Automotive Constant Velocity Joint Market to Reach Valuation of USD 10,529.1 Million By 2032 | Rzeppa CV Joints Control Over 49% Market Share Says Astute Analytica
The automotive constant velocity joint market is robust, driven by passenger vehicle dominance and strong OEM influence. Asia-Pacific is the production and consumption leader, while innovation focuses on electric vehicles, material optimization, and meeting rigorous quality standards.
New Delhi, April 10, 2024 (GLOBE NEWSWIRE) -- The global automotive constant velocity joint market is projected to surpass the market size of US$ 10,529.1 million by 2032 from US$ 4,429.0 million in 2023 at a CAGR of 10.2% during the forecast period 2024–2032.
The global automotive constant velocity (CV) joint market presents a compelling investment opportunity, fueled by robust present-day adoption and the transformative forces of electrification and autonomous vehicle technology. CV joints serve as an indispensable link in the vast majority of vehicles worldwide, with over 90% of vehicles utilizing them. Efficiency gains of 30% and weight reductions of 25% over the past three decades indicate a focus on performance optimization within the established marketplace. China, the U.S., and Germany dominate production, commanding a cumulative 60% share of global CV joint output in 2022. Yet, consumption skews towards the Asia-Pacific region, which claims 45% of overall demand, aligning with the region's large vehicle population.
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The automotive constant velocity joint market is poised for further expansion, propelled by the rise of developing nations as manufacturing hubs. A 12% increase in CV joint exports from developing to developed countries in 2022 underscores this trend. Nevertheless, addressing the environmental impact of the sector remains crucial. While responsible for nearly 2 million metric tons of CO2 emissions in 2022, the industry has begun to embrace sustainability. Increased recycling rates (20% in the past five years) and a 15% average reduction in material waste demonstrate a positive trajectory.
The electric vehicle (EV) revolution is set to reshape the CV joint landscape. Accounting for 19% of global car sales in 2023, EVs will constitute an estimated 40% of the market by 2030. These vehicles rely on distinct drivetrain configurations, mandating tailored CV joint design. Projections suggest that a quarter of all CV joints will be EV-specific within that timeframe. Simultaneously, the burgeoning autonomous vehicle sector, with its staggering 35% annual growth rate, calls for innovative CV joint solutions to accommodate self-driving capabilities. These burgeoning market segments hold immense potential for forward-thinking players within the industry, promising a lucrative outlook for the global automotive constant velocity joint market.
*Key Findings in Automotive Constant Velocity Joint Market *
Market Forecast (2032) US$ 10,529.1 Million
CAGR 10.2%
Largest Region (2023) Asia Pacific (46.2%)
By Type Rzeppa CV Joints (49.6%)
By Vehicle Type Passenger Vehicles (65.1%)
By Application Internal Combustion Engine (69.8%)
By Distribution Channel OEM (82.8%)
Top Trends · Demand surge for CV joints tailored to electric vehicles (EVs)
· Increased focus on lightweight CV joint materials
· Rise in custom-designed CV joints to meet specialized vehicle requirements
Top Drivers · Rapid growth of the global passenger vehicle market
· OEM emphasis on performance, efficiency, and reliability in CV joints
· Expanding automotive manufacturing within the Asia-Pacific region
Top Challenges · Managing the environmental impact and carbon footprint of CV joint production
· Addressing heating issues in CV joints operating at high speeds
· Maintaining cost-effectiveness while meeting high-quality demands
*Rzeppa CV Joints Control Over 49% Market Share Thanks to Their Versatile, Dependable, & Market-Leading Performance*
Rzeppa CV joints dominate the automotive constant velocity joint market, and for good reason. Their wide articulation angles, ideal for front-wheel drive applications, allow smooth power transmission even as steering and suspension angles change. This dependable performance across a range of vehicles explains their popularity. With nearly half (49.6%) of all CV joints sold being Rzeppa joints and an expected growth rate of 11.2%, their market position is both strong and expanding. Rzeppa joints are fundamental to vehicle drivetrains, transferring power from the engine to the wheels. Most commonly used on outboard ends of front-wheel drive axles, they allow for both steering and suspension movement in the wheels. They're also found in rear axles of vehicles with independent rear suspension.
While not as strong as tripod CV joints, Rzeppa joints offer ample strength and durability for typical applications. Ensuring proper safety measures to address potential heating issues at high speeds is essential for the market's continued growth. When service is required, kits like the TeraFlex JK Rzeppa High-Angle Factory Replacement CV Joint Kit offer solutions for worn factory Rzeppa joints, eliminating the need for aftermarket upgrades.
*Passenger Vehicles Drive 65.1% Market Revenue of the Global Automotive Constant Velocity Joint Market*
The dominance of passenger vehicles in the automotive constant velocity joint market, capturing a commanding 65.1% share, is a direct reflection of the robust state of global passenger car sales. In 2023, an estimated 86 million passenger cars were sold worldwide, and this figure is set to increase in 2024. Notably, electric vehicles (EVs) are playing an increasingly important role, constituting approximately 18% of total sales in 2023. This sales growth is not isolated to a specific region. The first half of 2023 saw positive trends across major global markets like Japan, Europe, and the US. In the USA alone, light vehicle sales jumped by 12.9% in the first half of 2023, signifying a growing market. Projections by the VDA point to continued growth for the full year, with estimations of a further 7% increase in the US light vehicle market. Japan, the fastest-growing major new car market in H1 of 2023, is also anticipated to see a 13% increase for the full year. India, too, experienced strong sales growth in the same period.
