Automotive constant velocity joint market to grow at a CAGR of 5.12% by 2027: Driven by Increasing focus on fuel efficiency - Technavio

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- According to Technavio, the global automotive constant velocity joint market size is forecasted to grow by 134.36 million units from 2022 to 2027. The market is estimated to grow at a CAGR of over 5.12%. Moreover, the growth momentum will accelerate. APAC will account for 75% of the market's growth. The report includes historic market data from 2017 to 2021. In 2017, the automotive constant velocity joint market was valued at 395.75 million units. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on market size, request a sample report.

Automotive constant velocity joint market - Five forces

The global automotive constant velocity joint market is fragmented, and the five forces analysis covers– 

• Bargaining Power of Buyers 
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
• Threat of Substitutes
• For an interpretation of Porter's five forces model – buy the report!

Automotive constant velocity joint market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Automotive constant velocity joint market - Segmentation assessment

Segment overview

Technavio has segmented the market based on Application (Passenger cars and Commercial vehicles), End-user (OEMs and Aftermarket), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• The passenger cars segment will account for a significant share of the market's growth during the forecast period. Due to the accelerating rate of urbanization and rising levels of disposable income, there is an increase in demand for passenger cars. Despite the incentives offered in numerous nations, the sales of passenger cars continue to outpace those of EVs. This is primarily attributable to range anxiety, expensive battery replacement, and inadequate EV charging infrastructure. Such factors will facilitate segment growth during the forecast period.

Geography overview

By geography, the global automotive constant velocity joint market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive constant velocity joint market.

• APAC will account for 75% of the market's growth during the forecast period. The region has been witnessing rapid economic growth, which is increasing the purchasing power of consumers leading to high automobile sales. APAC is becoming an attractive location for automotive OEMs owing to government incentives as well as the easy availability of resources. Various global OEMs are establishing their production plants in APAC. Thus, the increase in the production of vehicles in the region will contribute significantly to the growth of the market in APAC during the forecast period.

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Automotive constant velocity joint market – Market dynamics

Key factor driving market growth

• The increasing focus on fuel efficiency is one of the major factors driving the market growth. 
• Fuel efficiency is considered an important factor when purchasing a vehicle.
• Therefore, automakers upgrading technologies to reduce fuel consumption by vehicles and deliver optimum performance.
• Automakers are developing advanced systems, including automotive CV (constant Velocity) joints, which will increase fuel efficiency as fuel costs constitute a major portion of vehicle ownership costs,
• The focus of customers on the fuel efficiency of vehicles is expected to have a positive impact on the market during the forecast period.

Leading trends influencing the market 

• The focus on reducing the size of CV joint boots is an emerging trend in the market. 
• A CV joint boot is a rubber casing that covers the CV joint at the axle of a vehicle.
• The material used for manufacturing the CV joint is very important as it helps in protecting the inner and outer portion of the CV joint to keep it away from water or road debris.
• Manufacturers are able to reduce the size of the CV joint boot with the introduction of new materials.
• This will help is reducing the overall cost, reduce vehicle weight, and support fuel efficiency. Hence, these factors will fuel the market growth during the forecast period. 

Major challenges hindering market growth

• The growing preference for public transport to reduce greenhouse gas emissions is a major challenge impeding the market growth. 
• The demand for CV joints has a direct impact on the production of new vehicles in the market.
• The second major contributor to greenhouse gas emissions globally is the transportation sector (cars, trucks, buses, ships, aircraft, and trains).
• Government bodies are implementing regulations to reduce the number of vehicles on the road due to increasing traffic.
• Therefore, the increasing use of public transport would adversely affect the global market during the forecast period. 

