovations to meet the rising standard of customers is the key trend of the market. On the downside, the market can encounter certain challenges. Half shafts, axles, and tools that reduce greenhouse gas emission are expensive. This is one of the major constraints on the expansion of the global CV joint market.

Segmentation

The CV joint market has been segmented by type of joint, type of vehicle, and application. By joint type, the market has been segmented into Tracta joints, Rzeppa Joints, Thomson Coupling, Double Coupling, and others. By vehicle type, the market has been segmented into heavy commercial vehicle, passenger car, and light commercial vehicle. The rise in need to avoid road accidents, due to traffic congestion, is triggering integration of CV joint in passenger car. The expansion of the world population and the increase in need for better public transportation are surging the demand for passenger cars. Heavy commercial vehicles are high consumers of constant velocity joint due to the need to maintain optimum speed to prevent accidents. The heavy vehicle segment, followed by passenger car segment, is expected to contribute to the market growth. By application, the market has been segmented into commercial, aviation, logistics, and defense.

Regional Outlook

By region, the global market for CV joints market regional analysis includes North America, Europe, Asia-Pacific and the Rest of the World (RoW).

The market in North America is expected to garner the highest share of the global market in the review period. The remarkable growth of the North America automotive constant velocity market can be attributed to the rise in environmental awareness and innovations. Fast-paced expansion of the manufacturing industry and the growing level of stringency in government environmental protection laws in Europe are factors that are likely to propel the regional market growth over the assessment period. The Europe market is also anticipated to gain considerable traction, as the logistics and transportation industry the region witness considerable growth in Poland and Russia. The Asia Pacific market to gain a global foothold across the evaluation period owing to the increase in premium vehicles sales, surge in GDP, and rise in purchasing power of people.

Key Players

Neapco Holdings LLC (U.S.), IFA Rotorion (Germany), GKN (U.K.), NTN Corporation (Japan), SKF (Sweden), NKN Co. Ltd. (Japan), Nexteer Automotive (U.S.), Zhejiang ODM Transmission Technology Co., Ltd. (China), ZWZ (China), Nanyang Automobile & Cycle Group (China), Wanxiang Qianchao Co. Ltd. (China), Shandong Huifeng Auto Fittings Co. Ltd.(China), Taizhou Hongli Automobile Parts Co. Ltd. (China), Hyundai WIA Corporation (South Korea), American Axle & Manufacturing Holdings, Inc.(U.S.), and others.

Industry Update

September 2019

ExxonMobil, a Texas-based oil and gas corporation, launched Mobil EV suite of fluids and greases that enables electric vehicles to meet the evolving drive-train requirements. The constant velocity joints is one of the important aspects of Mobil EV suite.

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