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Automotive Kingpin Market

Market Study on Automotive Kingpins: Demand High from Mining, Logistics, and Construction Sectors

Automotive Kingpin Market Segmented By Passenger Vehicle, Commercial Vehicle, OTR (Off The Road) Vehicle and Farm Services Vehicle with Sales Channel such as OEM (Original Equipment Manufacturer) and Aftermarket

Automotive Kingpin Market Outlook (2022-2032)

The global automotive kingpin market is estimated to expand at a CAGR of 4.4% from 2022 to 2032, thereby reaching a market valuation of US$ 6.71 Bn at the end of 2032

The top 4 automotive kingpin manufacturers accounted for 30% market share in 2021. The North America automotive kingpin market is expected to dominate in terms of revenue in 2022 with 42.8% market share.

Automotive Kingpin Market Size (2021A)

US$ 4.21 Bn

Estimated Market Size (2022E)

US$ 4.37 Bn

Projected Market Value (2032F)

US$ 6.71 Bn

Global Market Growth Rate (2022-2032)

4.4% CAGR

Collective Value Share: Top 3 Countries (2021)

54.2%

There have been constant ups and downs in the automotive market in the last few years. However, obligatory demand for commercial vehicles for various applications is expected to propel automotive kingpin sales.

Increasing usage of heavy and construction vehicles is driving demand for automotive kingpins to be used in LCVs, HCVs, and off-road vehicles. However, the market is expected to face challenges from ball joints, which are replacing kingpins in many applications.

Significant growth in the logistics and transportation industry and surging automotive production are anticipated to positively influence demand growth of automotive kingpins, especially bearings, bushing, seals, washers, caps, lock rings, and spring pins, over the coming years.

Automotive kingpin sales account for 24.4% share in the global automotive steering system market.

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Sales Analysis of Automotive Kingpins from 2017 to 2021 Vs Market Projections for 2022 to 2032

The global automotive kingpin market was valued at US$ 4.2 Bn in 2021, which was reached after the market expanded at 1.5% CAGR from 2017 to 2021. As per Persistence Market Research analysis, the automotive kingpin market is anticipated to expand at 4.2% volume CAGR between 2022 and 2032.

The market is projected to grow steadily owing to increasing logistic and transportation industries and rising construction activities across the globe. Rising concerns over reliability with regards to transportation and bad road conditions are anticipated to have a strong impact on automotive kingpin sales.

Increasing need for car rental and fleet management services, as well as consistent increase of commercial vehicles on the roads for logistics has resulted in sustained growth of vehicle repair activities. Development of new technologies in the automotive industry, which are resulting in longer vehicle lifespans, are further pushing demand for repair and maintenance services, which, in turn, is driving the sales of automotive kingpins in the aftermarket.

Usage of technologically-advanced steering systems and linkages are estimated to impact the production of automotive kingpins, globally. Increasing repair and maintenance requirements are expected to create significant opportunity in the aftermarket during the forecast period.

Growth of the vehicle kingpin market is anticipated at 4.4% CAGR from 2022 to 2032.

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What are the Key Opportunities for Automotive Kingpin Manufacturers?

“Opportunity for Aftermarket to Develop Lightweight and Robust Sets of Kingpins”

Power steering, or rather power-assisted steering, was introduced to assist drivers in reducing the manual effort required while driving. An advantage of power steering is its adjustable speed characteristic that increases control over the vehicle. Every part of the steering system is dependent on the load-carrying capacity of the kingpin.

This has created huge demand for strong, lightweight, and reliable sets of kingpins and spring pins for use in heavy load carrying capacity vehicles. Thus, advancements in steering systems and increasing demand for heavy load carrying vehicles in different sectors are creating good opportunities for automotive kingpin manufacturers to invest in R&D and develop lightweight but strong kingpins.

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Why are Automotive Kingpin Sales Expected to Be Adversely Affected?

“Development of Technologically-advanced Couplings & Ball Joint Systems”

Several automotive manufacturers are inclining toward the development of technologically-advanced couplings systems in lightweight commercial vehicles and passenger cars. The usage of technologically-advanced coupling and linkages systems is estimated to impact the production of automotive kingpins globally.

This increase in technologically-advanced systems is expected to hamper consumption of automotive kingpins and spring pins in the OEM sector. Also, the replacement ratio of kingpins is far too low. For instance, the replacement of the kingpin in any heavy-duty vehicle happens once or twice in the life of the vehicle.

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Country-wise Insights

What is the Outlook for the U.S. Automotive Kingpin Market?

“Market Growth Backed by Rapidly Rising Vehicle Fleet in the Country”

The automobile kingpin market in the U.S. is mainly dominated by the rising vehicle fleet in the country. Increased purchasing power and rising concerns towards reliable transportation solutions are estimated to drive automotive sales positively.

The region’s sizable population, increase in per capita income, and improving living standards have contributed to the growth of its automotive industry over the past decade. Increasing usage of automobiles in transportation is estimated to create opportunities for the automotive kingpin aftermarket in the near future.

Over the forecast period, the vehicle kingpin market in the U.S. is anticipated to expand at a CAGR of 5.2% by value.

Will Germany Be a Lucrative Market for Automotive Kingpin Suppliers?

“Germany to Dominate European Market for Automotive Kingpins”

The Germany automotive kingpin market is forecast to create an incremental opportunity of nearly US$ 75.8 Mn by 2032.

The business climate for the automotive kingpin market in Germany is affirmative due to the growth of the automotive industry and rising level of investments in the research and development sector, by both, domestic and international players.

Manufacturers are focusing on expansion owing to the global upswing in economic activity, which is expected to rise in sustainability over the coming years. As Germany is a manufacturing hub for automobiles, most of the vehicles are being exported to other regions.

