ID: MRFR/AM/4763-HCR | February 2021 | Region: Global | 100 pages
Automotive constant velocity joint market growth is expected to grow with a CAGR of 6.56%.
Constant Velocity pints are known as mechanical power transmission which provides rotation in a frictional way without any frictions. The majority of the time, it is highly applicable in four wheels. The output and input velocity are the same which also provides independence to the operation of angle.
In the modern car suspension, constant velocities are considered important parts. Besides, constant velocity smoothens turning and easy drives which further provides the efficiency of the vehicles. It reduces short and long-run wearing out of automotive parts.
It is anticipated that by 2028, the Automotive constant velocity joint market value will beworth 518 million. There has been a rapid increase in demand and manufacturing of passenger cars, SUVs, sedans, and hatchbacks which accelerate Automotive constant velocity joint market growth. In addition to this, there has been growth in construction activities which has enhanced the demand for heavy materials.
COVID- 19 Analysis
During the outbreak of a pandemic, many industries like pharmaceuticals have witnessed high growth. However, many industries like construction, automotive are almost at standstill. Due to the outbreak of a pandemic, many countries have imposed series of lockdowns and several social distancing norms. Thus, construction activities along with manufacturing, distribution & sale are almost at a standstill which has further impacted Automotive constant velocity joint market trends.
Also, automotive industries for large vehicles are highly dependent on the intermediaries’ factories as the parts are manufactured in other countries or regions and then transported to the main production centre. Hence, prolonged restrictions on imports and exports have disrupted the supply chain of automotive parts in terms of production and distribution. Besides, the purchasing power of individuals has dropped due to reduced pay and high unemployment. These factors are estimated to impact Automotive constant velocity joint market growth in the long and medium term.
The key players Automotive constant velocity joint market size is located globally.
Drivers- In recent times, demand for fuel efficiency has increased with the growth of range power run vehicles. As car manufacturers are working for efficient designs of passenger cars, the demand for fuel efficacy has increased. Due to high price volatility in the fuel market. It has been estimated that automobile sales improved by 1.29% from 2016 to 2020. While the construction industry is estimated to reach a CAGR of 7. 1% by 2028 which will drive growth in related. Also, construction activities on a global level have increased due to which production of heavy vehicles has risen. Many governments are investing high in building infrastructures and reconstructing old ones. It is estimated that demand for passenger cars and heavy vehicles will drive the automotive constant velocity joint market growth.
Opportunities-In countries like Europe, Asia- Pacific, and North America, demand for pick-up trucks will increase. Also, demand for passenger cars like SUVs, hatchbacks, sedans is growing due to increment in personal disposable income. Due to the growth of the automotive industry and construction, the demand for constant velocity joint boots within the vehicles has increased.
On the global front, a rise in construction activities will increase demand for heavy equipment vehicles which further increases Automotive constant velocity joint market size. Thus, the Automotive constant velocity joint industry must reap opportunities of increasing construction activities in the mentioned countries. However, the growth opportunities are significantly high with robust growth within logistics and transportation of raw materials and final products as well.
Restraints- Experts reveal that constant joint velocities are costly as they cannot be replaced easily. Thus, impacts the profits of final products while the customer must pay a high cost for replacing them. Hence, the market requires alternative solutions to improve the restraints. Also, there have been efforts for reducing carbon emissions, due to which demand for conventional cars might reduce. These factors will impact the potential of Automotive constant velocity joint market growth.
Challenges- Automotive velocity is required in every vehicle, however, the governments in many nations are focusing on reduced carbon emissions. Hence, the use of pool cars, shared vehicles and public transport is highly encouraged. Due to this, the Automotive constant velocity joint market size will be highly impacted.
Besides, the industry faces the high cost of raw materials like half shafts and axles which further restricts Automotive constant velocity joint market growth. A high focus on customer satisfaction will pose a challenge to the Automotive constant velocity joint industry to innovate and develop cost-effective and easily replaceable CVs. Also, there is high demand and production of electric cars and green vehicles. The cars operated through electrics have a different requirement of velocity joints than required in conventional passenger cars and heavy equipment tools. However, these factors might impose a challenge in the short and medium term.
