Automotive Constant Velocity Joint Market Size, Revenue, Future Scope, Trends, Key Players and Forecast to 2023

Automotive Constant Velocity Joint Market Overview

The global Automotive Constant Velocity Joint Market Size is anticipated to have a remarkable growth at 6.56% CAGR over the forecast period (2018-2023). Constant velocity joints or CV joints are utilized for connecting the transmission of a car to the wheels. It is a component of the driveshaft which is primarily used on vehicles that have front-wheel drive, but today it is also used in rear-and-four-wheel drive cars. These joints have been specially designed for being capable of bending in all directions while continuing in turning the drive wheels at constant speeds. The CV joints are safeguarded using the rubber boot, in fact a CV gaiter that is filled up with molybdenum disulfide grease.

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.

Segmental Outline

The Automotive Constant Velocity Joint Market Size 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 constant velocity 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. 

Regional Outlook

By region, the global market for automotive constant velocity 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.

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