LONDON--(BUSINESS WIRE)--The global automotive constant velocity joint market is expected to post a CAGR of close to 5% over the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate as there is a decrease in the year-over-year growth.
A key factor driving the growth of the market is the increase in passenger vehicle sales globally. The increasing sales of passenger vehicles such as sedans, hatchbacks, minicars, SUVs, crossovers, and vans are driving the growth of the automotive constant velocity (CV) joint market. The sedan and hatchback segments significantly contribute to the global passenger vehicle market.
This market research report on the global automotive constant velocity joint market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the advancements in design as one of the key emerging trends in the global automotive constant velocity joint market:
Global automotive constant velocity joint market: Advancements in design
CV joint manufacturers are introducing innovative design changes in CV joints to meet the stringent emission norms and regulations. GKN, one of the major manufacturers of CV joints has developed VL3 series CV joints, which debuted in BMW 7 series models in 2016. These joints helped BMW rear-wheel-drive platform to reduce more than 4kg weight.
“VL3 is an S-shape track in-house design, which changes the movement of the ball bearings. The ball is provided with a wider range movement, which helps to balance the forces in the joint by distributing torque between the bearings evenly. This supports the strength of the cage and improves refinement in joint movement,” says a senior analyst at Technavio for research on automotive components.
Global automotive constant velocity joint market: Segmentation analysis
This market research report segments the global automotive constant velocity joint market by application (passenger cars and commercial vehicles) and by geographical regions (APAC, EMEA, and the Americas).
The passenger cars segment accounted for the largest share of the market with over 80% of the market share in 2017. The market share of this segment is expected to decrease by close to 1% over the forecast period with a corresponding increase in the market share of the commercial vehicles segment.
APAC led the market with the largest share in 2017. The region accounted for 54% of the market followed by EMEA and the Americas. The market share of APAC is expected to increase by a further 2% over the forecast period while EMEA will see a commensurate decrease in its market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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