Market Highlights:
An automotive constant velocity joint helps transmit torque to front or rear axles without friction at a constant speed. Constant velocity joint provide hassle-free ride without vibration & noise. Constant velocity joint are surrounded by rubber, which is filled with molybdenum disulfide grease, which reduces friction & wear. Increase in the per capita disposable income and growing purchasing power of the customers will enhance the growth of the market. Rapid increase in sales of passenger cars, hatchback, SUV, and sedans, across the globe, driving the growth of constant velocity joints. Growing construction industry throughout the globe increases the growth of constant velocity joint market due to the growing demand for heavy commercial vehicle. Increased logistics in place, across the globe, will also drive the global automotive constant velocity joint market. Moreover, the growth of the market is challenged by the high prices of the parts such as half shafts, axles and reduction of greenhouse gas emission. Increased focus on gaining customer satisfaction will make it difficult for manufacturers to innovate and develop efficient constant velocity joint systems.
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Market Research Analysis
In terms of region, the global market for automotive constant velocity joints is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is expected to hold the major revenue share during the forecast period. Innovations in North America and awareness regarding the environment safety will gain the region, the highest market share. Europe is anticipated to witness high growth due to significant growth in manufacturing industry across the region.Government regulations in Europe are becoming stricter every year. This means that the manufacturers need to be well aware of the regulatory requirement. Russia & Poland are also estimated to boost the market for constant velocity joints due to significant growth in the logistics & transportation industry. Asia Pacific will hold the highest CAGR during the forecast period due to the increase in the sales of premium vehicles, rise in GDP, and increased purchasing power. Furthermore, increased sales of vehicles in China, Japan, and India will enhance the overall revenue of the market.
Scope of the Report
This study provides an overview of the global automotive constant velocity joint market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive constant velocity joint market by joint type, vehicle type, application and regions.
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By Joint Type
Tracta joints
Rzeppa Joints
Double Coupling
Thomson Coupling
Others
By Vehicle Type
Passenger car
Light Commercial Vehicle
Heavy Commercial Vehicle
By Application
Commercial
Logistics
Defense
Aviation
By Regions
North America
Asia Pacific
Europe
Rest of the World
Key Players
The prominent players in the automotive constant velocity joint market are GKN (U.K), IFA Rotorion (Germany), SKF (Sweden), NTN Corporation (Japan), Nexteer Automotive (U.S.) NKN Co. Ltd. (Japan), ZWZ (China) and Zhejiang ODM Transmission Technology Co., Ltd. (China). WanxiangQianchao Co. Ltd. (China), Nanyang Automobile & Cycle Group (China), Taizhou Hongli Automobile Parts Co. Ltd. (China), Shandong Huifeng Auto Fittings Co. Ltd.(China) and American Axle & Manufacturing Holdings, Inc.(U.S.) are among others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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