CV Shaft Market Size, Industry Share, Growth, Opportunities 2034

CV Shaft Industry Perspective:

What will be the size of the global CV shaft market during the forecast period?

The global CV shaft market size was worth around USD 4.29 billion in 2024 and is predicted to grow to around USD 5.85 billion by 2034, with a compound annual growth rate (CAGR) of roughly 3.50% between 2025 and 2034.

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Key Insights:

• As per the analysis shared by our research analyst, the global CV shaft market is estimated to grow annually at a CAGR of around 3.50% over the forecast period (2025-2034)
• In terms of revenue, the global CV shaft market size was valued at around USD 4.29 billion in 2024 and is projected to reach USD 5.85 billion by 2034.
• The CV shaft market is projected to grow at a significant rate due to the rising rate of vehicle ownership across the globe.
• Based on the type, the solid CV shaft segment is growing at a high rate and will continue to dominate the global market, as per industry projections
• Based on the joint type, the ball-type CV joints segment is anticipated to command the largest market share
• Based on the vehicle type, the passenger cars segment is anticipated to lead the market growth trends
• Based on the drive type, the four-wheel drive segment is anticipated to influence revenue in the market
• Based on sales channel, the original equipment manufacturer (OEM) segment is projected to shape the market growth trends
• Based on region, the Asia-Pacific is projected to dominate the global market during the forecast period

CV Shaft Market: Overview

Constant velocity (CV) shafts are integral components of modern vehicles, as they help ensure the automotive industry delivers optimal performance. CV shafts are essential for transferring power from the transmission to the wheels, facilitating smooth performance, including acceleration and reliability. In addition to this, CV shafts are essential to ensure the vehicle’s safety. CV shafts are generally found in all front-wheel vehicles and in some all-wheel drive systems. The global demand for CV shafts has increased in the last few years due to the growing rate of vehicle ownership, increased awareness of automotive safety, and a surge in demand for modern electric vehicles (EVs).

Additionally, rising investments in upgrading public transport infrastructure through roadways and increasing expansion of fleet have further intensified demand for CVs across the globe. The industry may face growth limitations due to the ongoing development of alternative drivetrains that do not rely on the CV shaft. The high cost of advanced constant velocity may limit market expansion trends in the coming years.

CV Shaft Market: Dynamics

Growth Drivers

How will increasing the vehicle ownership rate influence demand in the CV shaft market?

The global CV shaft market is expected to be led by the rising rate of vehicle ownership across the globe. According to market research, car sales across the globe increased by 2.4% - 3.4% in 2024, with Asian countries and the US emerging as market leaders. The surge in vehicle ownership is driven by factors such as reduced cost of vehicle production, increased disposable income, and changes in consumer lifestyles. Constant velocity shafts are one of the most crucial components of vehicles, as they are essential for ensuring vehicle safety and performance.

Surging awareness around vehicle safety is expected to remain a crucial revenue generator for the industry players

One of the most prominent growth drivers for CV shaft is the rising awareness around the importance of regular vehicle repair & maintenance. According to official reports, around 1.2 million people die every year worldwide due to road accidents. The awareness around vehicle safety is influenced by critical factors such as access to information through social media channels, government initiatives, and increased emphasis by car insurance providers to conduct regular vehicle inspections. The surge in awareness will work in favor of the constant velocity shaft providers, as vehicle owners are expected to spend more on vehicle safety.

Restraints

Why will cost barriers limit the expansion of the CV shaft market?

The global CV shaft market is projected to be restricted due to the cost barriers reported in the industry. Replacement of the CV shaft can be expensive, especially when dealing with high-end cars. In addition, a lack of consumer awareness of the need to regularly repair and replace CV shafts may further impede industry expansion. Other factors, such as rising cost of living, limited disposable income, and fluctuations in raw material prices, may also emerge as market growth barriers during the long run.

Opportunities

Expansion of roadway public transport systems to generate growth opportunities during the projection period

The global CV shaft industry is anticipated to generate growth opportunities due to the expansion of road-based public transport systems. Governments across the globe, especially emerging economies, are spending heavily on upgrading aging transport infrastructure. Furthermore, the growing population and the urgent need to upgrade the transport infrastructure as foreign investment continues to surge will drive demand for CV shafts. ZF Friedrichshafen AG, a leading provider of automotive solutions, announced the launch of its new range of bus and coach technologies at the BusWorld 2025 fair. The company is offering an extensive portfolio of automation, decarbonization, safety & digital solutions, and intelligent chassis.

Why will the expansion of electric vehicles promote revenue in the CV shaft market?

While a growing number of EVs use alternative drivetrain systems, a significant volume of modern electric vehicles continues to rely on constant velocity shafts. In addition, most hybrid vehicles are powered by CV shafts. The increasing production of lightweight, high-performance EVs will significantly increase demand for the global CV shaft market.

Challenges

Rising concerns over low-quality CV shafts are expected to challenge industry expansion during the projection period

The global CV shaft industry is projected to be challenged by the growing concerns over the sale of low-quality CV shafts. Counterfeit and substandard products can prove dangerous for the safety of vehicles and passengers. In addition, regulatory complexities, particularly as global markets rapidly evolve, may further impede industry expansion in the coming years.

