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What are the latest figures on the constant velocity universal joint market’s size and projected CAGR?
The constant velocity universal joint market size has grown strongly in recent years. It will grow from $8.2 billion in 2024 to $8.63 billion in 2025 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to the demand for fuel-efficient cars, the growing popularity of electric vehicles, rising vehicle production, sustainability concerns, and the growing use of all-wheel-drive (AWD) systems.
The constant velocity universal joint market size is expected to see steady growth in the next few years. It will grow to $10.48 billion in 2029 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to government spending, increasing demand for commercial vehicles, increasing demand for vehicles with advanced safety features, rising urbanization, and growing use of all-wheel-drive (AWD) systems. Major trends in the forecast period include technological improvements, advancements in design, integration of advanced censors, incorporation of bio-based lubricants, and collaborations and partnerships.
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Which Market drivers have played a significant role in driving the constant velocity universal joint market?
The increase in demand for commercial vehicles is expected to propel the growth of the constant velocity universal joint market going forward. A commercial vehicle is a motorized transportation mode primarily used for business purposes, such as transporting goods or passengers. The increasing demand for commercial vehicles is fueled by the e-commerce boom, which requires more delivery trucks and vans, and by infrastructure development investments that drive the need for construction and utility vehicles. Constant velocity universal joints are essential for commercial vehicles as they ensure smooth power transmission, accommodate suspension and steering movements, and enhance drivetrain durability and performance. For instance, in January 2024, according to the Society of Motor Manufacturers and Traders, a UK-based trade association, in 2023, the demand for new light commercial vehicles (LCVs) in the UK surged by 21.0%, totaling 341,455 units. Therefore, the increase in demand for commercial vehicles is driving the constant velocity universal joint market.
What are the key segments within the constant velocity universal joint market?
The constant velocity universal joint market covered in this report is segmented –
1) By Product Type: Ball-Fixed; Plunging
2) By Distribution Channel: Original Equipment Manufacturers; Aftermarket
3) By Application: Passenger Vehicle; Commercial Vehicle
Subsegments:
1) By Ball-Fixed: Fixed Ball Joint Assemblies; Non-Disassembly Ball-Fixed Joints; Ball-Fixed Joints For Light-Duty Applications
2) By Plunging: Plunging Joint Assemblies; Telescopic Plunging Joints; Plunging Joints for Heavy-Duty Applications
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Which key players are shaping the constant velocity universal joint market?
Major companies operating in the constant velocity universal joint market areValeo SA, Schaeffler AG, Mahle GmbH, JTEKT Corporation, Wanxiang Group Corporation, Dana Incorporated, AB SKF, Federal-Mogul Holdings LLC, Hyundai WIA Corporation, American Axle & Manufacturing Inc., NTN Corporation, Meritor Inc., Nexteer Automotive Corporation, Moog Inc., Belden Universal Joint Company LLC, GKN Ltd, IFA Group, GMB Corporation, Meyle AG, Renold PLC, Crown Automotive Sales Co. Inc.
Which transformative trends will shape the constant velocity universal joint market landscape?
Major companies operating in the constant velocity universal joint market are focusing on developing technologically advanced solutions, such as high-durability constant velocity joints, to meet the increasing demand for more efficient and reliable automotive components. High-durable constant velocity (CV) joints refer to CV joints engineered with advanced materials and manufacturing techniques to withstand higher stress, extreme conditions, and prolonged use, resulting in extended service life and reduced maintenance requirements. For instance, in February 2023, First Line Ltd., a UK-based auto parts manufacturer, introduced a comprehensive range of drivetrain components to the automotive aftermarket, including over 420 constant velocity (CV) joints and more than 530 driveshafts. These products are offered as complete kits with all necessary components for easy installation and are crafted from high-quality materials for enhanced durability and performance. Each component is precision-machined and balanced to ensure smooth operation and comes with a two-year or 24,000-mile warranty.
How do regional factors impact the constant velocity universal joint market, and which region is the largest contributor?
North America was the largest region in the constant velocity universal joint market in 2024. The regions covered in the constant velocity universal joint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Constant Velocity Universal Joint Market Report 2025 Offer?
The constant velocity universal joint market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Constant velocity universal joints (CV joints) are mechanical components essential for transferring power from a vehicle’s transmission to its wheels while maintaining a constant rotational speed, regardless of changes in angle. They are crucial in front-wheel drive, all-wheel drive, and some rear-wheel drive vehicles, allowing the axle to flex and move while transmitting torque, especially during steering and suspension movements.
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