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this automotive constant velocity joint market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the automotive constant velocity joint market between 2023 and 2027
• Precise estimation of the automotive constant velocity joint market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the automotive constant velocity joint industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of automotive constant velocity joint market vendors

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Table of Contents:

1 Executive Summary

• 1.1 Market Overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market Definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (million units)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (million units)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global automotive constant velocity joint market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global automotive constant velocity joint market 2017 - 2021 (million units)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 (million units)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 (million units)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (million units)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (million units)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Passenger cars - Market size and forecast 2022-2027
• Exhibit 34: Chart on Passenger cars - Market size and forecast 2022-2027 (million units)
• Exhibit 35: Data Table on Passenger cars - Market size and forecast 2022-2027 (million units)
• Exhibit 36: Chart on Passenger cars - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Passenger cars - Year-over-year growth 2022-2027 (%)

• 6.4 Commercial vehicles - Market size and forecast 2022-2027
• Exhibit 38: Chart on Commercial vehicles - Market size and forecast 2022-2027 (million units)
• Exhibit 39: Data Table on Commercial vehicles - Market size and forecast 2022-2027 (million units)
• Exhibit 40: Chart on Commercial vehicles - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Commercial vehicles - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application (million units)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 43: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 44: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 45: Chart on Comparison by End-user
• Exhibit 46: Data Table on Comparison by End-user

• 7.3 OEMs - Market size and forecast 2022-2027
• Exhibit 47: Chart on OEMs - Market size and forecast 2022-2027 (million units)
• Exhibit 48: Data Table on OEMs - Market size and forecast 2022-2027 (million units)
• Exhibit 49: Chart on OEMs - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on OEMs - Year-over-year growth 2022-2027 (%)

• 7.4 Aftermarket - Market size and forecast 2022-2027
• Exhibit 51: Chart on Aftermarket - Market size and forecast 2022-2027 (million units)
• Exhibit 52: Data Table on Aftermarket - Market size and forecast 2022-2027 (million units)
• Exhibit 53: Chart on Aftermarket - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Aftermarket - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by End-user 
• Exhibit 55: Market opportunity by End-user (million units)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 (million units)
• Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 (million units)
• Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 (million units)
• Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 (million units)
• Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 (million units)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 (million units)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 73: Chart on South America - Market size and forecast 2022-2027 (million units)
• Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 (million units)
• Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 (million units)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (million units)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 81: Chart on China - Market size and forecast 2022-2027 (million units)
• Exhibit 82: Data Table on China - Market size and forecast 2022-2027 (million units)
• Exhibit 83: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 85: Chart on US - Market size and forecast 2022-2027 (million units)
• Exhibit 86: Data Table on US - Market size and forecast 2022-2027 (million units)
• Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 89: Chart on Japan - Market size and forecast 2022-2027 (million units)
• Exhibit 90: Data Table on Japan - Market size and forecast 2022-2027 (million units)
• Exhibit 91: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027
• Exhibit 93: Chart on India - Market size and forecast 2022-2027 (million units)
• Exhibit 94: Data Table on India - Market size and forecast 2022-2027 (million units)
• Exhibit 95: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 South Korea - Market size and forecast 2022-2027
• Exhibit 97: Chart on South Korea - Market size and forecast 2022-2027 (million units)
• Exhibit 98: Data Table on South Korea - Market size and forecast 2022-2027 (million units)
• Exhibit 99: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography (million units)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 AB SKF 
• Exhibit 108: AB SKF - Overview
• Exhibit 109: AB SKF - Business segments
• Exhibit 110: AB SKF - Key news
• Exhibit 111: AB SKF - Key offerings
• Exhibit 112: AB SKF - Segment focus

• 12.4 AIKOKU ALPHA 
• Exhibit 113: AIKOKU ALPHA - Overview
• Exhibit 114: AIKOKU ALPHA - Product / Service
• Exhibit 115: AIKOKU ALPHA - Key offerings

