Automotive Constant Velocity Joint (CVJ) Market to grow by USD 147.5 Million (2024-2028) as SUV and pickup truck demand rises, powered by AI - Technavio

NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global automotive constant velocity joint (CVJ) market  size is estimated to grow by USD 147.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.35%  during the forecast period.  Growing demand for suvs and pickup trucks is driving market growth, with a trend towards advancements in design. However, high repair and replacement costs of cv joints  poses a challenge. Key market players include AB SKF, AIKOKU ALPHA, American Axle and Manufacturing Holdings Inc., Comer Industries Spa, Comline Auto Parts Ltd., Cummins Inc., Dana Inc., ECO SHAFT (M) SDN BHD, GKN Automotive Ltd., GSP Automotive Group Wenzhou Co. Ltd., Hartford Technologies Inc., Hyundai Motor Group, IFA Holding GmbH, JTEKT Corp., Melrose Industries Plc, Nexteer Automotive Group Ltd., NTN Corp., Nuova Tecnodelta Spa, Taizhou Heri Auto Parts Co. Ltd., and United Components Inc..

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Key Market Trends Fueling Growth

The Automotive Constant Velocity Joint (CVJ) market is experiencing innovation with manufacturers introducing new designs to meet emission norms and regulations. For instance, GKN's VL3 series CVJ, adopted by BMW 7 series models since 2016, reduced over 4kg weight from the rear-wheel-drive platform. The S-shaped track design enhances ball bearing movement, balancing forces and distributing torque evenly. This improvement supports cage strength and refines joint movement. Amid industry disruptions and competition, CVJ advancements are anticipated to continue, contributing significantly to the market's growth. 

The Automotive Constant Velocity Joint (CVJ) market is experiencing significant growth due to increasing vehicle sales, particularly in the commercial vehicle sector. Lightweight CVJs made from advanced materials are in high demand for fuel-efficient vehicles and electric vehicles to reduce emissions and improve power density. Installation issues persist, however, due to the complexity of CVJ types and vehicle types, including heavy-duty and four-wheeled vehicles. CVJs play a crucial role in mechanical power transmission, enabling smooth torque transfer between the vehicle's propulsion system and the wheels. CVJ manufacturers face challenges in producing CVJs that can withstand high temperatures, wear and tear, and lubrication requirements at high speeds. Industrial production and e-commerce are driving delivery solutions for CVJs, while construction activity and heavy-duty vehicles continue to rely on CVJs for their heavy-duty applications. The CVJ market is expected to continue growing as the demand for fuel-efficient and emission-reducing vehicles increases. 

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Market Challenges

• A damaged Automotive Constant Velocity Joint (CVJ) can exhibit several symptoms, including grease marks on tire edges, noise while turning, bouncy driving, and vibrations during acceleration. These signs indicate potential damage to the CVJ, which can lead to more serious issues if left unaddressed. The cost of replacing a CVJ varies based on the vehicle model, with prices ranging from USD135 to USD615 for the part alone. Adding labor costs, the total expense can range from USD215 to USD865. For multiple axles, the cost can double. Despite the importance of CVJ replacement for vehicle safety, many consumers delay the process due to the high costs, posing a challenge for market growth during the forecast period.
• The Constant-Velocity Joint (CVJ) market plays a crucial role in mechanical power transmission in four-wheeled vehicles, including passenger cars and heavy vehicles. CVJs ensure consistent output velocity despite varying input velocities in car suspension systems. However, challenges such as friction, torque transfer, and wear and tear impact vehicle efficiency and fuel economy. Construction activities and logistics require CVJs for heavy vehicles and pick-up trucks. CVJ exports contribute significantly to the global vehicles industry. Factors like weight reduction, emission norms, and drivetrain requirements drive innovation in CVJs, with advanced composite materials and hub motors gaining popularity. The aftermarket segment is a significant revenue generator, driven by the large vehicle population and purchasing power. The shift towards electric and autonomous vehicles, along with lightweighting and emission norms, poses challenges for CVJ manufacturers. Rubber and grease are essential components in CVJs, with recycling rates becoming increasingly important for sustainability. CVJs face challenges in meeting drivetrain requirements for electric cars, hybrids, and autonomous vehicles, necessitating innovation in design and materials. Demand contraction due to economic factors and carbon emissions concerns also impact the market. Tripod joints and ball-type joints are common CVJ designs, with ongoing research to improve their performance and durability.

