Automotive Constant Velocity (CV) Joint Market Size

Automotive Constant Velocity Joint Market Size

The global automotive constant velocity joint market size was valued at USD 3.5 billion in 2023 and is estimated to register a CAGR of 5.7% between 2024 and 2032, attributed to the rising consumer preference towards AWD and 4WD vehicles due to improved traction, safety, and performance, especially in regions with variable terrain or extreme weather conditions. AWD and 4WD systems rely heavily on CV joints to transmit power from the transmission to the wheels, allowing for the flexible movement needed in variable terrain.

This trend is particularly strong in SUVs, crossover vehicles, and trucks, which account for a significant portion of the global vehicle market. The SUV market is expected to grow from USD 869.6 billion in 2023 to USD 1.47 trillion in 2032 witnessing a growth of over 6% between 2024 and 2032. With the increase in demand for these types of vehicles, the need for robust, high-performance CV joints has risen.
 

Automotive OEMs are concentrating on manufacturing vehicles that last longer, leading to longer ownership periods. As a result, there is a growing need for replacement and maintenance parts, especially CV joints. These components wear out, particularly in vehicles driven in tough conditions or with high mileage. This has led to a growing need for high-quality aftermarket CV joints as consumers aim to keep their vehicles running longer. This trend is notable in regions such as North America and Europe, where there are many older vehicles. This benefits the aftermarket segment of the automotive constant velocity (CV) joint market, as consumers look for affordable and reliable replacement parts.
 

Additionally, Advanced Driver Assistance Systems (ADAS) such as automated parking, lane-keeping, and collision avoidance are becoming standard in modern vehicles. These systems require smooth and responsive drivetrain components. CV joints are crucial for delivering consistent power to the wheels, which is essential for the accuracy and reliability of ADAS functions, especially in vehicles with complex drivetrains. As ADAS becomes more common, the demand for high-quality components that ensure reliable power delivery and handling is increasing.