Global Automotive Constant Velocity Joint Market Size, Share, Forecast Report, 2020-2027
Constant-velocity joints are needed to transfer torque through variable angles at constant speed, which allow an up & down motion of the steering and spring deflection. Most of the front wheel drive vehicles use constant velocity joints to allow constant rotational speed. The advantage of using constant velocity joint is they provides the same output energy in relation to the input energy.
Constant velocity joints are efficient for high power transmission where operating angles are sharp and may be used in various agricultural and industrial applications. They can be accommodated in less space and require less driving units as well as they reduced noise. Thus, it maintains the comfort of vehicle occupants.
Constant velocity joints market has seen remarkable growth in the global market and it has been observed that it is expected to rise with the CAGR of 6.56%. Rapid increase in sales of passenger cars, hatchback, SUV, and Sedans, across the globe, drive the growth of constant velocity joints. Rapidly growing construction industry, across the globe, drives the growth of global automotive constant velocity joints due to an increase in demand of heavy motor vehicle for carrying construction materials. Global transportation and logistics industry is growing due to the increasing logistics in the industry, which drives the global automotive constant vehicle joint market. Constant velocity joints provide smooth turning, and easy drive, enhancing the efficiency of the vehicle and reducing wear out of the auto parts. These factors will increase the demand for constant velocity joints. Increase in mergers and acquisitions of key players with local companies increases the demand for automotive constant velocity joint market. However, high replacement cost will hinder the growth of the constant velocity joint market. Growing preference for public transport to reduce greenhouse gas emissions the key challenge for constant velocity joint market. Innovation and development in material with high heat resistance and low distortion during rotation are major challenges for manufacturers.
The prominent players in the automotive constant velocity joints market are GKN (U.K.), IFA Rotorion (Germany), SKF (Sweden), NTN Corporation (Japan), Nexteer Automotive (U.S.) NKN Co. Ltd. (Japan), ZWZ (China),andZhejiang ODM Transmission Technology Co.,Ltd. (China). Wanxiang Qianchao Co. Ltd. (China), Nanyang Automobile & Cycle Group (China), Taizhou Hongli Automobile Parts Co. Ltd. (China), Shandong Huifeng Auto Fittings Co. Ltd.(China), American Axle & Manufacturing Holdings, Inc.(U.S.), Hyundai WIA Corporation (South Korea) and Neapco Holdings LLC (U.S.) are among others.