Global Halfshaft CV Joint Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Halfshaft CV Joint Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Halfshaft CV Joint can connect two rotating shafts with an included angle or a change in each other's position, and make the two shafts transmit power at the same angular velocity. It is especially suitable for the use of steering drive axles. Its function is to transfer the power of the engine from the transmission (differential) to the driving wheels of the Vehicle, to meet the requirements of the outer corner of the vehicle drive shaft, to compensate for the jitter of the inner end of the Vehicle, and to drive the Vehicle to drive at high speed.

Market Overview:

The latest research study on the global Halfshaft CV Joint market finds that the global Halfshaft CV Joint market reached a value of USD 8132.76 million in 2022. It’s expected that the market will achieve USD 10859.0 million by 2028, exhibiting a CAGR of 4.94% during the forecast period.

Increasing demand for vehicle

Driven by the continuous increase in automobile production, the role of CV Joint in the automobile industry has increased year by year. The global automotive industry is continuing to grow. Automobile production is one of the largest industries in the world. In addition, the growth of automobile sales and the demand for OEM technology have driven market growth. Increasing economic growth, as well as the global production and sales of autonomous vehicles, will affect market revenue. Continuously improving road conditions and the development of new roads, as well as increasing infrastructure development projects, have a positive impact on market value. With the increase in people's disposable income, the increase in the production of passenger cars and commercial vehicles has promoted the growth of the market.

Fierce competition in the market

The market competition in the automotive industry is fierce, demand is increasing, and technology is constantly being updated, which promotes the development of auto parts, including CV Joint. In order to grab more market share, enterprises adopt diversified competitive methods. In addition to continuous research and development in product performance, production technology is also being updated, and even price has become an important means of competition. Once the competition becomes vicious competition, it will destroy the healthy ecology of the market and affect the sustainable development of products. How to maintain orderly competition in the industry and how to expand the market in a fierce market environment will become a challenge.

Options for other transportation

People are increasingly inclined to use public transportation to reduce greenhouse gas emissions. The demand for CV Joint may be related to the production of new cars on the market. With the increasing attention to climate change, most developed and developing economies have adopted measures through summits, such as the Kyoto Protocol, which aims to take various measures to reduce greenhouse gases. The emphasis on the environment encourages some people to turn to public transportation options.
High repair and replacement costs, growing preference for public transport to reduce greenhouse gas emissions, and an increase in on-demand online taxi providers in China may hamper the growth of the CV Joint industry over the forecast period.

Region Overview:

Geographically, China held the largest market share – 39.21% in 2022.

Company Overview:

GKN is one of the major players operating in the Halfshaft CV Joint market, holding a share of 32.11% in 2023.

GKN

GKN Automotive is the global leader in drive systems. A global automotive technology company that pioneered electric drive systems and is now driving the future of transportation. It is the trusted partner for most of the world’s automotive companies, specializing in developing, building and supplying market-leading driveline systems and advanced ePowertrain technologies.

NTN

NTN is a world leader for bearings, constant-velocity joints, linear modules, distribution rollers, suspension parts, and associated training and services.

Segmentation Overview:

Among different product types, Outboard Joints segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Passenger Vehicle segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Halfshaft CV Joint market covered in Chapter 3:

Wanxiang
NTN
Seohan Group
Heri Automotive
IFA Rotorion
GKN
Nexteer
Neapco
GSP Automotive Group
AAM
Hyundai WIA
SKF
JTEKT

In Chapter 4 and Chapter 14.2, on the basis of types, the Halfshaft CV Joint market from 2018 to 2029 is primarily split into:

Outboard Joints
Inboard Joints

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Halfshaft CV Joint market from 2018 to 2029 covers:

Passenger Vehicle
Commercial Vehicle

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)