Automotive Kingpin Market
Automotive Kingpin Market Study by Types of Kits and Individual Parts from 2024 to 2034
Analysis of Automotive Kingpin Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Automotive Kingpin Market Outlook (2024 to 2034)
The global automotive kingpin market size has been calculated at a value of US$ 4.73 billion in 2024, according to the latest industry analysis published by Fact.MR. Worldwide sales of automotive kingpins are forecasted to rise at a CAGR of 4.4% and reach US$ 7.27 billion by the end of 2034.
Noteworthy growth in the automotive industry, including the manufacturing of several types of vehicles, such as commercial vehicles, trucks, and cars, is projected to lead to the rising demand for automotive kingpins across regions. In addition, the growing need for replacement components and parts, including automotive kingpins, to repair and maintain existing vehicles is forecasted to contribute to market growth.
Automotive kingpins play a pivotal role in the suspension and steering systems, which are integral to the safety of vehicles. Further, an increasing focus on complying with regulations and standards for enhancing vehicle safety is projected to boost demand for various high-quality kingpin systems.
- North America is forecasted to account for 22.4% share of the global market by 2034.
- OEMs (original equipment manufacturers) are forecasted to occupy 65.9% of the automotive kingpin market share by 2034.
- Demand for automotive kingpins in Japan is projected to increase at 5.9% CAGR from 2024 to 2034.
Globalization of the supply chains used in the automotive industry is projected to increase competition among players. Companies offering high-quality and cost-effective kingpin solutions are estimated to benefit from this and gain a competitive edge. Implementation of stringent emission regulations and policies is forecasted to lead to increased demand for automotive components, such as automotive kingpins.
Constant changes in consumer preferences, such as the inclination to some specific vehicle types, including electric vehicles and SUVs, are forecasted to positively impact demand for respective automotive kingpins, especially seals, bearings, spring pins, caps, etc. Several initiatives and policies, such as incentives offered for electric vehicles, are also projected to shape the automotive industry and thus indirectly impact sales of automotive kingpins.
| Report Attributes | Details |
|---|---|
| Automotive Kingpin Market Size (2024E) | US$ 4.73 Billion |
| Forecasted Market Value (2034F) | US$ 7.27 Billion |
| Global Market Growth Rate (2024 to 2034) | 4.4% CAGR |
| East Asia Market Share (2034F) | 36.2% |
| South Korea Market Growth Rate (2024 to 2034) | 5.5% CAGR |
| Market Share of Automotive Kingpin Kits (2034F) | 60.2% |
| Key Companies Profiled |
|
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What’s Contributing to Rising Sales of Automotive Kingpins across the World?
“Reliance of Steering System Parts on Capacity of Kingpin to Carry Load”
Power-assisted steering or power steering was developed to help drivers minimize the efforts necessary for driving. Parts of the steering system entirely depend on the kingpin’s capacity to carry the load. This is projected to boost the demand for lightweight, reliable, and strong kingpins for application in several heavy commercial vehicles.
Increased demand for heavy-duty commercial vehicles in multiple sectors and advancements in steering systems are projected to positively influence the automotive kingpin market trends. Further, growing demand for these vehicles is forecasted to prompt manufacturers to increase their expenditure in the development of strong but lightweight kingpins.
What Challenges are Projected to Slow Down Automotive Kingpin Market Growth?
“Production of Technologically Advanced Ball Point Systems and Couplings”
Many manufacturers in the automotive industry are focusing on the production of various technologically advanced coupling systems in passenger cars and lightweight commercial vehicles. The use of these advanced coupling systems is forecasted to limit the consumption of automotive kingpins. In addition, the low replacement ratio of kingpins in some heavy-duty vehicles is also adversely impacting growth opportunities.
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How are Startups Contributing to Global Market Growth?
“Focus on Advanced Kingpin Designs for Enhanced Efficiency and Durability”
Innovations in manufacturing processes and materials are forecasted to lead to the improved performance of automotive kingpins. Start-ups need to invest in advancements in kingpin designs, therefore contributing to improved efficiency and durability. More new players who stay at the forefront of these technological advancements are projected to get a competitive edge going forward.
Country-wise Insights
East Asia is forecasted to hold 36.2% share of global market revenue by the end of 2034. Ongoing infrastructure development projects and urbanization in the region are leading to increased demand for various commercial vehicles, which is projected to boost sales of multiple automotive components, including automotive kingpins.
What’s Projected to Fuel Demand for Automotive Kingpins in the United States?
“Growing Fleet of Vehicles Generating Demand for Efficient Automotive Kingpins”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 994.8 Million |
| Growth Rate (2024 to 2034) | 3.3% CAGR |
| Projected Value (2034F) | US$ 1.37 Billion |
The United States is projected to hold 84.2% of the North American market by 2034. The increased demand for automotive kingpins in the country is attributed to the increasing vehicle fleet. Growing concerns related to reliable commuting and the rising purchasing power of more consumers in the United States are projected to increase demand for automotive kingpins.