Cumulative Growth Analysis –It is estimated that cumulative growth for the market will be 6.56 % by 2028. The market growth is expected to accelerate at 4% in cumulative years with incremental progress with 99.99 million units due to an increase in demand for passenger cars and equipment tools. Also, the year-on-year growth for the year 2020 was anticipated at 3.91%. It is estimated that Europe will contribute to 13 % of the total automotive constant velocity joint market growth. Thus, in the longer run, the market is expected to grow more than that of 2020 and 2019.
Value Chain Analysis
The automotive constant velocity joint helps in transmitting torque to the fronts without higher frictions at a persistent speed. The constant velocity joints are usually surrounded by rubber that is filled with grease that reduces wear and tear. Hence, it is an important material for vehicles for which the demand has been growing due to the increase in demand for passenger cars. Vehicles are used in many industries like logistics, construction, commercial passenger cars, and personal commutation.
Automotive constant velocity joint market share can be segmented into three types that is by joint type, vehicle type, and application.
To analyse the market on a regional basis, the Automotive constant velocity joint market share can be divided into four parts that are North America, Europe, Asia- Pacific, and the rest regions. In this view, North America is estimated for holding the largest market revenue by the year 2028. Owing to the innovations and increased environmental awareness in North America. It is also anticipated that Europe will witness high market growth, especially in the manufacturing sector.
Due to tightened legislation reformed each year, Automotive constant velocity joint market growth will increase. In regions like Russia and Poland, the market growth for logistics and transportation will increase demand for vehicles. This will further accelerate Automotive constant velocity joint market growth. Asia- Pacific will hold the highest CAGR owing to the increase in sales or premium vehicles. It is expected that China, India, and Japan will contribute highly to the market revenue of automotive constant velocity joints.
GKN Automotive is applying counter-track concepts to plunge CV joints for rearing wheel drive platforms by using the principles of SX and PX. In this view, SX joints are S-shaped in a longitudinal track form that is equipped in the front side shafts for enabling high steering. While PX joints are prop shafts, generally shaped in a flat radial offset form which enhances the durability of the joints thus improving the thermal performance of SUVs.
This report covered various aspects like market overview, COVID-19 Analysis, market dynamics, value chain analysis, segment overview, regional analysis, competitive landscape, a recent development.
|Market Size||2027: Significant Value|
|CAGR||6.56% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By joint type, By Application, By Vehicle type, By End Market,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GKN (U.K.), IFA Rotorion (Germany), SKF (Sweden), NTN Corporation (Japan), Nexteer Automotive (U.S.) NKN Co. Ltd. (Japan), ZWZ (China),andZhejiang ODM Transmission Technology Co.,Ltd. (China). Wanxiang Qianchao Co. Ltd. (China), Nanyang Automobile & Cycle Group (China), Taizhou Hongli Automobile Parts Co. Ltd. (China), Shandong Huifeng Auto Fittings Co. Ltd.(China), American Axle & Manufacturing Holdings, Inc.(U.S.), Hyundai WIA Corporation (South Korea) and Neapco Holdings LLC (U.S.)|
|Key Market Opportunities||Growing preference for public transport to reduce greenhouse gas emissions|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global automotive constant velocity joints market is maturing at a whopping 6.56% CAGR over the review period of 2017 to 2023.
A few significant players of the global automotive constant velocity joints market are Hyundai WIA Corporation (South Korea), American Axle & Manufacturing Holdings, Inc.(U.S.), and Neapco Holdings LLC (U.S.) are among others.
The HVC segment is expected to drive market growth over the review period.
The developing transport and logistics industry, and increasing demand for passenger vehicles is subsequently driving the automotive constant velocity joints market growth.
The commercial segment is likely to witness the highest demand in the automotive constant velocity joints market.