The Booming Automotive Industry to Boost the Steering Knuckle Market during 2018-2026
Added: (Thu Mar 07 2019)
Pressbox (Press Release) -
Transparency Market Research in its new report titled, “Steering Knuckle Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the steering knuckle market. The TMR report anticipates that the booming automotive industry will drive the steering knuckle market during the forecast period i.e, 2018-2026. 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, says the report.
The report has segregated the steering knuckle market based on material, manufacturing method, vehicle, sales channel, and region. On the basis of material, the steering knuckle market is 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.
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In terms of manufacturing method, the steering knuckle market is 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.
From a geographical perspective, the global steering knuckle market is 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.
Major 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.
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