Automotive Steering Knuckle Market Overview
The Automotive Steering Knuckle market is projected to grow from USD 1612.2 Million in 2021 to USD 2213.72 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 3.3% during the forecast period (2023–2032).
The automotive front axle includes the steering knuckle. The steering knuckle is one of several components on the front axle that determines the steering angle. A vehicle’s steering knuckle is a safety feature. If there is an issue with the system’s quality, failure of the steering knuckle might result in serious traffic accidents.
Steering Knuckle is the automobile component which is very well linked to the car’s suspension geometry. It is utilized where, as the name implies, the steering, that is to say in the front. It features a steering arm that is placed on the tie rod to achieve the steering phenomena. The duty of this knuckle is whether the remainder of the hub is placed or the knuckle is placed on the hub. The structure of the steering knuckle for the vehicle is complicated and corresponds to the forging type and consists of a gable, plate, and three-part bar. The forging process must thus conform to the forming characteristics of three forges. In the automotive industry, the steering knuckle is considered an extremely complicated forging element. The wheel hub or spindle is linked to the car’s suspension by the steering knuckle in the vehicle suspension. It is also known as a steering knuckle, spindle, upright, or hub.
This report examines the overall automotive steering knuckles market growth, as well as its strengths and limitations. A description of the market’s dynamics, segmentation, main players, geographical analysis, and other significant characteristics are also included in the study. A detailed analysis of the automotive steering knuckles market outlook and forecast for 2027 is also included in the report.
Covid 19 Analysis
The market for Automotive Steering Knuckles is rapidly approaching pre-COVID levels, with a high growth rate projected over the projection period, owing to the economic recovery in most emerging countries. The necessity for passenger vehicles grew as a result of the virus’s high contagiousness and the resulting demand for Automotive Steering Knuckle goods.
Unprecedented conditions, however, as a result of the pandemic’s projected third and subsequent waves, are casting a bleak picture. From 2021 to 2027, the purpose of this study is to assess the influence of COVID-19 on the future of the Automotive Steering Knuckle market.
Automotive Steering Knuckle Market Top Players
All-terrain vehicles are gaining popularity, and they may help people get about in rocky and coastal areas. Manufacturers of all-terrain vehicles are continuously working to create specialized vehicles that may be utilized in military and navy applications.
The rising popularity of rear-axle steering systems is one of the market’s current trends. With new technology developments, the global automotive market is continually developing. Included in these advances are newer components, design modifications, and material alterations. Longer cars have a larger turning radius, making turning on tight roadways more challenging. As a result, rear-axle steering was invented, which was first utilized in multi-axle vehicles.
The Automotive Steering Knuckle supply chain was affected by lockdowns throughout the world in 2020 and continued limitations in 2021, creating problems for producers in the sector.
During the forecast period, intense competition, changing pricing, and evolving OEM preferences are likely to be the key challenges for the Automotive Steering Knuckle Market.
Cumulative Growth Analysis
The importance of the automobile steering knuckle is expanding year after year, owing to rising car manufacturing. Automotive steering knuckle providers continue to focus on growing the Asia Pacific, the Middle East, and Latin America in particular. The key drivers of the global Automotive Steering Knuckle market are rising disposable incomes and urban population expansion. The Automotive Steering Knuckle penetration will be driven by recent developments in the automotive sector toward increasing comfort and safety concerns, luxury, and innovative technology. The market is expected to have sustained demand, which will encourage investment in the industry. The market forecast is also marked by progressive mergers and acquisitions, which will result in market consolidation. Established businesses, in particular, favor inorganic growth techniques to expand into new areas.
Value Chain Analysis
One of the major trends that will gain momentum in the automotive steering knuckle market in the next years is the growing trend of optimizing steering knuckles for all-terrain vehicles. All-terrain vehicles are gaining popularity, and they’re finding use in rocky and coastal areas to improve mobility. Manufacturers of all-terrain vehicles are continuously working to produce specialized vehicles for military and naval purposes. In addition, they produce vehicles that may be used for hunting, farming, and transporting small cargo in rough terrain. The demand for all-terrain vehicles will rise in the future years as off-road leisure activities become more popular, necessitating the need to optimize steering knuckles for these vehicles. Furthermore, a growing trend in the industry is the use of rear-axle steering systems. With new technology developments, the global automobile market is continually developing. Included in these advances are newer components, design modifications, and material alterations. Longer cars have a larger turning radius, making turning on tight roadways more challenging. As a result, rear-axle steering was invented, which was first utilized in multi-axle vehicles.
The market for automotive steering knuckles has been divided into four categories: type, sales channel, vehicle type, and region.
The Automotive Steering Knuckle market is divided into passenger automobiles and commercial vehicles based on vehicle type. The passenger car category accounted for a large portion of the market and is expected to expand at a high CAGR in the future years.
The Automotive Steering Knuckle market is divided into OEM and Aftermarket sales channels. The OEM category accounted for a major portion of the market and is expected to expand at a high CAGR in the future years.
North America, Europe, Asia-Pacific, and the rest of the world are the regions in which the worldwide automotive steering knuckle market share is divided. Due to the presence of many important manufacturers in the area, Europe is projected to account for a significant part of the market in terms of value. During the projected period, technological advancements in Europe are likely to provide substantial possibilities for the automotive steering knuckle market trends. During the projected period, the Asia Pacific market is expected to grow considerably. During the forecast period, the availability of labor and other required resources at a cheap cost in the area is expected to boost the steering knuckle market for automotive. The fact that China has a large number of automakers is expected to boost demand for steering knuckles throughout the forecast period.
Automotive steering systems ensure that the car is handled safely and that the trip is enjoyable. A hub linked to the suspension components, a wheel attached to the steering knuckle, and the steering knuckle’s arm attached to the steering mechanism makes up steering knuckles. Honing the steering knuckle bore extends the life of the wheel bearing and minimizes internal noise and vibration conveyed via the steering wheel.
The following report comprises of –
- Market overview
- Covid 19 Analysis
- Market Dynamic
- Cumulative Growth Analysis
- Value Chain Analysis
- Segmentation Overview
- By Product Type
- By Vehicle Type
- Regional Analysis
- Competitive landscape
Mergers and acquisitions are being used by some of the players to grow their firms. For example, in June 2017, Bosch purchased AlbertiniCesareS.p.A., an Italian firm that predominantly manufactures cast housings for the automotive market as well as die-cast aluminum. Bosch will get access to a dependable supply of cast components for its electric steering systems as a result of the acquisition. Albertini was absorbed by Bosch’s automotive steering division. This would boost the global demand for automotive steering knuckles.
Automotive Steering Knuckle Market Segments
Automotive Steering Knuckle Market, By Type:
Automotive Steering Knuckle Market, By Sales Channel:
Automotive Steering Knuckle Market, By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Automotive Steering Knuckle Market, By Region:
- North America
- Rest of the World
Market Size 2021:
USD 1612.2 Million
Market Size 2032:
USD 2213.72 Million
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Type, Sales, Vehicle Type, Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
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
Increase in off-road recreational activities The demand for all-terrain vehicles
Key Market Drivers
Increasing trend of rear-axle steering system Technological advancements
Automotive Steering Knuckle Market Highlights:
Frequently Asked Questions (FAQ) :
The automotive steering knuckle market is predicted to grow at a 3.3% CAGR between 2023- 2032.
Key contenders profiled in the global automotive steering knuckle market report include 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.
Increasing trend of rear-axle steering system and increase in off-road recreational activities are the key factors driving the global automotive steering knuckle market growth.
Europe will lead the global automotive steering knuckle market.
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