• 12.5 American Axle and Manufacturing Holdings Inc.
• Exhibit 116: American Axle and Manufacturing Holdings Inc. - Overview
• Exhibit 117: American Axle and Manufacturing Holdings Inc. - Business segments
• Exhibit 118: American Axle and Manufacturing Holdings Inc. - Key offerings
• Exhibit 119: American Axle and Manufacturing Holdings Inc. - Segment focus

• 12.6 Comer Industries Spa 
• Exhibit 120: Comer Industries Spa - Overview
• Exhibit 121: Comer Industries Spa - Product / Service
• Exhibit 122: Comer Industries Spa - Key offerings

• 12.7 Comline Auto Parts Ltd. 
• Exhibit 123: Comline Auto Parts Ltd. - Overview
• Exhibit 124: Comline Auto Parts Ltd. - Product / Service
• Exhibit 125: Comline Auto Parts Ltd. - Key offerings

• 12.8 Dana Inc. 
• Exhibit 126: Dana Inc. - Overview
• Exhibit 127: Dana Inc. - Business segments
• Exhibit 128: Dana Inc. - Key news
• Exhibit 129: Dana Inc. - Key offerings
• Exhibit 130: Dana Inc. - Segment focus

• 12.9 ECO SHAFT (M) SDN BHD 
• Exhibit 131: ECO SHAFT (M) SDN BHD - Overview
• Exhibit 132: ECO SHAFT (M) SDN BHD - Product / Service
• Exhibit 133: ECO SHAFT (M) SDN BHD - Key offerings

• 12.10 GKN Automotive Ltd. 
• Exhibit 134: GKN Automotive Ltd. - Overview
• Exhibit 135: GKN Automotive Ltd. - Product / Service
• Exhibit 136: GKN Automotive Ltd. - Key offerings

• 12.11 Hartford Technologies Inc. 
• Exhibit 137: Hartford Technologies Inc. - Overview
• Exhibit 138: Hartford Technologies Inc. - Product / Service
• Exhibit 139: Hartford Technologies Inc. - Key offerings

• 12.12 IFA Holding GmbH 
• Exhibit 140: IFA Holding GmbH - Overview
• Exhibit 141: IFA Holding GmbH - Key offerings

• 12.13 Melrose Industries Plc 
• Exhibit 142: Melrose Industries Plc - Overview
• Exhibit 143: Melrose Industries Plc - Business segments
• Exhibit 144: Melrose Industries Plc - Key offerings
• Exhibit 145: Melrose Industries Plc - Segment focus

• 12.14 Nexteer Automotive Group Ltd. 
• Exhibit 146: Nexteer Automotive Group Ltd. - Overview
• Exhibit 147: Nexteer Automotive Group Ltd. - Business segments
• Exhibit 148: Nexteer Automotive Group Ltd. - Key news
• Exhibit 149: Nexteer Automotive Group Ltd. - Key offerings
• Exhibit 150: Nexteer Automotive Group Ltd. - Segment focus

• 12.15 NTN Corp. 
• Exhibit 151: NTN Corp. - Overview
• Exhibit 152: NTN Corp. - Business segments
• Exhibit 153: NTN Corp. - Key offerings
• Exhibit 154: NTN Corp. - Segment focus

• 12.16 Nuova Tecnodelta Spa 
• Exhibit 155: Nuova Tecnodelta Spa - Overview
• Exhibit 156: Nuova Tecnodelta Spa - Product / Service
• Exhibit 157: Nuova Tecnodelta Spa - Key offerings

• 12.17 Taizhou Heri Auto Parts Co. Ltd. 
• Exhibit 158: Taizhou Heri Auto Parts Co. Ltd. - Overview
• Exhibit 159: Taizhou Heri Auto Parts Co. Ltd. - Product / Service
• Exhibit 160: Taizhou Heri Auto Parts Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 161: Inclusions checklist
• Exhibit 162: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 163: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 164: Research methodology
• Exhibit 165: Validation techniques employed for market sizing
• Exhibit 166: Information sources

• 13.5 List of abbreviations 
• Exhibit 167: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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