Thus, rising production and increasing demand for vehicles across the globe is expected to create a considerable impact on the kingpin automotive products market in the country.

Category-wise Insights

In Which Vehicle Type are Automotive Kingpins Most Widely Used?

“Heavy Commercial Vehicles Dominating Demand for Automotive Kingpins”

When it comes to transporting heavy materials, most contractors consider using heavy-duty vehicles as their load carrying capacity is high. Increasing demand for powerful vehicles that have higher carrying capacity and come with stronger suspension systems is anticipated drive demand for heavy commercial vehicles.

This increase in demand for heavy-duty vehicles is directly proportional to the demand growth of automotive kingpins. The heavy commercial vehicles (HCVs) segment dominates the global kingpin automotive products market with around 48% market share, valued at approx. US$ 2 Bn in 2022.

Which Sales Channel is Anticipated to Drive Most Revenue in the Market?

“Aftermarket to Account for Highest Automotive Kingpin Consumption

As per this detailed analysis, the automotive kingpin aftermarket is estimated to witness higher demand going forward. Aftermarket players are participating in promotions to increase their visibility as a brand, particularly to tap into beneficial aftermarket kingpin kit segments.

Demand for kingpins in the aftermarket is mostly rising because of the rapid wear of the pins due to extreme friction between the tire knuckle and the vehicle’s front axle. Aftermarket replacement kits are designed for overall enhancement of vehicle performance.

Accordingly, aftermarket players have been making efforts to enter into agreements with OEMs and vehicle owners. Also, according to the survey, most HCV vehicle owners prefer aftermarket kingpin sets as they are easily available and have quick replacement services as compared to OEMs.

The aftermarket segment is anticipated to expand at a CAGR of 4.8% and be valued at US$ 4.15 Bn at the end of 2032.

Impact of COVID-19 Crisis

Due to the COVID-19 pandemic, automotive kingpin manufacturers’ businesses and operations were negatively impacted. The pandemic had a long-term impact on companies that make automobile kingpins. As lockdowns were witnessed across geographies, vehicle sales plummeted, and so did the sales of vehicle kingpins.

Automotive kingpin manufacturers decreased R&D funding for advanced technological products. Decisions were made to quit unfavorable markets and vehicle categories, leading to significant reduction in production outputs.

Competitive Landscape

Market growth is fueled by the development of the automotive industry. Vehicle kingpin manufacturers are under constant pressure to reduce the weight and increase the strength and performance of kingpin.

  • In 2021, Dana Incorporated launched the Ultimate Dana™ kingpin knuckle kit with Easter Jeep® Safari in Moab, Utah.
  • In 2021, Meritor, Inc. (NYSE: MTOR) announced the launch of ReadySet™ No-Ream kingpin kits on MeritorPartsXpress.com (MPX) to help customers easily find a kingpin kit for major axle applications.

Automotive Kingpin Industry Report Scope

Attribute

Details

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

  • Units for Volume
  • USD Million for Value

Key Regions Covered

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

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain Italy
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Oceania
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Product Type
  • Sales Channel
  • Vehicle Type
  • Region

Key Companies Profiled

  • Meritor, Inc.
  • Dana limited
  • Schaeffler Technologies Ag & Co. Kg
  • MULBERRY FABRICATIONS LTD.
  • PE Automotive
  • JG Automotive
  • Elgin Industries
  • Ferdinand Bilstein GmbH + Co. KG
  • LE.MA S.r.L
  • DIESEL Technic SE
  • BELTON GROUP
  • STEMCO Products Inc
  • ZheJiang GuanTong Autoparts Co., Ltd

Report Coverage

  • Market Forecast
  • Brand Share Analysis
  • Competition Intelligence
  • DROT analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Segments Covered in Automotive Kingpin Industry Survey

Automotive Kingpin Market by Product Type:

  • Kits
  • Individual Parts
    • Pins
    • Bearings
    • Bushings
    • Seals
    • Others

Automotive Kingpin Market by Sales Channel:

  • OEM
  • Aftermarket
    • IOS & IAM
    • Aftermarket OEM

Automotive Kingpin Market by Vehicle Type:

  • LCVs
  • HCVs
  • Off-Road Vehicles

Automotive Kingpin Market by Region:

  • North America Automotive Kingpin Market
  • Latin America Automotive Kingpin Market
  • Europe Automotive Kingpin Market
  • East Asia Automotive Kingpin Market
  • South Asia Pacific Automotive Kingpin Market
  • Middle East and Africa Automotive Kingpin Market

- Companies Covered in This Report -

  • Meritor, Inc.
  • Dana limited
  • Schaeffler Technologies Ag & Co. Kg
  • MULBERRY FABRICATIONS LTD.
  • PE Automotive
  • JG Automotive
  • Elgin Industries
  • Ferdinand Bilstein GmbH + Co. KG
  • LE.MA S.r.L.
  • DIESEL Technic SE
  • BELTON GROUP
  • STEMCO Products Inc
  • ZheJiang GuanTong Autoparts Co.,Ltd

- Frequently Asked Questions -

The North America automotive kingpin market is currently valued at US$ 2.06 Bn (2022).

Sales of automotive kingpins are slated to increase at a CAGR of around 4.2% to reach US$ 6.71 Bn by the end of 2032.

Growing construction, logistics, and transportation sectors to boost automotive kingpin market growth.

Germany is one of the most lucrative markets for vehicle kingpin manufacturers.

Meritor, Inc., Dana limited, Schaeffler Technologies Ag & Co. Kg, and JG Automotive accounted for around 30% of worldwide revenue in 2021.

The market for automotive kingpins in the U.S. is anticipated to expand at 5.2% CAGR by value through 2032.

The aftermarket is anticipated to dominate the sales of automotive kingpins going forward.

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