Automotive Constant Velocity CV Joint Market

Automotive Constant Velocity Joint Market Size

The global automotive constant velocity joint market was valued at USD 3.5 billion in 2023 and is estimated to register a CAGR of 5.7% between 2024 and 2032. The market is growing due to the increased consumer shift towards the use of AWD and 4WD vehicles as they provide better traction, more safety, and improved vehicle performance, particularly in regions with rough terrain or extreme weather conditions. The CV joints are critical components found in AWD and 4WD vehicles as they enable the necessary articulation when driving over rough surfaces by conveying movement from the transmission to the wheels.

This notion is valid for the global vehicle market, particularly the SUV, crossover, and truck segments. The global SUV market is projected to grow quite rapidly over the next years, increasing from USD 869.6 billion in 2023 to USD 1.47 trillion by 2032 as per GMI. This indicates growth of more than 6% caused by the increase in demand for such vehicles. With each passing day, SUVs and other vehicles in this category are gaining popularity and alongside it the requirement for strong, high-performance CV joints has also surged.

The automotive OEMs have shifted their focus towards improving the strength of the vehicles to increase the average holding time of the vehicles. This shift triggers the demand for secondary CV joint and parts maintenance services. These parts have a high rate of failure, especially in certain types of environments and vehicle usage like difficult surroundings or high mileage.

This has triggered an increasing demand for CV joints and other aftermarket components so that the vehicles last longer. This phenomenon is particularly true in North America and Europe, where the quantity of older vehicles is high. This creates an opportunity to generate sales in the aftermarket segment of the market because the consumers are looking for reasonably priced and durable spare parts.

Moreover, ADAS such automated parking and lane-keeping are highly sought after these days as well, which makes collision avoidance a necessity. Generally, such systems need highly responsive, pliable, and efficient driveline components to function properly.

The CV joints play an important role in the constant energy transfer to the vehicle wheels, which is necessary for the proper functioning of the accuracy and reliability of ADAS-enabled process automation operations, particularly in multi-drivetrain vehicles. With the increase in the deployment of ADAS, there is a higher need for the provision of quality parts that positively guarantee dependable power and control.

Automotive Constant Velocity Joint Market Trends

The market is expanding due to developments in the design of the joint, materials used, and CV joint manufacturing technology. These modifications strengthen, increase efficiency, and extend the products' service life. For example, the use of high-strength steel, advanced lubricants, and precision manufacturing techniques has made CV joints more reliable and effective in harsh environments. Additionally, CV joints with reduced weight and those with improved angles for optimized energy expenditure are being adopted in many high-performance automobiles. These advancements enable automotive manufacturers to increase fuel economy, decrease emissions, and enhance the entire performance of the automobile.

In addition, manufacturers are taking more effort to produce lightweight parts to increase fuel efficiency and improve emission figures. Lightweight CV joints made of advanced composites or with optimally modified designs are just a few of such parts. These joints lower the weight of the vehicle and enhance the fuel efficiency of conventional vehicles and increase the range of electric vehicles. Such trends promote sustainable automotive solutions and force suppliers to develop lighter and more effective CV joint technologies.

For optimal vehicle performance, CV joints are intricately crafted out of high-quality materials that ensure flexural strength and long-term durability. CV joints require precise engineering and thus require more advanced processes, which is why manufacturers have to resort to heat treatment, forging, and even precision machining, which only increases their spending.

On top of that, CV joints' demand from automobile manufacturers for corrosion-resistant joints that are also lightweight increases overall spending due to high-strength steels and alloys being needed. This place added stress on profit margins, which amplifies when competition arises. Oftentimes, new or smaller distributors are put at a disadvantage because of the capital required to invest in modern manufacturing processes.

Automotive Constant Velocity Joint Market Analysis

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Based on vehicles, the market is divided into passenger cars and commercial vehicles. In 2023, the passenger cars segment held a automotive constant velocity joint market share of over 70% is expected to cross USD 4 billion by 2032.

• Premium and luxury vehicle purchase demand from North America, Europe, and select regions in Asia has stimulated the requirement for CV joints, which improve riding comfort, noise suppression, and power transmission. The lower the noise, vibration, and harshness (NVH) levels in premium vehicles, the better the CV joints perform, particularly those with advanced suspension systems.
  
• In addition, there is a higher demand for passenger vehicles' autonomy, which intensifies the need for drivetrain components with higher reliability and performance to ensure safety and drivability. These components are critical to active vehicles because they are responsible for delivering power without interruption to the wheels to enable the vehicle to operate under driverless control.
  

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Based on joint, the automotive constant velocity joint market is categorized into Rzeppa joint, tripod joint, double-offset joint, cross groove joint and others. The Rzeppa joint segment held a market share of around 44% in 2023.

• Front-Wheel Drive (FWD) and All-Wheel Drive (AWD) vehicles use these joints extensively due to their superior torque enjoyment at large angles. The rise in power retardation joints is attributable to the growing popularity of FWD in passenger cars owing to its fuel efficiency and AWD to prevent slippage during acceleration, especially in AWD-equipped passenger cars.
  
• These joints are encountered in compact cars, sedans, and subcompact SUVs where smooth torque transfer is very important for different driving conditions. Moreover, joints with the wide articulation of angles are also needed for high torque developments in performance vehicles as well as in big passenger cars. This demand also increases for performance-oriented vehicles with AWD and off-road SUVs.
  

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Asia Pacific dominated the global automotive constant velocity joint market with a major share of over 40% in 2023.

