Automotive Constant Velocity Joint Global Market Report 2024

The automotive constant velocity joint market size has grown strongly in recent years. It will grow from $3.45 billion in 2023 to $3.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. During the historic period, the growth in the automotive constant velocity joint market was fueled by several factors. These include the growth in vehicle production, expansion of the automotive aftermarket, increased global automotive sales, a shift toward front-wheel-drive vehicles, and a rising preference for fuel efficiency. The market witnessed significant demand as the automotive industry experienced changes in vehicle design and propulsion systems, contributing to the increased adoption of constant velocity joints.

The automotive constant velocity joint market size is expected to see strong growth in the next few years. It will grow to $4.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. In the forecast period, the growth of the automotive constant velocity joint market is expected to be driven by factors such as the increasing adoption of electric and hybrid vehicles, the demand for compact and lightweight constant velocity joints (CVJs), the globalization of automotive manufacturing, the evolution of suspension systems, and trends in autonomous and connected vehicles. Additionally, major trends in the forecast period include a rising interest in all-wheel and four-wheel drive systems, the continued globalization of automotive supply chains, the integration of smart sensors for predictive maintenance, a focus on environmental sustainability, and the adoption of CVJs in autonomous vehicles. These factors collectively contribute to the anticipated growth and evolution of the automotive constant velocity joint market in the forecast period.

The surge in demand for commercial vehicles is poised to be a significant driving force behind the growth of the automotive constant velocity joint (CV joint) market in the foreseeable future. Commercial vehicles encompass a range of vehicles used for business purposes, transportation of goods, or offering services for compensation. The increased demand for commercial vehicles, including trucks and delivery vehicles, stimulates the necessity for CV joints. These components facilitate the transmission of power from a vehicle's transmission or differential to its wheels, enhancing driving comfort and stability. As reported by the National Automobile Dealers Association in December 2022, sales of commercial trucks in the USA escalated to 476,000 units, marking a notable 3.8% increase compared to the previous year. Hence, the escalating demand for commercial vehicles is set to propel the growth trajectory of the automotive constant velocity joint market.

The rising popularity of recreational vehicles (RVs) is anticipated to significantly contribute to the expansion of the automotive constant velocity joint market in the coming years. RVs encompass motorized or towable vehicles used for travel, leisure, and temporary accommodation. These vehicles rely on automotive constant-velocity joints to enable seamless and efficient power transmission from the RV's engine to its wheels, ensuring dependable propulsion. As per data from the RV Industry Association, total recreational vehicle shipments witnessed a substantial surge in 2021, recording a 39.5% increase over the 430,412 units shipped in the preceding year of 2020. Consequently, the increasing favorability and demand for recreational vehicles serve as a catalyst driving the growth of the automotive constant velocity joint market.

The increasing adoption of electric vehicles presents a notable challenge in the automotive constant velocity joint (CVJ) market for the upcoming years. The burgeoning shift toward electric vehicles among consumers is anticipated to curtail the demand for constant velocity joints (CVJs). Unsuch as conventional gasoline-powered vehicles, electric vehicles utilize alternative mechanisms and fewer CVJs due to their different propulsion systems. As per data from the International Energy Agency, the global sales share of electric cars has significantly increased, surging from approximately 4% in 2020 to 14% in 2022, marking a substantial threefold growth in just three years. Consequently, the ascent of electric vehicles stands as a significant impediment to the growth trajectory of the automotive constant velocity joint market.

Prominent companies in the automotive constant velocity joint market are concentrating on developing innovative products tailored to enhance fuel efficiency and bolster market competitiveness. These endeavors include the creation of small and lightweight constant velocity joints (CVJs) designed for vehicles, aiming to facilitate seamless power transmission from the engine to the wheels. An illustrative instance of this innovation can be observed through NTN Corporation's introduction in May 2021 of a Small and Lightweight CVJ for the Rear of the Sub-axle. This innovative constant velocity joint is specifically engineered for the sub-axles of rear-wheel-drive (RWD) vehicles, boasting compact and lightweight features tailored for front-wheel-drive (FF)-based 4WD vehicles. These advancements aim to reduce the size and weight of CVJs while ensuring the necessary strength and performance standards are met, aligning with the market's evolving demands for efficiency and competitiveness.

In April 2022, American Axle and Manufacturing Holdings Inc., a leading US-based manufacturer of automotive driveline and drivetrain components, completed the acquisition of Tekfor Group for $147.5 million (€125 million). Through this strategic acquisition, American Axle and Manufacturing Holdings Inc. intends to leverage its core strengths, explore synergies, diversify its geographic presence, and enhance its portfolio of electrification products. Tekfor Group, based in Germany, specializes in manufacturing constant velocity joints (CVJ) for automotive applications.

Major companies operating in the automotive constant velocity joint market report are JTEKT Corp., Wanxiang Group Corporation, Dana Inc., SKF AB, GKN Automotive Ltd., Hyundai WIA Corporation, American Axle and Manufacturing Holdings Inc., NTN Corp., The Timken Company, Nexteer Automotive Group Ltd., Trelleborg AB, IFA Holding GmbH, Xiangyang Automobile Bearing Co. Ltd., GSP Automotive Group Wenzhou Co. Ltd., Wonh Industries Co Ltd., C&U Americas LLC, Aikoku Alpha Corporation, Nuova Tecnodelta Spa, Hartford Technologies Inc., Taizhou Heri Auto Parts Co. Ltd., Shandong Kaifurui Auto Parts Co. Ltd., Eco Shaft (M) Sdn Bhd, Falga Srl, Nanyang Automobile And Cycle Group, Zhejiang Feizhou Vehicle Industry Co. Ltd., Shandong Huifeng Auto Fittings Co, Heri Automotive Inc., Wenzhou Guansheng Auto Parts Manufacture Co.Ltd.

North America was the largest region in the automotive constant velocity joint market in 2023. The regions covered in the automotive constant velocity joint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the automotive constant velocity joint market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The automotive constant velocity joint market consists of sales of CV joint assemblies and CV joint lubrication tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Key types of automotive constant velocity joints in the market include Rzeppa joints, tripod joints, fixed and plunge joints, and others. Rzeppa joints, for instance, consist of components such as an inner race, an outer race, and a set of ball bearings arranged in a cage. They find applications in the outer joints of front-wheel-drive vehicles, thanks to their capability to handle different angles. These joints are utilized across various vehicle types, including those with internal combustion engines (ICE) and electric or hybrid propulsion systems, serving both original equipment manufacturers (OEMs) and the aftermarket.

The automotive constant velocity joint market research report is one of a series of new reports that provides automotive constant velocity joint market statistics, including automotive constant velocity joint industry global market size, regional shares, competitors with a automotive constant velocity joint market share, detailed automotive constant velocity joint market segments, market trends and opportunities, and any further data you may need to thrive in the automotive constant velocity joint industry. This automotive constant velocity joint market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future- scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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