Analysis of Steering Knuckles market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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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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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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.
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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 that 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.
Some of the leading manufacturers include
The leading manufacturers and suppliers have made a significant investment in the establishment of manufacturing centers, innovation, strategic partnership, product portfolio expansion, and distribution network through a strong supply chain framework. The emerging companies who are engaged in the production and supply across the automotive industry have focused heavily on providing maximum durability, suitability, quality, standard, convenience and comfort through their products to customers.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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According to Fact.MR, the steering knuckles market is predicted to increase at a CAGR of 6% between 2022 and 2032.
Due to the extensive inclusion of technological progress, resources, production plants, and presence of emerging and leading companies in the region, the market will generate its major share in Europe.
The growing trend of steering system efficiency and technological advancement in automotive component production are driving demand in steering knuckles market.
The steering knuckles market is likely to be worth US$ 4.61 Billion in 2022.
The steering knuckles market has high growth potential due to the rising trend of rear-axle steering systems
The manufacturers in the steering knuckles industry are likely to find the most opportunities in the North American region.
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