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The Automotive Constant Velocity Joint (CVJ) Market size is forecast to increase by USD 134.36 million, at a CAGR of 5.12% between 2023 and 2028.
The growth of the market depends on several factors, including growing demand for SUVs and pickup trucks, increasing focus on fuel efficiency, and growing investments in R&D by market players. The automotive CVJ market report also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for SUVs and pickup trucks is notably driving the market growth. Off-road enthusiasts prefer Sports Utility Vehicles (SUVs) and pickup trucks due to their all-wheel drive, high ground clearance, and different driving modes. This makes them suitable for activities like dune bashing, which explains their increased sales in North America and Europe.
Additionally, the demand for SUVs and pickup trucks is on the rise in Europe and APAC, with the market share of pickup trucks among LCVs in Europe increasing to 8.6% in 2018, and sales of SUVs growing in 2019. These trends are expected to boost the auto parts and equipment market and contribute to the growth of the global automotive CV joint market.
The advancements in design is an emerging trend in the market. The CV joint manufacturers are introducing innovative design changes in CV joints to meet stringent emission norms and regulations. VL3 series CV joints, developed by GKN, have been in use in BMW 7 series models since 2016. These joints helped BMW rear-wheel-drive platform to reduce more than 4kg weight. VL3 is an S-shape track in-house design, which changes the movement of the ball bearings. The ball is provided with a wider range of movement, which helps to balance the forces in the joint by distributing torque between the bearings evenly. This supports the strength of the cage and improves refinement in joint movement.
As the automotive industry is witnessing immense disruptions and many automakers are struggling to retain their position in various markets due to intense competition, advancements in CV joint designs are expected to continue over the forecast period, which would contribute to the growth of the automotive constant velocity joint (CVJ) market in focus.
The high repair and replacement costs of CV joints is a major challenge impeding the automotive constant velocity joint (CVJ) market. Signs of a damaged CV joint include grease marks on tire edges, noise while turning the vehicle, bouncy driving, and vibrations while driving. The cost of replacing a CV joint ranges from USD 135 to USD 615 depending on the vehicle, with labor costing between USD 215 and USD 865 if performed by a certified mechanic. However, consumers may avoid replacement due to high costs, posing a challenge to automotive CVJ market growth despite safety concerns.
The report includes the market's adoption lifecycle, covering the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the automotive constant velocity joint (CVJ) market.
ECO SHAFT (M) SDN BHD - The key offerings of the company include an inboard constant velocity joint.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automotive CVJ market share growth by the passenger cars segment will be significant during the forecast period. The demand for passenger cars is growing due to the rapidly rising rate of urbanization and increasing disposable income. People living in emerging economies such as Brazil, India, China, and South Africa and Middle Eastern countries such as the UAE, Qatar, and Saudi Arabia are witnessing an increase in their disposable income, mainly because of the high economic growth.
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The passenger cars segment was valued at 290.60 million units in 2017 and continued to grow until 2021. Following the lifting of COVID-19-related restrictions in the middle of 2020, the automotive industry has witnessed steady growth. Many countries had set 2020 as a landmark year for the adoption of EVs. However, even though there has been an increase in Electric Vehicle (EV) sales figures, ICE-based vehicles accounted for a major portion of passenger cars sold in 2020. The sales of ICE-based passenger cars continue to outnumber EVs, despite the incentives provided across many countries. This is mainly attributed to range anxiety, high battery replacement costs, and the lack of proper charging infrastructure for EVs. Another reason for the increase in passenger car sales can be attributed to the fear of contracting COVID-19. This led to a decline in the number of people using shared mobility during the same period in 2020, even after restrictions were lifted. This trend is expected to continue during the forecast period and result in increased sales of ICE-based passenger cars. Therefore, the global market is expected to witness moderate growth in the passenger cars segment throughout the forecast period.
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APAC is estimated to contribute 75% to the growth of the global automotive CVJ market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC comprises some of the fastest-growing economies globally, mainly China and India. With the rapid economic growth in the region, the per capita income has been improving since 2016. This is increasing the purchasing power of consumers, which, in turn, has been leading to high automobile sales not only in China and India but also in countries such as Indonesia and Thailand. Most countries in the region have implemented stringent emission standards, which were derived from the Euro norms. For instance, the Government of India introduced BS-VI norms in April 2020, which are based on Euro 6 emission standards. Hence, the high need to reduce emissions among automotive OEMs is triggering demand for advanced CV joints, which will drive the growth of the market in the region.
APAC has become a prime offshore location for automotive OEMs, which have been encouraged by government incentives as well as the easy availability of resources. Some of the major global OEMs are establishing their production plants in APAC. For instance, in January 2019, Group Lotus Plc announced that it would start the production of sports cars in China by opening a new factory in Wuhan city. Thus, the increase in the production of vehicles in the region will contribute significantly to the growth of the market in APAC during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest market trends and analysis and growth opportunities from 2017 to 2027.
The market is pivotal for mechanical power transmission in contemporary four-wheeled vehicles, particularly passenger vehicles and front-wheel-drive vehicles. These joints play a crucial role in the wear of vehicle components, ensuring the smooth functioning of the contemporary car suspension system. The market's significance is further emphasized in the context of heavy equipment vehicles and range power-run vehicles, contributing to the rise in construction activities. With personal disposable income impacting the demand for automobiles, the market witnesses notable attention, particularly concerning the constant velocity joint boots, a critical component ensuring the longevity and efficiency of these joints.
Automotive Constant Velocity Joint Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.12% |
Market growth 2023-2027 |
134.36 mn units |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.56 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 75% |
Key countries |
US, China, Japan, India, and South Korea |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, AIKOKU ALPHA, American Axle and Manufacturing Holdings Inc., Comer Industries Spa, Comline Auto Parts Ltd., Dana Inc., ECO SHAFT (M) SDN BHD, GKN Automotive Ltd., GSP Automotive Group Wenzhou Co. Ltd., Hartford Technologies Inc., Hyundai Motor Group, IFA Holding GmbH, JTEKT Corp., Melrose Industries Plc, Meritor Inc., Nexteer Automotive Group Ltd., NTN Corp., Nuova Tecnodelta Spa, Taizhou Heri Auto Parts Co. Ltd., and United Components Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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