Los Angeles, December 31, 2019 - QY Research has added a new report titled, “Global Automotive Constant Velocity Joint Sales Market Report 2019” to the automobile and transportation archive of market research studies. According to the report, the market size of Automotive Constant Velocity Joint is anticipated to reach a little more than US$ 5.0 Bn by the end of 2025 and in 2018, the market size slightly exceeded US$ 4.5 Bn. The market is estimated to register a sluggish CAGR of 1.7% between 2019 and 2025. With growing need for fuel efficiency among car drivers, demand for Automotive Constant Velocity Joints is witnessing an upsurge. Benefits offered by CV Joints including smooth power transmission, greater efficiency, and reliability are creating favorable demand among the automotive industries.
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Stumbling Blocks in the Automotive Constant Velocity Joint Market Growth
● Inclination towards public transport to cut down greenhouse gas emission
● High cost of repair and replacement
● Wear and tear of boot may hamper CV Joint’s efficiency
● Surge in the on-demand online taxi providers
Demand for Inboard CV Joints to Increase among End-use Applications: The report has provided comprehensive analysis of the type segments of Automotive Constant Velocity Joint market including outboard joints and inboard joints. Outboard joint has a much wider operating angle than the inboard CV joint. However, inboard CV joints rarely cause problems, as they don't have to be shifted anywhere near. The Automotive Constant Velocity Joint market is also segregated based on the application segments comprising passenger vehicle and commercial vehicle. Application of Constant Velocity Joints may increase in the passenger vehicles on the back of increasing sales of these vehicles.
Asia Pacific to Witness Lucrative Growth in Future: Asia Pacific could open up novel avenues for the Automotive Constant Velocity Joint market players. This is attributed to increasing automotive sales and rising expenditure on luxury vehicles. Additionally, the number of production facilities are increasing in this region, thereby positively impacting the growth. Manufacturers in North America are continuously involved in the innovation of CV joints, which may support the market growth in North America.
Innovation in Designs to Play a Key Role: The report has mapped complete profiling of the key manufacturers of Automotive Constant Velocity Joint GKN, NTN, SDS, Nexteer, Wanxiang, Hyundai WIA, Neapco, Guansheng, SKF, Seohan Group, IFA Rotorion, JTEKT, Xiangyang Automobile Bearing, AAM, and Heri Automotive.
● Manufacturers are coming up with innovative design changes in CV joints so as to meet the strict emission regulations
● Moreover, they are trying to reduce the size and weight of the CV joints to enhance the overall driving dynamics
● Key players are also taking up mergers and acquisitions with local companies to expand their presence in the market
● For instance, a key company, NTN has recently announced a joint business with PT Inti Ganda Perdana with an aim to increase the supply of CV joints and meet the increasing demand for front wheel drive vehicles
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