Global Automotive Steering Knuckle Market 2018-2022
About Automotive Steering Knuckle
Automotive steering knuckle is a part of the automotive front axle. Of the many components on the front axle, the steering knuckle plays an important role in deciding the steering angle.
Technavio’s analysts forecast the global automotive steering knuckle market to grow at a CAGR of 3.92% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive steering knuckle market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Steering Knuckle Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive steering knuckle market: BEINBAUER GROUP, Bharat Forge, Busche Performance Group, Farinia Group, and MAG IAS.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing trend of rear-axle steering system. The global automotive market is constantly evolving with new technological advancements. These advancements include inclusions of newer components, design changes, and material changes. Longer vehicles have high turning radius, making it difficult to turn in narrow roads. This led to the invention of rear-axle steering, which was initially used in the multi-axle trucks.”
According to the report, one driver in the market is increased precision in manufacture of steering knuckle. The automotive steering system plays an important role in the safe handling of the vehicle and having a comfortable ride. Steering knuckle comprises a hub or spindle, and it is attached to the suspension components. The tire or wheel assembly is held stable by steering knuckle.
Further, the report states that one challenge in the market is increasing cost of raw materials. The major component used in a vehicle is steel. Therefore, any fluctuation in steel price would have a direct impact on the manufacturing cost. The global steel market is expected to grow if the producers could find a right balance between globalization and customization.
BEINBAUER GROUP, Bharat Forge, Busche Performance Group, Farinia Group, and MAG IAS.