Automotive Constant Velocity Joint Market by Application and Geography - Forecast and Analysis 2020-2024
Global Automotive Constant Velocity Joint Market: About this market
Technavio’s automotive constant velocity (CV) joint market analysis considers sales from both passenger cars and commercial vehicle applications. Our report also provides a detailed analysis of the market in APAC, Europe, MEA, North America, and South America. In 2019, the passenger car segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as a shift in consumer preference toward four-wheel-drive SUVs will play a significant role in the passenger car segment to maintain its market position. Also, our global automotive constant velocity (CV) joint market report looks at factors such as increase in passenger vehicle sales globally, increasing demand for fuel efficiency in vehicles, and rising preference for pickup trucks in emerging countries. However, high repair and replacement costs, growing preference for public transport to reduce greenhouse gas emissions, and increase in on-demand online taxi providers in China may hamper the growth of the automotive constant velocity (CV) joint industry over the forecast period.
Global Automotive Constant Velocity Joint Market: Overview
Increasing demand for fuel efficiency in vehicles
Constant velocity joints minimize power transmission losses and friction, thereby easing the operations in a wheel, which improves the fuel efficiency of vehicles. This has led the vendors to focus on increasing R&D of automotive products, which enables the development of new materials, manufacturing processes, and designs that reduce the weight of CV joints. The use of such innovative CV joints in automobiles will considerably enhance the fuel efficiency of vehicles. This demand for fuel efficiency in vehicles will lead to the expansion of the global automotive constant velocity (CV) joint market at a CAGR of over 4% during the forecast period.
Focus on size and light-weighting of CV joints
The heavyweight of CV joints results in the high fuel consumption and harmful gas emission of vehicles. Hence, OEMs are increasingly focusing on the use of lightweight materials and design for manufacturing CV joints that will improve the driving dynamics and reduce fuel consumption and weight of the chassis by 15%. Several manufacturers are also trying to reduce the size of CV joints by designing them in different shapes. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive constant velocity (CV) joint market during the forecast period 2020-2024, click here.
With the presence of several major players, the global automotive constant velocity (CV) joint market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive constant velocity (CV) joint manufacturers, that include AB SKF, American Axle & Manufacturing Inc., Dana Inc., Guangzhou Hongzhou Auto Parts Co. Ltd., Melrose Industries Plc, Meritor Inc., Neapco Holdings LLC, Nexteer Automotive Corp., and Zhejiang ODM Transmission Technology Co. Ltd.
Also, the automotive constant velocity (CV) joint market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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