The global constant velocity joint market is expected to grow at a significant CAGR of 7.68% in the upcoming period. A power transmission coupling is to diffuse the torque from driving shaft to output shaft within a particular speed. There needs to be a coupling between variety of driven elements such as gear reducers, lead screws and a set of other components supported by multiple bearings. This enables the shafting to offer rigidity while rotation and preventing any misalignment problems.
Constant velocity joint market is driven by rise in sales of passenger vehicle on a global scale. Increase in sales of luxury cars, SUV’s and hatchbacks are likely to drive the market growth during the forecast period. Increase in construction activities across the globe followed by rise in logistics is likely to propel the market growth during the forecast period. Rise in reduction of greenhouse gas emission, emphasis on customer satisfaction are major factors responsible for the market growth during the forecast period.
Based on joint type, the constant velocity joint market is segmented as tracta joints, double coupling, rzeppa joints and thomson coupling. Vehicle type segmentation for the market comprises passenger car, HCV and LCV. Application category for the market is segmented as logistics, commercial, defense and aviation.
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Geographical segmentation for constant velocity market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. North America is anticipated to grow at a higher CAGR during the forecast period owing to rising awareness for environment safety and revenue generation.
European regions account for a significant market share owing to massive size of logistics and transportation industry. Asia-Pacific market is anticipated to grow at an exponential CAGR due to rise in sales of premium vehicles and increase in spending power of consumers. The key players profiled in the constant velocity joint market report are American Axle & Manufacturing Holdings Inc, SKF, IFA Rotorion, NTN Corporation, Shandong Huifeng Wanxiang Qianchao Co Ltd, Taizhou Hongli Automobile Parts Co Ltd, Nexteer Automotive, ZWZ, Nanyang Automobile & Co Ltd and Wanxiang Qianchao Co Ltd.
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• Passenger Cars
• North America
• Asia Pacific
• Middle East and Africa
• South America
• Hyundai Wia
• Wanxiang Qianchao
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Key Questions Answered in this Report
• What will the market size be in 2022?
• What are the key factors driving the global constant velocity joint market?
• What are the challenges to market growth?
• Who are the key players in the constant velocity joint market?
• What are the market opportunities and threats faced by the key players?
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/automotive-and-parts
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