Automotive Constant Velocity Joint Market size to grow by 134.36 million units between 2022 and 2027; AB SKF, AIKOKU ALPHA, among others, identified as key vendors - Technavio
NEW YORK, March 26, 2024 /PRNewswire/ -- The automotive constant velocity joint market size is set for substantial growth between 2023 and 2027, with a forecasted increase of USD 134.36 million at a Compound Annual Growth Rate (CAGR) of 5.12%. This surge is attributed to several key factors, including the rising demand for SUVs and pickup trucks, a heightened focus on fuel efficiency, and significant investments in Research and Development (R&D) by industry players.
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The global Automotive Constant Velocity Joint (CVJ) Market is poised for substantial growth between 2023 and 2027, with a forecasted increase of USD 134.36 million at a Compound Annual Growth Rate (CAGR) of 5.12%. This surge is attributed to several key factors, including the rising demand for SUVs and pickup trucks, a heightened focus on fuel efficiency, and significant investments in Research and Development (R&D) by industry players.
Market Dynamics: The market dynamics are fueled by the surging demand for SUVs and pickup trucks, particularly in regions like North America and Europe, where consumers gravitate towards vehicles with all-wheel drive capabilities and high ground clearance. The trend is further amplified by the popularity of activities like dune bashing. Moreover, advancements in CV joint designs, such as the innovative VL3 series developed by GKN, are catering to stringent emission regulations while enhancing performance.
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Key Market Drivers:
- Growing demand for SUVs and pickup trucks
- Advancements in CV joint design to meet emission norms
- Increasing focus on fuel efficiency
Significant Market Trends: Innovations in CV joint designs are a notable trend, with manufacturers introducing novel solutions like the VL3 series to meet regulatory requirements while enhancing performance and efficiency. Such advancements are expected to continue over the forecast period, driving market growth.
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Major Market Challenges: Despite the promising growth prospects, the high repair and replacement costs of CV joints pose a significant challenge. Consumers may hesitate to replace damaged CV joints due to the associated expenses, thereby hindering market growth despite safety concerns.
Key Market Players: Several companies are actively contributing to the automotive CVJ market, including industry giants like AB SKF, Dana Inc., GKN Automotive Ltd., and Hyundai Motor Group. These players are implementing various strategies, including strategic alliances and product launches, to bolster their market presence.
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Fastest-Growing Segment: The passenger cars segment is poised for significant growth during the forecast period, driven by factors such as urbanization, increasing disposable income, and a preference for ICE-based vehicles over Electric Vehicles (EVs) due to range anxiety and infrastructure limitations.
Key Regions for Market Growth: The Asia-Pacific (APAC) region is expected to spearhead the growth of the global automotive CVJ market, contributing approximately 75% to the overall growth. Rapid economic growth, stringent emission standards, and the establishment of production plants by global OEMs are key factors driving market expansion in APAC.
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In conclusion, the Automotive Constant Velocity Joint (CVJ) Market presents lucrative opportunities for industry players, fueled by the growing demand for SUVs and pickup trucks, advancements in CV joint design, and expanding automotive production in key regions. Despite challenges such as high replacement costs, strategic initiatives by market players and favorable economic conditions are expected to propel market growth in the coming years.
Analyst Review
The Automotive Constant Velocity Joint (CVJ) market is experiencing a significant surge in demand, fueled by several factors ranging from the rise in construction activities to the increasing popularity of SUVs and the emphasis on fuel efficiency. CVJs play a pivotal role in the mechanical power transmission of four-wheeled vehicles, particularly in contemporary car suspension systems, both in passenger vehicles and heavy equipment vehicles.
Front-wheel-drive vehicles, a common configuration in passenger cars and SUVs, heavily rely on CVJs for efficient power transmission from the engine to the wheels, ensuring smooth operation and optimal performance. Moreover, with the increasing disposable income of consumers, there has been a notable uptick in the demand for range power run vehicles, including SUVs, which further drives the demand for CVJs.
One of the critical aspects of CVJs is their ability to maintain constant velocity, which is essential for ensuring a seamless driving experience and minimizing wear of vehicle components. Constant velocity joint boots, designed to protect the CVJs from contaminants and prevent premature failure, have also gained prominence in the market, especially with the growing awareness among consumers regarding the importance of vehicle maintenance.
The rise in construction activities worldwide has led to an increased demand for heavy equipment vehicles, such as loaders and excavators, which rely on robust CVJ systems for efficient power transmission and maneuverability. This surge in demand for heavy equipment vehicles further contributes to the expansion of the automotive CVJ market.
Furthermore, manufacturers are focusing on enhancing the durability and performance of CVJs to meet the rigorous demands of modern vehicles and ensure longevity under harsh operating conditions. With advancements in material science and manufacturing processes, CVJ manufacturers can offer products that withstand higher loads and temperatures, thereby reducing the need for frequent maintenance and replacement.
In conclusion, the automotive CVJ market is witnessing significant growth driven by various factors, including the increasing demand for SUVs, the rise in construction activities, and the emphasis on fuel efficiency. As the automotive industry continues to evolve, CVJ manufacturers are poised to play a crucial role in enabling efficient power transmission and ensuring the optimal performance of vehicles across various segments.
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Market Overview
The Automotive Constant Velocity Joint (CVJ) Market is experiencing significant growth, driven by the increasing demand for efficient mechanical power transmission in contemporary four-wheeled vehicles. CVJs play a crucial role in modern car suspension systems, ensuring smooth and constant power transfer while minimizing wear on vehicle components. This technology is particularly vital in passenger vehicles, especially front-wheel-drive models, where CVJs enable seamless torque distribution. Moreover, with the rising popularity of range power run vehicles, CVJs are becoming indispensable for maintaining optimal performance and efficiency. The market expansion is further fueled by the growth in personal disposable income, allowing consumers to invest in advanced automotive technologies. Overall, the Automotive CVJ Market is poised for continued expansion as the automotive industry continues to prioritize efficiency, performance, and durability.
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TOC
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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