Global Automotive Constant Velocity Joint Market 2020-2024 | Increasing Need for Fuel Efficiency in Vehicles to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--The automotive constant velocity joint market is expected to grow by 99.99 million units during 2020-2024, according to the latest market research report by Technavio. Request a free sample report

The increasing need 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 that helps 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 increasing focus on size and light weighting 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 significant trends and market drivers that will influence market growth over 2020-2024.

Automotive Constant Velocity Joint Market: Increasing Focus on Size and Light Weighting 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 lightweight 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 the advancements in design and the increasing sale of passenger vehicles will have a positive 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 application (passenger cars and commercial vehicles), and geography (APAC, Europe, MEA, North America and South America).

The APAC region led the automotive constant velocity joint market in 2019, followed by Europe, North America, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increase in the disposable income of middle-class families in developing countries, such as India and China, and the increasing consumption sale of commercial vehicles.

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Some of the key topics covered in the report include:

Application

• Passenger cars
• Commercial vehicles

Geographic Segmentation

• APAC
• Europe
• MEA
• North America
• South America

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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