With the increasing demand for cars and other vehicles, the need for reliable and efficient components is rising as well. Half shaft constant velocity joints (CVJs) are one of these essential components that have been integral in providing smooth power transfer from the engine to the wheels of any vehicle. In this article, we will explore how the half shaft CVJ market has been growing and what this means for the industry and manufacturers.
Drivers of the Market
The drivers of the Half Shaft Constant Velocity Joints Market are the increasing demand for efficient automobiles, increased consumer spending on luxury cars, and the growing popularity of electric vehicles. Furthermore, the rising trend of autonomous driving is also anticipated to propel the growth of this market. Moreover, stringent government regulations regarding emission norms are likely to spur the demand for such joints over the projected period. Additionally, technological advancements and innovations in automotive components are projected to fuel the expansion of this market during the forecast period.
Advantages of the Market
1. These joints help to reduce the amount of friction generated between two components and thus provide smoother power transfer.
2. They allow for a wider range of motion, enabling increased manoeuvrability in vehicles.
3. They are lightweight, which reduces the overall weight of the vehicle and increases fuel efficiency.
4. The joints also require minimal maintenance, making them cost-effective over time.
Market Value and CAGR of the Half Shaft Constant Velocity Joints Market
The market Value and CAGR of the Half Shaft Constant Velocity Joints Market is expected to reach an estimated USD 15.45 billion by 2032, at a CAGR of 5.8% from 2020 to 2032.
The market is anticipated to increase as a result of the rising demand for vehicles and passenger cars in emerging nations. Increasing vendor investments in the creation of cutting-edge technology items are also anticipated to aid in the market's expansion throughout the forecast period.
Challenges of the Market
1. Increasing Costs of Raw Materials: The cost of the raw materials used in the production of half-shaft constant velocity joints is rising due to volatile commodity prices, which increases the overall cost of the product and may hamper market growth.
2. Difficulty in Maintenance: The half shaft CV joints require periodic maintenance, which can be difficult to perform due to their complexity. This may create a challenge for users who do not have access to proper maintenance facilities or expertise.
3. High Initial Investment Cost: The installation and replacement cost associated with half shaft constant velocity joints is quite high and may hinder their adoption among price-sensitive customers.
The key players in the Half Shaft Constant Velocity Joints Market are: American Axle & Manufacturing, Inc., GKN plc, Dana Limited, Nippon Automotive Industries Ltd., Takata Corporation, Bentlee International AG, Showa Corporation, NSK Ltd., and Federal-Mogul Powertrain.
Trailers are anticipated to be the most popular product on the half shaft constant velocity joint market. During the projected period, the trailers category is anticipated to hold the biggest market share.. This is due to the rising demand for trailers, which is a cost-effective solution for transporting goods.
On the basis of application. The passenger car segment is expected to hold the largest market share in 2020, followed by light commercial vehicles (LCV). This is mainly attributed to increasing demand for passenger cars in developing countries such as China and India.
Based on end user, the Half Shaft Constant Velocity Joints Market can be segmented into Original Equipment Manufacturers (OEM), Aftermarket and Others. In 2020, OEMs are expected to occupy a major share of the market due to increasing automobile production and its subsequent need for components such as shaft assembly parts.
In terms of region, Asia Pacific is predicted to dominate the Half Shaft Constant Velocity Joints Market in 2020 due to rapidly growing vehicle production volume in countries such as India, China and Japan.
Impact of Covid-19
The lockdown measures implemented by governments across the globe to contain the spread of the virus have led to a sharp decline in automotive production and sales, resulting in a decrease in demand for half shaft constant velocity joints. Moreover, the restrictions on international trade have disrupted the supply chain of half shaft constant velocity joints, further hindering market growth. However, as economies start to reopen and automotive production resumes, the half shaft constant velocity joints market is expected to recover gradually over the forecast period.
Key developments in Half Shaft Constant Velocity Joints Market
In January, 2019, SKF launched new Constant Velocity Joints (CVJ), designed for use in passenger cars and light trucks. This joint is a combination of two parts: an outer race mounted to the wheel hub and an inner race connected to the drive shaft. It guarantees smooth wheel rotation and maximises the engine's power transfer to the wheels.
In October 2018, GKN Aerospace introduced its Constant Velocity Joints (CVJ) that offer low friction coefficient, high torque transmission and an extended service life. The CVJ is designed for aerospace and other high-performance applications that require a reliable, long-lasting connection between the rotating parts of an aircraft or engine.
In August 2017, Neace introduced its Constant Velocity Joints (CVJ) for automotive applications. The CVJ features a unique design that offers improved efficiency and extended life compared to traditional designs. It also provides improved performance over all operating conditions, including extreme temperatures and vibration levels. The CVJ is suitable for all types of vehicles, including passenger cars, light trucks and off-road vehicles.
Half Shaft Constant Velocity Joints Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||USD 15.45 billion|
|Growth Rate||CAGR of 5.8% during 2021-2032|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||American Axle & Manufacturing, Inc., GKN plc, Dana Limited, Nippon Automotive Industries Ltd., Takata Corporation, Bentlee International AG, Showa Corporation, NSK Ltd., and Federal-Mogul Powertrain.|
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