The size of the global automotive kingpin market has been estimated at a value of US$ 4.73 billion in 2024, as per the latest industry study released by Fact.MR. Global sales of automotive kingpins are anticipated to increase at a CAGR of 4.4% and become worth US$ 7.27 billion by 2034.
Substantial expansion in the automotive segment, including production of a number of vehicles, i.e., commercial cars, trucks, and automobiles, is anticipated to result in the increasing demand for automotive kingpins across geographies. Moreover, the increased requirement for replacement parts and components, including automotive kingpins, to restore and service existing vehicles is also expected to drive market expansion.
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What's Driving Increasing Sales of Automotive Kingpins around the Globe?
"Dependence of Steering System Components on Ability of Kingpin to Support Load
Power steering or power-assisted steering was invented to assist drivers in reducing the effort required for driving. Components of the steering system solely rely on the kingpin's ability to sustain the load. This is expected to increase the demand for strong, reliable, and light kingpins for use in some heavy commercial vehicles.
Rising demand for heavy-duty commercial vehicles across various industries and technological improvements in steering systems are expected to have a positive impact on automotive kingpin market trends. Additionally, rising demand for these vehicles is expected to lead manufacturers to enhance their spending in making robust yet lightweight kingpins.
Country-wise Insights
Technological advancements in manufacturing processes and materials are predicted to result in enhanced performance for automotive kingpins. Start-ups must invest in kingpin design advancement, thus enhancing efficiency and durability. Additional new entrants who remain ahead of these technological developments are likely to gain a competitive advantage in the future.
East Asia is also projected to have 36.2% of the world's market revenue by 2034. Continued development projects in infrastructure and urbanization in the region are resulting in growth for different commercial vehicles, and this is likely to drive sales of several automotive components, such as automotive kingpins.
China is projected to own 80.7% market share in the East Asia market by 2034. China is a fast-growing automotive market. Growing production and sales of vehicles in China are expected to drive fuel demand for various automotive components, including automotive kingpins.
Category-wise Insights
Fact.MR, a market intelligence and competitive research firm, in its recently released research study, states that the demand for automotive kingpins is expected to rise in heavy commercial vehicles. Increasingly, contractors find it more convenient to hire such vehicles for carrying heavy loads. Therefore, the increase in demand for heavy commercial vehicles is causing the increased use of automotive kingpins for their efficient operation.
Competitive Landscape
The growth of the global market is due to the development of the automotive industry. Major producers are giving high priority to the manufacturing of automotive kingpins with better performance, strength, and reduced weight. They are placing high importance on providing quality products, new technology, and developing the systems for managing the supply chain.
For example :
Meritor, Inc. announced the introduction of its ReadySet kingpin kits in 2021. The new release is a perfect solution for vocational, linehaul, bus, and city delivery use cases.
Major players in the automotive kingpin business include Meritor, Inc., Diesel Technic SE, Schaeffler Technologies Ag & Co. Kg, Elgin Industries, Dana Limited, Mulberry Fabrications Ltd., JG Automotive, PE Automotive, LE.MA S.r.l., Ferdinand Bilstein GmbH + Co. KG, STEMCO Products Inc., and Belton Group.
Browse Full Report: https://www.factmr.com/report/automotive-kingpin-market
Segmentation of Automotive Kingpin Market Research
- By Product Type :
- By Vehicle Type :
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Off-road Vehicles
- By Sales Channel :
- By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
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