Rockville, MD, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The global automotive kingpin market is estimated at US$ 4.73 Billion in 2024, according to a new research analysis published by Fact.MR, is a market research and competitive intelligence provider. Worldwide demand for automotive kingpins is projected to reach a market valuation of US$ 7.27 billion by the end of 2034.
Expansion of construction and mining sectors worldwide is forecasted to augment demand for heavy commercial vehicles. Kingpins are replaced at a comparatively higher rate in heavy-duty commercial vehicles, projected to contribute to market expansion in the coming decade. In addition, the growing vehicle production is also projected to drive demand for automotive kingpins. Rising demand for transportation and logistics is forecasted to generate the need for kingpin replacement in the aftermarket to increase the lifespan of heavy-load vehicles.
A majority of retailers are participating in several promotional activities to increase the visibility of their respective brands, especially to tap into some beneficial markets. Many vehicles use technologically advanced couplings and steering systems, which is estimated to drive sales of automotive kingpins.
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Key Takeaways from the Market Study:
- The global automotive kingpin market is estimated at US$ 4.73 billion in 2024.
- Sales of automotive kingpins are forecasted to reach US$ 7.27 billion by the end of 2034.
- The market is projected to expand at 4.4% CAGR from 2024 to 2034.
- Worldwide demand for automotive kingpin kits is forecasted to increase at a 4.5% CAGR and reach a market valuation of US$ 4.38 billion by 2034-end.
- East Asia is forecasted to account for 36.2% share of the global market by the end of 2034.
- Sales of automotive kingpins in the United States are projected to increase at 3.3% CAGR and reach US$ 1.37 billion by 2034-end.
“Rising automotive production, globalization of automotive industry supply chains, and government initiatives promoting vehicle safety are forecasted to positively influence demand for automotive kingpins,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive Kingpin Market:
Diesel Technic SE, Meritor, Inc., Schaeffler Technologies Ag & Co. Kg, Dana Limited, Elgin Industries, Mulberry Fabrications Ltd., JG Automotive, LE.MA S.r.l., Ferdinand Bilstein GmbH + Co. KG, Stemco Products Inc., Belton Group, PE Automotive
Growing Demand for Automotive Kingpins for Use in Heavy Commercial Vehicles:
More contractors generally opt for heavy-duty commercial vehicles for the transportation of heavy materials. The growing demand for these powerful vehicles, attributed to their strong suspension systems and higher load-carrying capacity, is projected to contribute to the demand for efficient and durable automotive kingpins.
Automotive Kingpin Industry News:
- 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.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the automotive kingpin market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (kits, individual parts), vehicle type (light commercial vehicles, heavy commercial vehicles, off-road vehicles), and sales channel (OEMs, aftermarket), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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