Automotive Constant Velocity Joint Market Outlook and Future Scope Analysis and Forecast to 2023
Automotive Constant Velocity Joint Market
A growing number of vehicle manufacturers are now incorporating electronic sensors and computing capability into vehicles to enhance safety and reduce incidences of accidents.
Key Players
Neapco Holdings LLC (U.S.), IFA Rotorion (Germany), GKN (U.K.), NTN Corporation (Japan), SKF (Sweden), NKN Co. Ltd. (Japan), Nexteer Automotive (U.S.), Zhejiang ODM Transmission Technology Co., Ltd. (China), ZWZ
Segmental Outline
The Automotive Constant Velocity Joint Market has been segmented by type of joint, type of vehicle, and application. By joint type, the market has been segmented into Tracta joints, Rzeppa Joints, Thomson Coupling, Double Coupling, and others. By vehicle type, the market has been segmented into heavy commercial vehicle, passenger car, and light commercial vehicle. The rise in need to avoid road accidents, due to traffic congestion, is triggering integration of constant velocity joint in passenger car. The expansion of the world population and the increase in need for better public transportation are surging the demand for passenger cars. Heavy commercial vehicles are high consumers of constant velocity joint due to the need to maintain optimum speed to prevent accidents.
Industry Update
September 2019
ExxonMobil, a Texas-based oil and gas corporation, launched Mobil EV suite of fluids and greases that enables electric vehicles to meet the evolving drive-train requirements. The constant velocity joints is one of the important aspects of Mobil EV suite.
Regional Outlook
By region, the global market for automotive constant velocity joints market regional analysis includes North America, Europe, Asia-Pacific and the Rest of the World (RoW).
The market in North America is expected to garner the highest share of the global market in the review period. The remarkable growth of the North America automotive constant velocity market can be attributed to the rise in environmental awareness and innovations. Fast-paced expansion of the manufacturing industry and the growing level of stringency in government environmental protection laws in Europe are factors that are likely to propel the regional market growth over the assessment period. The Europe market is also anticipated to gain considerable traction, as the logistics and transportation industry the region witness considerable growth in Poland and Russia. The Asia Pacific market to gain a global foothold across the evaluation period owing to the increase in premium vehicles sales, surge in GDP, and rise in purchasing power of people.
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