The rise of the EV sector is inseparable from the trajectory of passenger vehicles and the automotive constant velocity joint market. 14.2% of global passenger vehicle sales in 2022 were electric vehicles, a significant increase from just a few years prior. With 10.5 million electric vehicles sold globally in 2022, it's predicted that EVs will represent 18% of global car sales in 2023. France, as an example, saw a notable increase in EV sales in Q1 2023. Alongside sales trends, global auto manufacturers continue to shape the industry landscape. Toyota, Volkswagen, Hyundai-Kia, General Motors, and Stellantis lead the pack as the top 5 automakers worldwide in the first half of 2023. Both Toyota and Volkswagen experienced sales increases over the same period in 2022.
*OEM’s Dominance in the Automotive Constant Velocity Joint Market, Capture Over 82.8%*
Original Equipment Manufacturers (OEMs) hold a dominant position within the automotive constant velocity joint market’s supply chain. As the primary customers, OEMs integrate CV joints into vehicles during the design and assembly process. This industry operates on a tiered supply chain structure, with OEMs at the top sourcing crucial components like CV joints directly from Tier 1 suppliers. OEMs often maintain long-term contracts and collaborative relationships with their CV joint suppliers to ensure a reliable source of high-quality components. Leading OEMs invest significantly in research and development (R&D) with aims to enhance vehicle performance, efficiency, and sustainability. North American automotive giants like General Motors, Ford, and Tesla have collectively invested over $15 billion in R&D in the past three years. Part of this funding advances CV joint innovations such as lightweight materials and friction reduction technology.
OEMs prioritize quality and reliability. To avoid costly repairs and brand damage, they implement rigorous testing to ensure CV joints meet demanding standards in durability and performance. The North American CV joint market has seen 8% annual growth since 2020, driven partly by these quality controls. OEMs often collaborate with suppliers to develop custom CV joint solutions tailored to the unique demands of specific vehicle models. This customization highlights the symbiotic relationship between OEMs and the suppliers who deliver specialized solutions.
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*Asia Pacific is the Leading Producer and Consumer of Automotive Constant Velocity Joint Market, Capture Over 46.2% Market Revenue *
In 2023, China, the US, and Germany emerged as global leaders in CV joint production, with a combined output of 60%. As a key contributor to this output, China's position within the greater Asia-Pacific region highlights its manufacturing strengths. This is further evidenced by companies like NTN, a major CV joint manufacturer, establishing local production facilities in Thailand since 2012 to specifically address the growing demands of the Asia-Pacific market. The region's lower production costs and access to a vast consumer base make it an attractive hub for global automakers. In the same year, The Asia-Pacific region, including the Middle East, saw robust passenger car sales in 2023 with an estimated 51.8 million vehicles sold, exceeding the 34.57 million sold in 2021. China played a major role in this growth, accounting for a remarkable 30.09 million passenger car sales in 2023 alone.
The Asia-Pacific region stands out not only in production but also as the largest consumer in the global automotive constant velocity joint market, claiming over 46% demand share fueled by its large vehicle population. A 12% increase in CV joint exports from developing nations, many of which are within Asia-Pacific, to developed nations underscores the burgeoning production capabilities of the region. Additionally, a flourishing automotive aftermarket, projected to reach USD 170 billion by 2028, will continue to drive demand for CV joints as replacement parts.
Rapid economic growth and a subsequent rise in per capita income within the region, notably in China and India, have boosted consumer purchasing power. This translates directly to increased automobile sales across Asia-Pacific countries like Indonesia and Thailand. Furthermore, a shift towards front-wheel drive (FF) vehicles, which heavily utilize CV joints, is underway. Indonesia exemplifies this trend, as environmental requirements propel their automotive production towards FF designs.
*Global Automotive Constant Velocity Joint Market Key Players*
· GKN
· American Axle Manufacturing Holdings
· Hyundai WIA Corporation
· IFA Group
· Nanyang Automobile & Cycle Group
· Neapco Holdings LLC
· Nexteer Automotive
· NKN Co. Ltd
· NTN Corporation
· JTEKT Corporation
· SKF
· Other Prominent Players
*Key Segmentation:*
*By Type*
· Rzeppa CV Joint
· Tripod Joints and Ball-Type Joints
· Inboard / Outboard Joints
· Fixed / Plunge Joints
· Others
*By Vehicle Type*
· Passenger Vehicle
· Light Commercial Vehicle
· Heavy Commercial Vehicle
*By Application*
· ICE
· Electric
· Hybrid
*By Distribution Channel*
· OEM
· Aftermarket
*By Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa (MEA)
· South America
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*About Astute Analytica*
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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CONTACT: Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/