The global half shaft constant velocity joints market is expected to benefit from the robust growth of the automotive industry.
Los Angeles, CA -- (SBWIRE) -- 12/02/2019 -- QY Research has announced the release of a new addition to its archive of machinery and equipment market research reports. Bearing the title "Global Half Shaft Constant Velocity Joints Market Research Report 2019," the report provides a comprehensive research study on the global half shaft constant velocity joints market. As per the report, the global half shaft constant velocity joints market is expected to grow at a sluggish CAGR of 1.2% between 2019 and 2025 to reach over US$7.0 Bn in revenue by the end of 2025. In 2018, the global market revenue reached above US$6.5 Bn.
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High Replacement Cost Expected to Reduce Sales of Half Shaft Constant Velocity Joints
Common use of passenger vehicles in different parts of the world is predicted to create steady demand for half shaft constant velocity joints in future. However, expensive replacement of worn constant velocity joints or damaged constant velocity joint boots could negatively affect the sales growth of the global half shaft constant velocity joints market. Sometimes, the entire drive shaft is needed to be replaced in case of a damaged constant velocity joint. This is because a constant velocity joint may not come separately.
Need for Replacement of Outboard Joints more than that of Inboard Joints
The report covers key type segments of the global half shaft constant velocity joints market, including inboard joints and outboard joints. It also offers detailed analysis of important application segments of the global half shaft constant velocity joints market, such as commercial vehicle and passenger vehicle. Since outboard joints endure more movement and wear and tear, they could be more frequently replaced compared to inboard joints. This is expected to increase the requirement for outboard joints in the next few years.
High Use of Modern Vehicles Likely to Sustain Demand in North America
High technological advancement in the automotive industry and strong demand for modern vehicles could be among important factors creating demand for advanced half shaft constant velocity joints in North America and Europe. High requirement for logistics and transportation vehicles in Europe could increase the demand for half shaft constant velocity joints in the region. In Asia Pacific, the demand for half shaft constant velocity joints is anticipated to improve on the back of the growth of the construction and manufacturing sectors increasing the requirement for heavy motor vehicles. High demand for vehicles in Japan, China, and India could be another factor adding to the growth of the Asia Pacific half shaft constant velocity joints market.
Companies Anticipated to Sign Merger or Acquisition Agreements to Expand Market Presence
The report includes exhaustive company profiling of leading players of the global half shaft constant velocity joints market such as GKN, Feizhou Vehicle, NTN, Heri Automotive, Dana, Xiangyang Automobile Bearing, Nexteer, Guansheng, JTEKT, Wanxiang, IFA Rotorion, Hyundai WIA, Seohan Group, AAM, SKF, and Neapco. Players are expected to adopt merger and acquisition as a strategy to establish a strong position in the global half shaft constant velocity joints market.
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