Automotive Constant Velocity Joint Market Expected to Reach $4.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Automotive Constant Velocity Joint Market," The automotive constant velocity joint market was valued 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.

In 2021, Asia-Pacific region dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the automotive constant velocity joint market in 2021. The rapid growth of the automobile sector across all segments along with growing customer inclination toward advancements of the fuel-efficient vehicles propel the growth of the market.

The prominent key factors that drive the growth of the automotive constant velocity joint market are increase in demand for lightweight constant velocity joints, and increase in demand for commercial vehicles. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the manufacturing sector witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry, which in turn is expected fuel the market. In addition, in some undeveloped countries, there is an increase in the production and sales of vehicles, which is expected to boost the market.

The automotive constant velocity joint market is segmented on the basis of joint type, vehicle type, propulsion, distribution channel, and region. On the basis of joint type, it is divided into fixed & plunge joints, Rzeppa joints, tripod joints, and others. By vehicle type, it is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. By propulsion, it is divided into ICE, electric & hybrid, and others. By distribution channel, it is divided into OEM, and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA

COVID-19 Impact Analysis

• The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components.
• As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the market for automotive constant velocity joint market in 2020.
• The sales of automotive constant velocity joint are inextricably linked to global automotive manufacturing and sales operations. If the global lockdowns are extended, production losses are expected to grow. In the third quarter of 2020, global automobile production fell by 22.3% compared to the third quarter of 2019. Furthermore, global light vehicle sales have decreased by almost 20% from 6,335 thousand units in February 2019 to 5,077 thousand units in February 2020. The pandemic has had a negative impact on automotive constant velocity joint suppliers due to the decreased sales and manufacturing of vehicles.
• However, vaccination enabled lowering of barriers to economic activity as well as domestic and international travel. As the restrictions lifted, travel recovered quickly leading to increase in vehicle commutation, which is expected to boost the automotive constant velocity joint market
• Severe measures and restrictions across the world were slowly eased as COVID-19 cases started declining worldwide. The production of vehicles was stunted globally, owing to the pandemic. However, the automotive manufacturers focused on development of new products and announced strategic expansion and collaboration across the industry in order to tackle the pandemic.
• These factors were responsible for fluctuation in sales of automotive constant velocity joint across the world. The progressive reduction in severe restrictions measures is anticipated to promote growth in sales of the automotive constant velocity joint market and is expected to fuel the demand for automotive constant velocity joint.

KEY FINDINGS OF THE STUDY

• By technology, the future technology segment is expected to register a significant growth during the forecast period.
• By mode, the thermoelectric generator segment is projected to lead the global automotive constant velocity joint market.
• By vehicle type, the buses segment is projected to lead the global automotive constant velocity joint market.
• By component, the thermoelectric generator component segment is projected to lead the global automotive constant velocity joint market.
• Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

The key players that operate in this automotive constant velocity joint market are 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.