LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive steering knuckle market to grow at a CAGR of 4% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive steering knuckle market by vehicle type (passenger vehicles and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the increased precision in the manufacture of steering knuckle as a key factor contributing to the growth of the global automotive steering knuckle market:
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. The arm of the steering knuckle is attached to the steering mechanism, which helps to turn the wheel and tire assembly. Smooth working of all these attachments and assembly is essential for safe handling and comfortable ride. This could be achieved by honing the steering knuckle bore. Honing improves the lifespan of wheel bearing and enhances the handling and comfort. It also reduces the interior noise level and vibration transmitted through the steering wheel.
According to a senior analyst at Technavio for automotive components research, “The steering knuckle is made of ductile iron, which includes iron, carbon, silicon, manganese, magnesium, phosphorus, and sulfur. The high importance to precision is achieved by having a small tolerance limit of ±0.0006 inch. This increased precision in steering knuckle manufacturing will drive the automotive steering knuckle market during the forecast period.”
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Global automotive steering knuckle market segmentation
APAC accounted for over 54% of the overall market share in 2017, followed by EMEA and the Americas. APAC is expected to witness the highest growth among the three regions and maintain its dominance in the market. Although the automotive steering knuckle market in the Americas had lesser share than EMEA in 2017, the growth of SUVs and pick-up trucks is expected to have a positive impact on the region, elevating it to the position of second highest market share by 2022.
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