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.
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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.
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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
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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.
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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.
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