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Segment Overview 

This automotive constant velocity joint (cvj) market report extensively covers market segmentation by

1. Application 
• 1.1 Passenger cars
• 1.2 Commercial vehicles
2. End-user 
• 2.1 OEMs
• 2.2 Aftermarket
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Passenger cars-  The Automotive Constant Velocity Joint (CVJ) market refers to the production and sales of CVJs used in automobiles. CVJs are essential components in drivetrain systems, ensuring smooth power transmission between the vehicle's transmission and wheels while maintaining a constant angular velocity. Key players in this market include Dana Incorporated, Schaeffler AG, and NSK Ltd. These companies focus on research and development, manufacturing, and distribution of high-quality CVJs to meet the increasing demand from the automotive industry.

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Research Analysis

Constant-velocity joints (CVJs) are essential components in mechanical power transmission systems of four-wheeled vehicles, enabling smooth and efficient transfer of power from the engine to the wheels, maintaining a constant velocity ratio between input and output. CVJs are crucial in car suspension systems, contributing to vehicle efficiency and reducing friction. The global market for CVJs is significant, with applications in passenger vehicles, construction activity, and commercial vehicles. CVJs play a role in weight reduction, improving fuel efficiency, and reducing CO2 emissions. CVJ exports continue to grow, driven by the increasing global vehicle population and the shift towards electric and autonomous vehicles. CVJ design and manufacturing require careful consideration of drivetrain requirements, raw materials, and installation issues. The market for CVJs is diverse, with various joint types and vehicle types, including electric vehicles and fuel-efficient vehicles, requiring specific CVJ designs for their propulsion systems.

Market Research Overview

Constant-velocity joints (CVJs) are essential components in mechanical power transmission systems, enabling smooth and efficient transfer of torque and output velocity from the vehicle's drivetrain to the wheels in four-wheeled vehicles. CVJs are crucial for maintaining constant velocity between the input and output shafts, ensuring optimal vehicle performance, efficiency, and reduced friction. CVJs are used extensively in passenger vehicles, pick-up trucks, commercial vehicles, and heavy vehicles for torque transfer, particularly in front-wheel-drive systems. The construction industry also relies on CVJs for power transmission in heavy-duty machinery and equipment. CVJs are essential for various vehicle types, including fuel-efficient vehicles, electric cars, hybrid vehicles, and autonomous vehicles. The demand for CVJs is influenced by factors such as vehicle population, purchasing power, vehicle sales, and emission norms. CVJs are made of rubber and grease, and their weight reduction is a critical factor in improving vehicle efficiency and reducing carbon emissions. CVJs are also used in industrial production, logistics, and delivery solutions, making them a vital component in the e-commerce sector. The CVJ market is subject to various installation issues, raw material availability, and temperature range considerations. Wear and tear, lubrication, and high-speed applications are essential factors affecting the CVJ market. Advanced composite materials and lightweighting are trends in the CVJ market, aimed at improving power density, reducing weight, and increasing the temperature range. The CVJ market also faces challenges such as demand contraction, installation factors, and competition from alternative propulsion systems like hub motors. In conclusion, the CVJ market plays a significant role in the automotive industry, enabling efficient power transmission and reducing emissions in various vehicle types and applications. The market is influenced by various factors, including vehicle population, emission norms, raw materials, and technological advancements.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Passenger Cars
• Commercial Vehicles
• End-user
• OEMs
• Aftermarket
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio