ID: MRFR/AM/8952-HCR | March 2021 | Region: Global | 100 pages
Automotive steering knuckle is a part of the automotive front axle. Of the many components on the front axle, the steering knuckle plays an important role in deciding the steering angle. Steering knuckle is a safety component in a vehicle. Failure of steering knuckle may cause heavy traffic accidents if there is any quality problem with a system. The structure of automobile steering knuckle is complex, belongs to compound type of forgings, and it consists of the fork, plate, bar of three parts. Therefore, the forging process needs to comply with the forming characteristics of three kinds of forgings. The steering knuckle is regarded as a highly complex forging part in the automotive industry. The steering knuckle in the vehicle suspension comprises the wheel hub or spindle and is attached to the suspension of the vehicle. It is variously called a steering knuckle, spindle, upright or hub, as well.
Steering Knuckle is the automobile component which is quite well associated with the suspension geometry of the vehicle. As the name suggests, it is used where the steering is to be achieved, i.e., in the front. It has a steering arm, on which the tie rod is mounted, to achieve the steering phenomenon. This knuckle does the job of either providing the rest place of hub with the bearing or the knuckle rests on the hub.
Automotive steering systems offer safe handling of the vehicle and a comfortable ride. Steering knuckles consist of a hub attached to the suspension components, a wheel which is attached by steering knuckle, and the arm of the steering knuckle which is attached to the steering mechanism. Proper functioning of all these components is significant in enabling safe handling and facilitating a comfortable ride and honing the steering knuckle bore enhances the lifespan of wheel bearing and reduces interior noise level and vibration transmitted through the steering wheel.
The increasing trend of optimizing steering knuckle for all-terrain vehicles is one of the key trends that will gain traction in the automotive steering knuckle market in the coming years. All-terrain vehicles are gaining traction and they find applications in improving mobility in rocky and coastal regions. All-terrain vehicle manufacturers are constantly focusing on developing customized vehicles that can be used in defense and navy applications. Moreover, they are also manufacturing vehicles that can be extensively used for hunting, farming, and carrying small loads in rocky areas. With the increase in off-road recreational activities, the demand for all-terrain vehicles will increase in the coming years, fueling the need for optimizing steering knuckles to these vehicles. Additionally, one of the trends in the market is increasing trend of rear-axle steering system. The global automotive market is constantly evolving with new technological advancements. These advancements include inclusions of newer components, design changes, and material changes. Longer vehicles have high turning radius, making it difficult to turn in narrow roads. This led to the invention of rear-axle steering, which was initially used in the multi-axle trucks.
Some of the players are expanding their businesses by merger & acquisition strategies. For instance, In June 2017, Bosch acquired the Italian company Albertini Cesare S.p.A. which produces cast housings primarily for the automotive industry and is also a manufacturer of die-cast aluminum. The acquisition will provide Bosch with a supply of reliable cast parts for its electric steering systems. Bosch integrated Albertini into its automotive steering division. This would increase the demand of automotive steering knuckle in the global market.
Global Automotive Steering Knuckle Market has been segmented by type, sales channel, vehicle type, and region. Based on Type, the global Automotive Steering Knuckle market can be bifurcated into alloy, cast iron, and others. The alloy segment is anticipated to grow at a significant CAGR in the coming years. By Sales Channel, the Automotive Steering Knuckle market has been split into OEM and Aftermarket. The OEM segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years. By vehicle type, the Automotive Steering Knuckle market has been split into passenger cars and commercial vehicles. The passenger cars segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
Global Automotive Steering Knuckle Market size is anticipated to register a significant CAGR of 6% between 2020 and 2026.
Global Automotive Steering Knuckle Market is expected to witness moderate growth during the forecast period owing to the increasing trend of rear-axle steering system and technological advancements in the automotive industry. These factors are expected to drive the demand for Automotive Steering Knuckle in the coming years.
Based on Region, the global Automotive Steering Knuckle market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Europe is expected to account for a prominent share of the market, in terms of value, due to the presence of several key manufacturers in the region. Technological developments in Europe are expected to create significant opportunities for the steering knuckle market for automotive during the forecast period. The market in Asia Pacific is estimated to expand significantly during the forecast period. The availability of labor and other necessary resources at a low price, in the region, is anticipated to drive the steering knuckle market for automotive during the forecast period. China has a significant number of automotive manufacturers, which is projected to propel the demand for steering knuckle during the forecast period.
Key Players in the Global Automotive Steering Knuckle Market are BEINBAUER GROUP, Bharat Forge, Busche Performance Group, Farinia Group, MAG IAS, Teksid S.p.A., TeraFlex Suspensions, NINGBO SAP STEERING SYSTEM CO. LTD., Sakthi Auto Component Limited (SACL), and Jikasu Engineering Corp.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Sales, Vehicle Type, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BEINBAUER GROUP, Bharat Forge, Busche Performance Group, Farinia Group, MAG IAS, Teksid S.p.A., TeraFlex Suspensions, NINGBO SAP STEERING SYSTEM CO. LTD., Sakthi Auto Component Limited (SACL), and Jikasu Engineering Corp.|
|Key Market Opportunities||
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