• The demand for cars in regions including India, Thailand, and Indonesia is steadily climbing, and thus they are anticipated to become some of the key contributors in the automobile market. This has increased the demand for CV joints, especially in small and mid-size cars, which are highly adored in these areas.
  
• Moreover, in China, the government is providing supportive policies, and the ever-increasing willingness to consume is fueling the growth of electric vehicles (EVs). Firstly, EVs place greater stress on their components because of stronger torque requirements. Thus, there is a need for specialized parts that are compatible with electric drivetrains, which further raises the demand in China.
  
• Suppliers are now receiving a lot more purchase orders from both car manufacturers and the aftermarket as local production ramps up to match new demand.
  
• In Europe, automakers are required to make hybrids and electric vehicles because of the stringent emission policies, which require unique CV joints for different power needs and greater torque. The strict policies issued by the EU regarding vehicles are positively impacting the market for various EV and hybrid components, particularly in Western Europe, where EV adoption is on the rise.
  
• Europe also has a number of luxury car manufacturers whose main focus is on ride quality, durability, and as well as low noise and vibration. All these factors are creating more demand for advanced parts that comply with higher engineering standards in Europe.
  
• With the increasing versatility and off-road capabilities of consumer light trucks and SUVs, their popularity is on the rise in North America. These vehicles, particularly those with AWD and 4WD, utilize CV joints in the transmission of torque to control the engine power. The increasing demand for SUVs and light trucks has also increased demand for components designed to survive in harsh driving conditions with high torque.
  
• Apart from this, many vehicles in North America are kept for longer periods of time and thus require aftermarket replacement parts. This trend is leading to an increased need for replacement CV joints in the after-market sector.
  

Automotive Constant Velocity Joint Market Share

GKN Automotive, American Axle & Manufacturing and NTN Corporation hold a significant market share of over 10% in the automotive constant velocity joint industry.

• GKN is further strengthening its portfolio on electric and hybrid vehicles, in which the advanced CV joints are in great demand because of the excessive torque and load parameters. A separate CV joint technology was developed with the specific purpose of eDrive system integration, which improves the productivity and capability of Electric Vehicles.
  
• This emphasis on electric-powered solutions gives GKN a superior industry position as an EV and hybrid CV joint supplier and contributes to meeting increasing demand in the automotive marketplace.
  
• American Axle & Manufacturing is directing attention to the aftermarket business to increase the production of CV joints and their replacements. The company is increasing the aftermarket sales by expanding its distribution network and developing specialized products for CV joints.
  
• In addition, NTN is working together with OEMs and design engineering companies to produce superior CV joints that perform better, operate quieter, vibrate less, and last longer. NTN also undertakes design modification work through co-development projects to customize for electric and hybrid drivetrains and capture a large portion of the market.
  

Automotive Constant Velocity Joint Market Companies

Major players operating in the automotive constant velocity joint industry include:

• American Axle & Manufacturing
• Dana
• GKN Automotive
• JTEKT 
• Neapco Holdings LLC
• Nexteer
• NSK Ltd.
• NTN Corporation
• Schaeffler AG
• ZF Friedrichshafen
  

Players in the global automotive constant velocity joint market are using tactics such as mergers & acquisitions to widen their product range and sales regions, thereby consolidating their positions in the important markets. They are also engaging in strategic alliances with automotive producers, suppliers, and OEMs to get multi-year contracts for guaranteed sales of their products. Investments into new manufacturing technologies, such as automation and robotics, are increasing production throughput and decreasing costs, allowing these firms to satisfy the increasing supply of CVJs in the automotive market.

On the contrary, regional players remain competitive because of customized and reasonably priced CVJ solutions for local markets and automakers. These players tend to understand the regulatory as well as the tastes of the consumers in the regional automotive industry. For instance, in emerging markets, regional players tend to be more sensitive to challenges such as poor quality of infrastructure or more expensive pricing by offering local solutions aimed at regional manufacturers and customers.

Automotive Constant Velocity Joint Industry News

• Hyundai WIA reported that in April 2024, they were granted a patent for a constant velocity joint for automobiles that consists of a hub housing, bearing assembly, power transmission member, and an intricately designed boot. This joint contains a number of features, including a compact design, which serves the primary function of protecting the bearing assembly from foreign contamination. To achieve that goal, the boot is designed to have a lip extending towards the knuckle to create a gap that blocks foreign materials from penetrating. To enhance the efficiency of the boot, the distances between the boot and the knuckle, bearing assembly, and knuckle are carefully measured and calculated.
  
• Borg & Beck launched new high-quality Constant Velocity (CV) Joints and Driveshafts in February 2023. Borg & Beck has more than 420 CV Joints and more than 530 Driveshafts, which are part of their drivetrain collection. All of the driveshafts have CNC-forged CV Joints, which means precise description. The company’s CV Joint comes with complete installation accessories such as the boot, steel clips, grease, hub nut, and replacement circlip.
  

The automotive constant velocity (CV) joint market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and volume (Units) from 2021 to 2032, for the following segments:

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Market, By Joint

• Rzeppa joint
• Tripod joint
• Double-offset joint
• Cross groove joint
• Others

Market, By Vehicle

• Passenger cars
  • Mid-size
  • Luxury
  • Sedan
  • SUV
• Commercial vehicles

Market, By Propulsion

• ICE
• Electric
• Hybrid

Market, By Material

• Steel
• Aluminum
• Others

Market, By Distribution Channel

• OEM
• Aftermarket
  • Authorized dealers
  • Independent auto parts stores
  • Online retailers

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia