What is a Constant Velocity Joint?
A Constant Velocity Joint (CV Joint), also known as a “constant-velocity universal joint” or “homokinetic joint,” is a critical component in many automotive drive systems. Its primary purpose is to transmit power from the transmission to the wheels while allowing for a smooth and constant rotation at varying angles. CV joints are essential for maintaining the integrity of a vehicle’s suspension and steering system.
What is the Size of the Automotive Constant Velocity Joint Market?
Astute Analytica, a leading market research firm, has recently published its latest research report on the Global Automotive Constant Velocity Joint Market for the period 2023 to 2031.
The Global Automotive Constant Velocity Joint Market was valued at US$ 4,223.8 Billion in 2022 and is projected to surpass the market size of US$ 9,659.5 Billion by 2031 at a CAGR of 10.2% during the forecast period 2023–2031.
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Within the scope of this study, there is a dedicated section focused on the Global Automotive Constant Velocity Joint Market. This segment offers a comprehensive view, incorporating the perspectives of significant industry participants, an in-depth review of the sector, a regional analysis, an examination of financial aspects, and a consideration of various factors shaping the market. It’s essential to emphasize that this particular section strictly adheres to the predefined scope and report guidelines established for the study.
Market Dynamics of the Automotive Constant Velocity Joint Market
The rapid growth of electric vehicles (EVs) is transforming the CV joint market, with a 21,200% increase in EV sales from 2011 to 2022. This shift impacts CV joint demand and design, with EVs requiring specialized CV joints.
The trend toward lighter components for improved fuel efficiency and emissions reduction is reshaping CV joints. Weight reduction and advanced materials are key drivers.
Hub Motors in EVs
Hub motors in EVs eliminate the need for CV joints, potentially reducing demand. Their adoption is on the rise, with an estimated 12% of new EVs using hub motor technology in 2022, compared to 3% three years prior. CV joint sales for EVs could decline by up to 10% by the end of the decade.
Top Players in the Automotive Constant Velocity Joint Market
- American Axle Manufacturing Holdings
- Hyundai WIA Corporation
- IFA Group
- Nanyang Automobile & Cycle Group
- Neapco Holdings LLC
- Nexteer Automotive
- NKN Co. Ltd
- NTN Corporation
- JTEKT Corporation
- Other Prominent Players
The study also includes a list of the global market tactics used in relation to the industry’s present and future conditions. The research opens with a succinct presentation and analysis of the Automotive Constant Velocity Joint Market, which covers the market’s current structure, trends, key players, product type, application, and geography.
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Segmentation Overview of the Automotive Constant Velocity Joint Market
- Rzeppa CV Joint
- Tripod Joints and Ball-Type Joints
- Inboard / Outboard Joints
- Fixed / Plunge Joints
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Distribution Channel
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
With the product pricing, demand, gross margin, and supply of the market, this study offers a thorough grasp of market value. The report’s section on the competition landscape gives readers a thorough understanding of the market share analysis of the top competitors in the sector. Every regional market is carefully examined to determine its potential growth, development, and demand over the coming years.
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