LONDON--(BUSINESS WIRE)--The automotive constant velocity joint market size is expected to post a CAGR of over 4% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The increasing demand for fuel efficiency in vehicles is one of the major reasons for the automotive constant velocity joint market growth. Manufacturers are increasingly focusing on fuel economy of vehicles and developing new technology to adhere to fuel emission norms. They are also developing new materials, manufacturing processes, and designs to lower the weight of CV joints. For instance, GKN VL3 CV joints developed by GKN group for BMW help in significantly reducing the overall weight of vehicles. The use of such innovative CV joints in automobiles will considerably enhance the fuel efficiency of vehicles.
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As per Technavio, the growing focus on size and lightweighting of CV joints will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Automotive Constant Velocity Joint Market: Focus on Size and Lightweighting of CV Joints
The increasing focus on size and light weighting of CV joints is a key trend in the automotive constant velocity joint market. The heavy weight of CV joints contributes to the high fuel consumption and harmful gas emissions of vehicles. Thus, OEMs are increasingly focusing on the adoption of light weight materials and design for the manufacture of CV joints that will improve driving dynamics and reduce fuel consumption. In addition, several manufacturers are also striving to reduce the size of CV joints by designing them in different shapes.
“Factors such as advancements in design and the increasing sale of passenger vehicles will have a significant impact on the growth of the automotive constant velocity joint market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Constant Velocity Joint Market: Segmentation Analysis
This market research report segments the automotive constant velocity joint market by geography (APAC, Europe, MEA, North America, and South America) and application (passenger cars and commercial vehicles).
The APAC region held the largest share of the market in 2019, followed by the Europe, North America, South America, and MEA respectively. The growth of the automotive CV joint market share in APAC can be attributed to factors such as the increase in disposable income of middle-class families in developing countries such as India and China, and the increasing sale of commercial vehicles.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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