Steering Knuckle Market: Manufacturers, Growth Rate By Application, Market Size And Forecast 2018 - 2026
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. The wheel and tire assembly attach to the hub or spindle of the knuckle where
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The steering knuckle is an important part of suspension and steering systems fitted in vehicles. Vehicles are steering with the help of these systems. The booming automotive industry is driving the global steering knuckle market. The report states that drop in excise duty of these parts is also expected to augment the auto components industry, thereby offering many lucrative opportunities for vendors of steering knuckle & stub axel manufacturers.
Despite the steadfast market drivers, the global steering knuckle market is being stymied by high machining & maintenance costs and slow pace of automation in manufacturing. Challenges pertaining to inventory management such as lack of transparency in the demand variability, supply chain, and high response time are also projected to have a negative impact on the overall market.
The steering knuckle market for automotive can be segmented based on material, manufacturing method, vehicle, sales channel, and region. In terms of material, the steering knuckle market for automotive can be segmented into composite material and four other segments. The composite material segment is the latest trend and is projected to boost the steering knuckle market for automotive during the forecast period. Utilization of composite material in new applications in various industries, as a replacement for metal, has increased due to its advantages such as higher strength-to-weight ratio, corrosion resistance, and workability.
The automotive industry has witnessed increased adoption of composite material for applications, where weight reduction plays a crucial role. Based on manufacturing method, the steering knuckle market for automotive can be split into casting and one more segment. In terms of vehicle, the steering knuckle market for automotive can be segmented into passenger vehicle and commercial vehicle. The commercial vehicle segment is expected to continue contributing to the expansion of the steering knuckle market for automotive during the forecast period. Pick-up, van, and bus & coaches are the major sub-segments of the commercial vehicle segment that employ steering knuckles. In terms of sales channel, the steering knuckle market for automotive can be segregated into OEM and aftermarket.
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Based on geography, the global steering knuckle market for automotive can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. 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 operating in the global steering knuckle for automotive market include Teksid S.p.A., Farinia SA, TeraFlex Suspensions, Happy Forgings Limited, Busche Performance Group, NINGBO SAP STEERING SYSTEM CO.LTD, Sakthi Auto Component Limited (SACL), Jikasu Engineering Corp, and Farinia Group.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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