The Global Steering Knuckle Market size was estimated at USD XX billion in 2021 and is expected to hit around USD XX billion by 2030, poised to grow at a compound annual growth rate (CAGR) of XX% from 2022 to 2030.
Global Steering Knuckle Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The global Steering Knuckle Market refers to the market for steering knuckles, which are critical components in the steering system of automobiles. Steering knuckles are also known as steering uprights or spindle supports, and they are responsible for connecting the wheels to the suspension system while allowing them to pivot for steering purposes.
The steering knuckle market encompasses the production, distribution, and sales of steering knuckles used in various types of vehicles, including passenger cars, commercial vehicles, and off-road vehicles. These components play a vital role in ensuring proper steering control, stability, and maneuverability of vehicles.
The market includes both original equipment manufacturers (OEMs) and aftermarket suppliers. OEMs supply steering knuckles directly to automobile manufacturers for the installation in new vehicles, while aftermarket suppliers provide replacement or upgrade options for existing vehicles. The market is driven by the demand for automobiles globally, as well as the need for replacement parts due to wear and tear or accidents.
The global steering knuckle market is experiencing several significant trends that are shaping the industry's overall scenario. Firstly, there is a growing demand for lightweight steering knuckles as automakers strive to improve fuel efficiency and reduce emissions. This trend is driving the adoption of advanced materials, such as aluminum alloys and composites, in steering knuckle manufacturing.
Secondly, there is an increasing focus on integrating advanced technologies into steering systems. This includes the incorporation of electronic power steering (EPS) systems and the development of steering knuckles compatible with advanced driver-assistance systems (ADAS). These technologies enhance vehicle safety, improve maneuverability, and provide a more comfortable driving experience.
Lastly, there is a rising trend of vehicle customization and performance enhancement, particularly in the aftermarket segment. Enthusiasts and car owners are seeking steering knuckles with enhanced durability, precision, and adjustability to optimize their vehicle's handling and performance.
Table of Content Global Steering Knuckle Industry Research Report, 2020-2031.
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