Increasing Investments Towards R&D Activities to Develop Higher Quality Components, Is Anticipated to Fuel Revenue Growth Opportunities for the Global Constant Velocity Universal Joint Market
“Global Constant Velocity Universal Joint Market: Type, Application, Growth Rates and Shares, and Forecast: 2020-2030” is a report recently produced by Market.US. This market is projected to register a CAGR of 3.7% over the next 10 years. The global commercial laundry machinery market is expected to reach a value of US$ 10,977 million by 2030.
This report on the constant velocity universal joint industry contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. It also covers threats or challenges for existing as well as new entrants in the market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in to various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. The global constant velocity universal joint market has been segmented on the basis of product type, application, as well as regions and countries.
Constant velocity universal joints, also known as homokinetic joints, allow a driveshaft to transmit power through a variable angle, at constant rotational speed, without an appreciable increase in friction or play. They are mainly used in Front-Wheel Drive (FWD) vehicles.
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As the automotive industry is the only end-use industry that utilizes constant velocity universal joints, the robust experienced by it in recent years, in both emerging and developed nations around the world, has had a significantly subsequent impact on the revenue growth of the global constant velocity universal joint market. And, is expected to continue to do so over the next 10 years.
Moreover, the increased adoption of All-Wheel Drives (AWDs) by several car and truck manufacturers is also expected to boost the product demand for constant velocity joints, as these components are not just being used for the front two wheels, but all the wheels of a given vehicle.
Additionally, strong trade activities and relations between respective authorities around the world is leading to an exponential increase in the manufacture of commercial vehicles. With this trend expected to continue in the coming years, the revenue growth of the global constant velocity universal joints market is anticipated to receive a subsequent boost.
In light of the recent COVID-19 outbreak, the operations of key industry players have either been temporarily halted or are functioning with a minimal workforce. This is a factor that is expected to have a profound impact on the growth of this market in the coming years.
Nonetheless, increasing investments being made by key industry players towards R&D activities to develop improved constant velocity universal joints is slated to have a positive impact on the future market expansion of this global industry.
Key industry players of the global constant velocity universal joint market are – GKN Limited, NTN Corporation, American Axle & Manufacturing Inc., Meritor Inc., Dana Incorporated, Nexteer Automotive Group Limited, The Hyundia Wia Corporation, JTEKT Corporation, SKF AB., and IFA Holding GmbH, among others.
Segmentation of the global constant velocity universal joint market is as follows:
On the basis of product type, the ball-fixed segment accounted for the maximum number of revenue shares (56.9%) of the global constant velocity universal joint market in 2019, and is slated to index the highest CAGR over the next 10 years. The plunging segment also accounted for considerable revenue shares of this global market in 2019, and is expected to continue to do so over the forecast period.
In terms of application, the passenger vehicle segment accounted for the majority revenue shares of the global constant velocity universal joint market in 2019, and is anticipated continue to do so, with an attractiveness index of 9, over the next 10 years. The commercial vehicle segment accounted for a considerable rate of revenue growth in 2019, and is expected to do so over the forecast period.
Regional Segmentation and Analysis:
The markets in the Asia Pacific region accounted for the majority revenue shares (48.7%) of the global constant velocity universal joint market in 2019, and is anticipated to index the highest CAGR over the next decade. The markets in Europe and North America accounted for the second and third-most number of revenue shares respectively, of this global market in 2019, and is expected to continue to do so in the years to come.