How Has the Universal Joint Market Evolved Historically and What is its Current Size
The universal joint market has seen considerable growth due to a variety of factors.
• The market size for universal joints has experienced substantial growth lately. It is predicted to expand from $97.97 billion in 2024 to $104.25 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.4%.
The past growth is due to factors such as transportation expansion, the surge of all-wheel-drive vehicles, industrialization growth, the advancement of the automotive industry, and a boost in infrastructure investment.
What is the Forecasted Growth of the Universal Joint Market Size?
The universal joint market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of universal joints is anticipated to experience robust growth, reaching a figure of $131.76 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%.
Influencing factors for this promising growth during the prediction period include increased vehicle manufacturing, heightened demand for heavy-duty vehicles, the escalating use of all-wheel-drive systems, intensifying focus on automotive safety, and growing automotive exports. Notable trends projected during this period comprise technological progression, advanced materials, intelligent universal joints, hybrid vehicles, and the use of digital twin technology.
What Are The Leading Drivers Of Growth In The Universal Joint Market?
Increased vehicle production is thought to push the expansion of the universal joint market further. Vehicle production encompasses the large-scale construction of motor vehicles, such as passenger and commercial vehicles. For public consumption. The swelling production of vehicles can be attributed to growing consumer demand for cars, improvements in production technologies, governmental incentives for electric vehicles, increased disposable incomes, and a trend towards more fuel-efficient and environmentally considerate vehicles. A universal joint, which transmits torque and rotary motion between two shafts positioned at an angle from one another, is utilised in automotive applications, aiming to provide a seamless power transfer even in instances where the shafts lack alignment. As an illustration, the International Energy Agency, a governmental organization in France, stated in April 2023 that the market for electric cars is witnessing explosive growth, with sales surpassing the 10 million mark in 2022. Moreover, electric vehicles made up 14% of all new car sales, a significant increase from around 9% in 2021. Consequently, the upward trend in vehicle production is fuelling the universal joint market's growth.
What Is The Segmentation Of The Global Universal Joint Market?
The universal joint market covered in this report is segmented –
1) By Type: Constant Velocity Joint, Cross-Axis Universal Joint, Ball-Type Universal Joint
2) By Material: Steel, Alloy, Plastic
3) By Sales Channel: Original Equipment Manufacturers, Aftermarket
4) By Application: Passenger Vehicle, Commercial Vehicle, Agricultural Machinery, Industrial Equipment
Subsegments:
1) By Constant Velocity Joint: Fixed Type Constant Velocity Joint, Plunging Type Constant Velocity Joint, Double Offset Constant Velocity Joint, Tripod Constant Velocity Joint
2) By Cross-Axis Universal Joint: Single Cross Joint, Double Cross Joint, Heavy-Duty Cross Joint, Ball-Type Universal Joint
3) By Ball-Type Universal Joint: Single Ball Joint, Double Ball Joint, Specialty Ball-Type Universal Joint
Pre-Book The Universal Joint Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Shaping The Universal Joint Market?
Leading businesses in the universal joint market are geared towards creating innovative products like square ball universal joints, specifically for the heavy truck market. This particular universal joint has been tailored to enhance durability and efficiency, particularly in circumstances that necessitate torque transmission at a variety of angles. A unique feature of this joint is the incorporation of square balls, as opposed to the conventional cross or spiders found in standardized universal joints. One key example occurred in August 2024, when the Chinese manufacturer of bearings and assemblies, CCTY, introduced the Square Ball Universal Joint to the heavy truck market. This type of universal joint boasts an exclusive yet effective design that determines torque transfer to be more straightforward with fewer components than traditional models. While standard universal joints commonly comprise more than 100 separate elements, this innovative joint is composed of just eight parts. Only three of these are essential for torque transmission. Its square ball design facilitates a smoother rotation and offers a maintenance-free operation. A boot seal with an IP68 rating comes with it to secure the bearing surfaces from contaminants and grease retention, thereby improving its durability and performance.
Who Are the Key Players in the Universal Joint Market?
Major companies operating in the universal joint market are include:
•Wanxiang Group Corporation
• Dana Incorporated
• SKF Group
• Hyundai WIA Corporation
• NTN Corporation
• The Timken Company
• Meritor Inc.
• Moog Inc.
• Belden Universal
• Rexnord Corporation
• GKN Automotive Limited
• Neapco Holdings LLC
• Koyo Bearings
• Renold plc
• American Axle & Manufacturing Inc.
• JTEKT Corporation
• Crown Automotive Sales Co. Inc.
• Xiangyang Automobile Bearing Co. Ltd.
• IFA Rotorion Holding GmbH
• Gewes GmbH
• Ruland Manufacturing Co. Inc.
• Altra Industrial Motion Corp.
• Bailey Morris Ltd.
• Heri Automotive Co. Ltd.
• Elbe Group
What are the Regional Insights into the Universal Joint Market?
North America was the largest region in the universal joint market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the universal joint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
