Global Constant Velocity Universal Joint Market by Product Type (Ball-Fixed, Plunging), By Application (Passenger Vehicle, Commercial Vehicle), and by Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Constant Velocity Universal Joint Market Overview:

The global Constant Velocity Universal Joint market is projected to be USD 7,942.5 Mn in 2022 to reach USD 10,976.7 Mn by 2032 at a CAGR of 3.7%.

Constant velocity joints, also known as CV joints or constant velocity joints, are used in all vehicles, whether commercial vehicles or passenger cars. Generally, a constant velocity joint is used in the front axle. With the advent of four-wheel-drive vehicles, CV joints have been used in almost all types of vehicles. In four-wheel drive, all four wheels rotate, which helps to better control the vehicle and shorten the turning radius. Nowadays, several SUVs and some trucks have four-wheel drive and all-wheel drive, which has proved that the adoption rate of CV joints is higher.

Global Constant Velocity Universal Joint Market Revenue (USD Mn), 2020–2029:

The strong growth of the automotive industry is a major driving factor, which has greatly affected the growth of the constant velocity joint market. The automobile is the only end-use industry in the constant velocity joint market.

Emerging economies, such as China, India, and developed countries including the United States, Japan, and Germany, have a booming automobile industry, mainly producing automobiles. Strong investment in these countries and domestic government support to strengthen the local auto industry are expected to promote the growth of the global constant velocity joint market.

The replacement cost is high, which is due to the expensive manual labor to replace the constant velocity universal joint with skilled workers, which is a disadvantage in this market. In addition, off-road vehicles may need to replace constant velocity joints on a regular basis, because this is an important part of the power transmission system, and it will not work properly without the CV joint. This factor may hinder the growth of the global constant velocity joint market to a certain extent.

Global Constant Velocity Universal Joint Market Attractiveness Analysis by Constant Velocity Universal Joint Type, 2014–2030:

The research report on the global constant velocity universal joint market includes profiles of some of the major companies such as:

• GKN Limited
• NTN Corporation
• American Axle & Manufacturing, Inc.
• Meritor, Inc.
• Dana Incorporated
• Nexteer Automotive Group Limited
• HYUNDAI WIA Corporation
• JTEKT Corporation
• SKF AB
• IFA Holding GmbH
• Others

Global constant velocity universal joint market segmentation by product, application, and region:

Product Type

• Ball-Fixed
• Plunging

Application

• Passenger Vehicle
• Commercial Vehicle

Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

For the Constant Velocity Universal Joint Market research study, the following years have been considered to estimate the market size: