New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” Automotive Steering Knuckle Market Research Report: By Type, By Sales Channel, By Vehicle Type and Region - Forecast till 2030”, the global market will reach USD 6.81 billion at a 5% CAGR by 2030.
Automotive Steering Knuckle Market Analysis
The trend of optimizing steering knuckles for all-terrain vehicles is expanding. All-terrain vehicles are becoming more popular, and they are being used to increase mobility in rocky and coastal environments. All-terrain vehicle manufacturers are always attempting to develop specialized vehicles for military and naval use. Furthermore, they manufacture vehicles that can be used for hunting, farming, and moving small cargo over tough terrain. As off-road leisure activities become more popular, the demand for all-terrain vehicles will increase, prompting the need for optimizing steering knuckles for these vehicles. This will boost market growth during the assessment period.
Key Players
Eminent industry players profiled in the automotive steering knuckle market report includes,
- BEINBAUER GROUP
- Busche Performance Group
- Bharat Forge
- Farinia Group
- MAG IAS
- Teksid S.p.A.
- TeraFlex Suspensions
- Sakthi Auto Component Limited (SACL)
- NINGBO SAP STEERING SYSTEM CO. LTD.
- and Jikasu Engineering Corp.
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/10432
Automotive Steering Knuckle Market Opportunities
Increase in Off-Road Recreational Activities to offer Robust Opportunities
The increase in off-road recreational activities coupled with the accessibility of labor & other necessary resources at low costs will offer robust opportunities for the market over the forecast period.
One of the market's current trends is the growing use of rear-axle steering systems. The global automobile market is constantly evolving due to new technological breakthroughs. These advancements include newer components, design changes, and material changes. Longer cars come with a larger turning radius, thus making tight turns more difficult. As a result, rear-axle steering was developed and initially used in multi-axle vehicles.
Restraints
Rising Cost of R&D Activities to act as Market Restraint
The rising cost of R&D activities, evolving OEM preferences, and changing pricing may act as market restraints over the forecast period.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 6.81 billion |
| CAGR during 2022-2030 | 5% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increase in off-road recreational activities The demand for all-terrain vehicles |
| Key Market Drivers | Increasing trend of rear-axle steering system Technological advancements |
Browse In-depth Market Research Report (100 Pages) on Automotive Steering Knuckle Market:
https://www.marketresearchfuture.com/reports/automotive-steering-knuckle-market-10432
Challenges
Lack of Transparency to act as Market Challenge
The lack of transparency in demand variability, high reaction time, and supply chain may act as market challenges over the forecast period.
Automotive Steering Knuckle Market Segmentation
The automotive steering knuckle market is bifurcated based on vehicle type, sales channel, and type.
By type, alloy will lead the market over the forecast period.
By sales channel, OEM will dominate the market over the forecast period.
By vehicle type, passenger cars will spearhead the market over the forecast period due to increased penetration of steering improvements in the vehicle segment and rising consumer preferences for private automobiles over commercial vehicles due to rising consumer spending power
Automotive Steering Knuckle Market COVID-19 Analysis
The breakout of the COVID-19 pandemic in the region in 2020 hindered the expansion of the automobile industry, negatively damaging the market under consideration. China, Japan, & India were among the countries hardest hit by the pandemic. The government mandated mass immunization efforts as well as harsh regulations such as preserving social distance. These factors are expected to drive regional market expansion over the forecast period. Because of the economic recovery in most emerging nations, the market for Automotive Steering Knuckles is swiftly approaching pre-COVID levels, with a high growth rate expected throughout the forecast period. Because of the virus's high contagiousness and the resulting demand for Automotive Steering Knuckle items, the need for passenger automobiles surged. However, unprecedented conditions owing to the pandemic's expected third and subsequent waves paint a dismal picture. The objective of the study is in estimating the impact of COVID-19 on the future of the Automotive Steering Knuckle market.
Ask for Discount:
https://www.marketresearchfuture.com/check-discount/10432
Automotive Steering Knuckle Market Regional Analysis
Europe to Head Automotive Steering Knuckle Market
Europe will account for a large portion of the market in terms of value due to the presence of numerous eminent manufacturers in this region. Technological advancements in Europe are predicted to give significant opportunities for the automobile steering knuckle market trends throughout the forecast period. Europe dominates the automobile steering knuckle market due to the existence of numerous significant manufacturers, the availability of labor & other necessary resources at a reasonable cost, and the region's increased automotive manufacturing. Because of the presence of numerous leading manufacturers in the region, Europe is likely to account for a major part of the market with regards to value. During the projected period, technological developments in Europe are expected to generate considerable prospects for the automotive steering knuckle market. Europe is predicted to have significant market expansion in the coming years due to the region's high inclusion of technical advancement, resources, manufacturing facilities, and market presence of emerging and leading firms.
APAC to Have Admirable Growth in Automotive Steering Knuckle Market
The Asia Pacific market will increase significantly throughout the forecast period. The availability of manpower and other needed resources at a low cost in the area is likely to enhance the steering knuckle market for automotive over the forecast period. Because China has a significant number of automakers, demand for steering knuckles is likely to rise over the projection period. Asia-Pacific is the projected region for growth in the automotive steering knuckle market due to increased accessibility of labor as well as other essential resources at low cost, as well as increased automobile manufacturing in this region. The Asia Pacific market will increase significantly throughout the forecast period.
Ask To Expert:
https://www.marketresearchfuture.com/ask_for_schedule_call/10432
The accessibility of low-cost labor as well as other resources in the region is expected to drive the steering knuckle market for automotive over the projected period. China has a large number of automakers, which is expected to drive demand for steering knuckle over the forecast period. APAC's primary markets for automobile steering knuckle include China, Japan, & India. The large increase in per-capita income, as well as high investment in infrastructure and industrial development, would drive demand for commercial vehicles, supporting market growth over the projection period.
Related Reports:
Automotive Steering Systems Market By Steering System, By components, Vehicle Type and by End Market Forecast to 2030
Automotive Collapsible Steering Column Market Information Report, Vehicle Type, By Drive Type, and by Regions - Global Forecast To 2030
Automotive Electric Power Steering Market Information by Type, Component, Mechanism, Fuel, Vehicle, and Region – Global Forecast to 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
