Constant Velocity Universal Joint Market Size, Share, Growth, and Industry Analysis, By Type (Ball and Fork), By Application (Passenger Vehicle and Commercial Vehicle), Regional Insights and Forecast To 2032

Constant Velocity Universal Joint Market Report Overview

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The global constant velocity universal joint market size was USD 8004.2 million in 2022 and market is projected to touch USD 11074.4 million by 2032 at CAGR 3.3% during the forecast period.

In order to transfer power from one shaft to another, vehicles and other machines frequently use constant velocity universal joints (CV joints). A CV joint uses a flexible joint and specialized bearings to keep its speed and torque constant, in contrast to a typical universal joint, which can produce changes as it spins. Front-wheel drive vehicles frequently have CV joints, which permit the wheels to revolve while keeping a steady speed and torque.

The demand for fuel-efficient cars with smoother driving characteristics is driving the growth in the constant velocity universal joint industry. With less friction and vibration in the drivetrain thanks to CV joints, fuel economy is increased and the ride is more comfortable. In addition, as constant velocity drive shafts are necessary for maximum performance in electric and hybrid vehicles, the popularity of these vehicles has increased demand for the universal joints. The expansion of the automotive sector and the rise in the usage of the constant joints in other equipment applications are also factors in the market's expansion.

COVID-19 Impact: Shortage in Raw Materials and Industrial Halts Led to the Disruption in the Global Supply Chain

The pandemic decreased the market for constant universal joints by lowering automotive manufacturing and sales. Manufacturers and suppliers within the sector saw a decline in sales and profits as a result. Due to the epidemic, there were shortages of raw materials, delays in transportation, and industrial halts, which all caused disruptions in the worldwide supply chain. As a result, there were delays in production and higher costs due to the lack of parts and components. Overall, the COVID-19 pandemic had a detrimental effect on the velocity universal joint sector, which had an adverse effect on the industry's expansion and profitability.

Latest Trends

"Increasing Use of AWD in Automobiles to Improve Traction and Control"

The growing use of all-wheel-drive (AWD) systems in automobiles is one of the newest developments in the constant velocity universal joint industry. AWD systems improve traction, stability, and control by using numerous constant velocity joints to distribute power to all four wheels. The market for constant velocity joints is anticipated to increase as a result of the rising demand for AWD systems in automobiles, particularly in areas with severe weather. Overall, the joint market is observing a number of trends brought on by shifting consumer preferences, evolving legislation, and technological improvements.

Constant Velocity Universal Joint Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Ball, and Fork

• By Application Analysis

Based on application, the market can be divided into Passenger Vehicle, and Commercial Vehicle

Driving Factors

"Development of the Automobile Sector is Propelling the Universal Joint Market Growth"

The development of the automobile sector is one of the key reasons propelling the constant velocity universal joint market growth. Constant velocity joints are becoming more and more in demand as global auto production and sales increase. These joints are a crucial part of the drivetrain system of a car that allows power to be transferred from the engine to the wheels. Constant universal joints are predicted to be in high demand as long as the automobile sector keeps expanding.

"Increasing Demand for Fuel-efficient Vehicles is Driving the Market for the Joints"

One of the key market drivers for constant velocity universal joints is the requirement for fuel-efficient cars. A smoother driving experience and increased fuel efficiency are the results of CV joints' contribution to the reduction of friction and vibrations in the powertrain. There is a rising demand for cars with higher fuel economy as petrol costs continue to climb and environmental rules tighten up. The use of CV joints in front-wheel drive automobiles, which are typically more fuel-efficient than rear-wheel drive vehicles, is being driven by this trend.

Restraining Factors

"Increase in Electric Vehicle Use is a Major Restraint on the Universal Joint Industry"

The market for constant velocity universal joints is being significantly constrained by the rising prevalence of electric powertrains in automobiles. Since drive shafts and traditional transmissions are not needed in electric vehicles, there is less requirement for velocity universal joints. Instead, they are often equipped with a single-speed gearbox. The need for CV joints is anticipated to fall as electric vehicle use rises, which could have a negative impact on the market's expansion. A further impediment is the expensive cost of constant universal joints in comparison to more conventional drivetrain parts such as universal joints and slip yokes. This makes it difficult for manufacturers to compete in price-sensitive markets and can prevent some regions from adopting CV joints.

Constant Velocity Universal Joint Market Regional Insights

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"Major Industry Players' Presence is Helping North America to Dominate the Joint Market Share"

The country's robust automotive sector and the presence of major market participants in North America are the main reasons why the region has dominated the constant velocity universal joint market share. Some of the biggest automakers in the world, such as General Motors, Ford, and Fiat Chrysler Automobiles, have their headquarters in the North American continent. The highly established automotive industry in the area has been a major factor in the rise of constant velocity joints in automobiles. The vast consumer base in the area, which is choosing cars with higher performance and fuel economy more frequently, also helps to boost the demand. In addition, the area has a strong technological foundation and a skilled labor population, which have aided manufacturers in creating innovative velocity joints with improved performance and longevity.

Key Industry Players

"Key Players Focus Product Innovation and R&D to Expand their Market Reach"

Players are concentrating on product innovation, and growth of their production capabilities in order to control the velocity universal joint industry. In order to develop cutting-edge designs that offer higher performance and durability, players are spending in research and development. Additionally, they are collaborating and forming strategic alliances with other players to broaden their consumer base and market reach. In order to raise their production capacity and boost efficiency, players are also extending their manufacturing capabilities by investing in new facilities and technology.

LIST OF TOP CONSTANT VELOCITY UNIVERSAL JOINT COMPANIES

• GKN (U.K.)
• NTN (Japan)
• AAM (U.S.)
• Meritor (U.S.)
• Wanxiang (China)
• Dana (U.S.)
• Nexteer (U.S.)
• Hyundai WIA (South Korea)

Report Coverage

This report covers the constant velocity universal joint market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2032. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.