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CV Shaft Market: Report Scope

CV Shaft Market: Segmentation

The global CV shaft market is segmented based on type, joint type, vehicle type, drive type, sales channel, and region.

Why will the solid CV shaft segment lead the industry revenue during the forecast period?

Based on type, the global market segments are plunging CV shaft, solid CV shaft, and fixed CV shaft. In 2024, the highest revenue was listed in the solid CV shaft segment, accounting for nearly 30% of the global revenue. It is anticipated to generate a CAGR of over 7.01% in the coming years, as it is the standard type of CV shaft used in old and modern vehicles. The segment will continue to lead the industry during the projection period.

Which factors will influence growth in the ball-type CV joint segment during the projection period?

Based on joint type, the global industry is segmented into double offset joints, tripod-type CV joints, ball-type CV joints, and cross groove joints. More than 61% of global revenue was listed in the ball-type CV joints segment during the projection period, and a CAGR of 6.99% in the coming years. Ball-type CV joints offer improved versatility and compatibility. Additionally, extensive applications across industries will further influence industry revenue during the projection period.

Why will passenger cars continue to lead the CV shaft industry in the coming years?

Based on vehicle type, the global market divisions are heavy commercial vehicles, light commercial vehicles, passenger cars, electric vehicles, and others. The highest growth, in 2024, was listed in the passenger cars segment, with a market share of 65.01% over the projection period. The growing rate of vehicle ownership, with reduced cost of automotive production and changing consumer lifestyles, will influence segmental revenue in the future.

What is the projected CAGR for the four-wheel drive segment in the CV shaft market?

Based on drive type, the global CV shaft industry segments are four-wheel drive, all-wheel drive, rear-wheel drive, and front-wheel drive. In 2024, approximately 62% of total revenue was attributed to the four-wheel-drive segment. It is projected to grow at a CAGR of 6.5% over the coming years due to rising demand for urban mobility services and rising sales of passenger vehicles.

What are the reasons for increased growth in the OEM segment in the CV shaft industry?

Based on the sales channel, the global market is divided into aftermarket and original equipment manufacturers (OEM). More than 75.01% of global revenue was listed in the original equipment manufacturer (OEM) segment. It is projected to grow at a CAGR of 5.2% over the forecast duration. CV shafts are an integral safety component of all vehicles. The surge in automotive production rate will remain a prominent segmental growth driver during the forecast period.

CV Shaft Market: Regional Analysis

What is the projected CAGR for Asia-Pacific in the CV shaft market during the forecast period?

The global CV shaft market is projected to be led by Asia-Pacific during the forecast period. The region accounted for nearly 54.07% of global revenue and is expected to achieve a 5.5% CAGR in the coming years. The Asia-Pacific region accounts for the largest share of global automotive production, with countries such as China, India, and South Korea leading the regional landscape. The rapid expansion of Indian automakers in African markets and the surging integration of smart facilities for producing large volumes of new-age vehicles across China will aid regional expansion in the coming years.

Why will North America continue to remain a significant revenue generator in the CV shaft industry?

North America is projected to remain the second-largest market, accounting for 23% of global revenue and a CAGR of 5.22% over the forecast period. Vehicle ownership rate across the US and Canada is exceptionally high. The presence of a mature market, along with growing demand for high-performance vehicles across North America, will work in favor of regional players. The regional market will also be regulated by the existence of strict road safety regulations, along with growing sales of used cars across the US and Canada.

CV Shaft Market: Competitive Analysis

The global CV shaft market is led by players like:

• NTN Corporation
• AAM (American Axle & Manufacturing)
• Dana Incorporated
• Wanxiang Group
• Nexteer Automotive
• IFB Automotive
• GKN Automotive
• Neapco
• ZF Friedrichshafen
• SKF
• Mahindra CIE Automotive
• Schaeffler
• Miba Group
• JTEKT
• Hyundai Wia

What are the latest trends in the CV shaft market?

Lightweight materials

There is a growing demand for lightweight vehicle parts, including constant velocity shafts. Reducing vehicle weight is known to improve fuel efficiency, thus promoting innovation in terms of CV shaft materials.

Integration with modern technologies

Integrating CV shafts and other vehicle components with smart technologies can aid in improving CV shaft performance, especially through real-time monitoring and predictive maintenance. These technologies are expected to find more demand in the premium vehicle segment during the forecast period.

The global CV shaft market is segmented as follows:

By Type

• Plunging CV Shaft
• Solid CV Shaft
• Fixed CV Shaft

By Joint Type

• Double Offset Joints
• Tripod-type CV Joints
• Ball-Type CV Joints
• Cross Groove Joints

By Vehicle Type

• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Passenger Cars
• Electric Vehicles
• Others

By Drive Type

• Four-Wheel Drive
• All-Wheel Drive
• Rear-Wheel Drive
• Front-Wheel Drive

By Sales Channel

• Aftermarket
• Original Equipment Manufacturer (OEM)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa