Global Automotive Constant Velocity Joint Market Report and Forecast 2024-2032

Global Automotive Constant Velocity Joint Market Outlook

The global automotive constant velocity joint market size reached a value of approximately USD 3.28 billion in 2023. The market is further projected to grow at a CAGR of 5.60% between 2024 and 2032, reaching a value of USD 5.36 billion by 2032.

Key Trends in the Market

An automotive constant velocity joint is used for connecting the vehicle’s transmission to the wheels. It is a part of the driveshaft and is primarily used on front-wheel drive vehicles and has the ability to ensure that the wheels move at a constant velocity by transmitting even levels of torque.

• The rising demand for light weight automotive materials due to increasing environmental concerns is a key trend aiding the automotive constant velocity joint market growth. Lightweight materials significantly improve the vehicle economy as they require significantly less energy and fuel and reduce emissions.

• Increasing requirement for commercial vehicles across developing countries due to increasing industrialisation and urbanisation and growing e-commerce sector is further boosting the utilisation of constant velocity joints. Commercial vehicles require high-performance differential assemblies in order to ensure smooth driving. The rising demand for transportation and delivery solutions is further boosting the production of heavy commercial vehicles, aiding the market expansion.

• Surge in demand for passenger vehicles is increasing the requirement for automotive constant velocity joints as they ensure vehicle stability and smooth power transmission. Manufactures are heavily investing in constant velocity joints to enhance their torque handling capabilities and durability to ensure vehicle safety.

Market Analysis

On the basis of joint type, the automotive constant velocity joint market segmentation includes Tracta joints, Rzeppa joints, double coupling, and Thomson coupling. Based on vehicle type, the market is segregated into passenger cars, light commercial vehicles, and heavy commercial vehicles. On the basis of application, the market is classified into commercial, logistics, and defence and aviation, among others. Based on region, the market is categorised into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global automotive constant velocity joint market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• GKN Automotive Limited

• American Axle & Manufacturing Inc.

• Hyundai Wia Corp.

• IFA Group

• Neapco Holdings LLC

• ECO SHAFT (M) SDN BHD

• NKN Ltd.

• AB SKF

• Shandong Carfree Auto Fittings CO., Ltd

• Dana Limited

• Others

Market Share by Vehicle Type

The heavy commercial vehicles segment is anticipated to witness significant growth over the forecast period owing to the increasing demand from e-commerce and food sectors for transportation and delivery services. Heavy commercial vehicles are also used for transporting agricultural and construction commodities including fertilisers, cement, and steel, among others and bulk cargo transportation. Due to such applications, the production of heavy commercial vehicles is increasing and boosting the demand for automotive constant velocity joints.

Market Share by Region

North America accounts for a significant portion of the market due to the rapid expansion of the automotive manufacturing sector in the region and rising development of constant velocity joints. Due to the rapid growth of the e-commerce sector the requirement for commercial vehicles is increasing for shipping and transportation of goods, boosting the expansion of the market in the region.

Meanwhile, due to the rising demand for passenger vehicles in various countries across Europe, the automotive constant velocity joint market is expected to witness significant growth in the region, over the forecast period.

Competitive Landscape

GKN Automotive Limited is one of the leading automotive companies known for manufacturing all-wheel drive systems, driveline components, and plug-in hybrid systems for vehicles. The company was founded in 1891 and is headquartered in London, United Kingdom.

American Axle & Manufacturing Inc. was founded in 1994 and is headquartered in Michigan, United States. The company is known for manufacturing automotive drivelines and drivetrain systems and components.

Hyundai Wia Corp. is one of the largest automotive parts manufactures across the globe. The company was founded in 1976 and is headquartered in Changwon-si, South Korea and is known for supplying automobile engines, C.V joints, and modules, among others.

Other players in the automotive constant velocity joint market include IFA Group, Neapco Holdings LLC, ECO SHAFT (M) SDN BHD, NKN Ltd., AB SKF, Shandong Carfree Auto Fittings CO., Ltd, and Dana Limited, among others.

Key Highlights of the Report