Steering knuckle is a safety component in a vehicle. Failure of steering knuckle may cause heavy traffic accidents if there is any quality problem with a system. The structure of automobile steering knuckle is complex, belongs to compound type of forgings, and it consists of the fork, plate, bar of three parts. Therefore, the forging process needs to comply with the forming characteristics of three kinds of forgings. The steering knuckle is regarded as a highly complex forging part in the automotive industry. The steering knuckle in the vehicle suspension comprises the wheel hub or spindle, and is attached to the suspension of the vehicle. It is variously called a steering knuckle, spindle, upright or hub, as well. The wheel and tire assembly attach to the hub or spindle of the knuckle where

The steering knuckle is an important part of suspension and steering systems fitted in vehicles. Vehicles are steering with the help of these systems. The booming automotive industry is driving the global steering knuckle market. 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.

Despite the steadfast market drivers, the global steering knuckle market is being stymied by high machining & maintenance costs and slow pace of automation in manufacturing. Challenges pertaining to inventory management such as lack of transparency in the demand variability, supply chain, and high response time are also projected to have a negative impact on the overall market.

The steering knuckle market for automotive can be segmented based on material, manufacturing method, vehicle, sales channel, and region. In terms of material, the steering knuckle market for automotive can be 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. Based on manufacturing method, the steering knuckle market for automotive can be 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.

Based on geography, the global steering knuckle market for automotive can be 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.

Key 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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Steering Knuckle Market

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