(MENAFN- EIN Presswire) Automotive Constant Velocity Joint Market
The prominent key factors that drive the growth of the automotive constant velocity joint market are increase in demand for lightweight constant velocity joints
PORTLAND, OR, UNITED STATES, April 20, 2023 /einpresswire.com / -- 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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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
Covid-19 scenario:
The Covid-19 pandemic forced governments across the globe to implement strict lockdowns and impose ban on import-export of essential raw materials items. This sudden decline in availability of raw materials for vehicle components disrupted the supply chain.
The disrupted supply chain negatively impacted the sales of automotive constant velocity as they are directly linked with automotive manufacturing and sales operations.
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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.
The prominent key factors that drive the growth of the global automotive constant velocity joint market are increase in demand for lightweight constant velocity joints, and increase in demand for commercial vehicles. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the manufacturing sector witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry, which in turn is expected fuel the market. In addition, in some undeveloped countries, there is an increase in the production and sales of vehicles, which is expected to boost the market.
KEY FINDINGS OF THE STUDY
By technology, the future technology segment is expected to register a significant automotive constant velocity joint 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.
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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