Steering Knuckles Market Forecast and CAGR
According to latest research by Fact.MR, steering knuckles market is set to witness steady growth during 2021-2031. The demand is expected to grow between CAGR of 4% to 6% by value during 2021-2031. Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020.
However, it is estimated that the market will show positive growth from 2021 onwards. The growing requirement for weight reduction in the structure and design of steering knuckles and emission control is likely to boost the production and demand.
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What is Driving Demand for Steering Knuckles?
The steering knuckles plays an important role in the steering management of a vehicle. It has a significant application in the light commercial vehicle as well as passenger vehicles due to inherent durability and flexibility. The growth in the production of passenger cars and commercial vehicle will enhance the steering knuckles demand.
It also has application in the military vehicles which is driving the demand in a consistent manner. The replacement market is also significant for the steering knuckles, as due to wear and tear they requires a replacement. The growing vehicle parc (fleet on road) has a positive effect on the steering knuckles replacement market. The most prominent replacement market are US, China, Japan, Germany, Italy, France, Brazil, and India among others.
The growing trend of efficiency in the steering system and technological upgradation in the manufacturing of automotive parts is the demand driving factor. Rising standard of living is also a reason for the growth as there is high demand for passenger vehicles, which ultimately increases the demand for steering knuckles. The manufacturers and suppliers are relied on providing best suitability and durability in the product to gain the customer’s attention.
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Growing Passenger Car Production to Augment the Growth of Steering Knuckles Market
The passenger car segment is the most prominent application for steering knuckles. Passenger car occupy about 70% of the overall automotive industry, which includes light commercial vehicle and heavy commercial vehicle as well. The most prominent passenger car production hub is China where in 2020 about 20 million passenger car were produced.
East Asia and Europe Steering Knuckles Demand Outlook
Europe is expected to have substantial growth in the market in the coming years due to high inclusion of technological advancement, resource, manufacturing facilities and market presence of emerging and leading players in the region. East Asia is also estimated to grow with significant pace as there is high demand of automotive steering systems, rising sales of passenger vehicles as well as commercial vehicles and high availability of resources.
China, Japan, and South Korea are the countries which forms East Asia. These three countries are among the most prominent automotive production hubs across the global and are among the key market for steering knuckles.
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Who are the Key Manufacturers and Suppliers of Steering Knuckles?
Some of the leading manufacturers include
- Teksid S.p.A.
- Farinia SA
- TeraFlex Suspensions
- Happy Forgings Limited
- Busche Performance Group
- Jikasu Engineering Corp
- MAG IAS GmbH
- ATTC Manufacturing, Inc.
- Sakthi Auto Component Limited (SACL)
- ACDelco Corporation
- Crown Automotive Sales Co., Ltd.
- Dorman Products
- Mevotech LP
- MOOG Parts
- MZW Motors
- Professional Parts Sweden
- Ningbo Sap Steering System Co. Ltd.
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