Automotive Constant Velocity Joint Market to Reach $4.7 Billion by 2031: Allied Market Research
Allied Market Research
Updated 5 min read
Allied Market Research
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.
Portland, OR, Nov. 29, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive constant velocity joint market was pegged 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. The report offers a detailed study of top segments, value chains, changing market trends, competitive scenarios, key investment pockets, and regional landscape. The report is a vital source of information for investors, new entrants, leading market players, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
Automotive Constant Velocity Joint Industry Report Coverage & Details:
Report Coverage
Details
Forecast Period
2022–2031
Base Year
2021
Market Size in 2021
$2.9 Billion
Market Size in 2031
$4.7 Billion
CAGR
5.3%
No. of Pages in Report
335
Segments Covered
Joint Type, Vehicle Type, Propulsion, Distribution Channel, and Region
Drivers
Rise in demand for lightweight constant velocity joints
Surge in demand for commercial vehicles
Opportunities
Rise in vehicle production in developing countries
Surge in demand for electric vehicles
Restrains
Installation issues with automotive constant velocity joints
Fluctuating prices of raw materials
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.
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.
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.
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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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