The increasing population, improved standard of living, and growing disposable income of more Americans are contributing to the rising demand for personal vehicles, therefore contributing to the growth of the automotive industry in the country. Therefore, the growing need for automobiles is also forecasted to contribute to the expansion of the automotive kingpin market size.
How are Automotive Kingpin Manufacturers Faring in China?
“Market Driven by Increasing Affordability and Ownership of Vehicles”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 1.29 Billion |
| Growth Rate (2024 to 2034) | 5.1% CAGR |
| Projected Value (2034F) | US$ 2.12 Billion |
China is forecasted to account for 80.7% share of the East Asia market by 2034. China is a rapidly growing automotive market. Increased production and sales of vehicles in China are projected to contribute to the fuel demand for several automotive components, such as automotive kingpins.
Increasing vehicle affordability and ownership are boosting demand for aftermarket components, such as those related to suspension and steering systems. Kingpins are pivotal components in these systems, and their increased demand is influenced by the expansion of the vehicle fleet.
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Category-wise Insights
Fact.MR, a market research and competitive intelligence provider, in its newly published research analysis, asserts that demand for automotive kingpins is projected to increase in heavy commercial vehicles. More contractors prefer to use these vehicles in the transportation of heavy materials. Thus, the rising demand for heavy commercial vehicles is leading to the growing adoption of automotive kingpins for their effective operation.
Which Type of Vehicle Accounts for a Leading Market Share?
“Heavy Commercial Vehicles Hold Leading Share Due to Need for Robust and Durable Kingpins”
For the transportation of heavy materials, the majority of contractors prefer heavy-load-carrying vehicles. In addition, the need for powerful vehicles with increased load-carrying capacity and strong suspension systems is growing significantly. These vehicles need efficient and durable kingpins for smooth operation.
Which Distribution Channel is Extensively Used for Sales of Automotive Kingpins?
“OEMs Account for High Automotive Kingpin Sales Due to Focus on Quality Assurance”
| Attribute | OEMs |
|---|---|
| Segment Value (2024E) | US$ 2.99 Billion |
| Growth Rate (2024 to 2034) | 4.8% CAGR |
| Projected Value (2034F) | US$ 4.79 Billion |
OEMs are forecasted to account for 65.9% share of the market by 2034. OEMs prioritize the reliability and quality of the components utilized in their vehicles to maintain customer satisfaction and brand reputation. Therefore, more consumers generally prefer sourcing components, including automotive kingpins from reputable suppliers to ensure durability, quality, and compatibility with vehicles.
Competitive Landscape
The expansion of the global market is attributed to the growth of the automotive industry. Prominent manufacturers are emphasizing the production of automotive kingpins with improved performance, strength, and minimized weight. They are focusing on offering quality products, new developments, and strengthening the systems used for supply chain management.
For instance :
- Meritor, Inc. declared the launch of its ReadySet kingpin kits in 2021. This new launch is an ideal option for vocational, linehaul, bus, and city delivery applications.
Key players in the automotive kingpin market are Meritor, Inc., Diesel Technic SE, Schaeffler Technologies Ag & Co. Kg, Elgin Industries, Dana Limited, Mulberry Fabrications Ltd., JG Automotive, PE Automotive, LE.MA S.r.l., Ferdinand Bilstein GmbH + Co. KG, STEMCO Products Inc., and Belton Group.
Segmentation of Automotive Kingpin Market Research
-
By Product Type :
- Kits
- Individual Parts
-
By Vehicle Type :
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Off-road Vehicles
-
By Sales Channel :
- OEMs
- Aftermarket
-
By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
- FAQs -
How big is the size of the automotive kingpin market in 2024?
The global automotive kingpin market is estimated at US$ 4.73 billion in 2024.
What valuation is the market for automotive kingpins projected to reach by 2034?
Demand for automotive kingpins is projected to reach a market value of US$ 7.27 billion by the end of 2034.
What is the forecasted growth rate for the global market?
The global market for automotive kingpins is forecasted to expand at a CAGR of 4.4% from 2024 to 2034.
How much share of the global market is projected to be accounted for by automotive kingpin kits?
Automotive kingpin kits are forecasted to hold 60.2% share of the global market by 2034.
At what rate are the sales of automotive kingpins projected to rise in Japan?
Sales of automotive kingpins in Japan are projected to rise at a CAGR of 5.9% from 2024 to 2034.
What is the sales forecast for automotive kingpins in the United States?
Sales of automotive kingpins in the United States are forecasted to rise at a CAGR of 3.3% from 2024 to 2034.
What is the function of a kingpin?
Kingpins connect trailers and semi-trucks and are available in different sizes and shapes. They are also used for the handling and steering of the coupled rig.
Automotive Kingpin Market
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