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Suspension Ball Joint Market Segmented By OEM and Aftermarket Sales Channel with Vehicle Type such as HCV, LCV and Passenger Cars
The Ball Joint is used to allow free movement in two planes and also rotation in the two planes simultaneously. The motion in all three planes can be controlled by merging two ball joints with a control arm. Such joint allows the front end of the vehicle to be steered and damper and suspension spring to make the ride comfortable. In an automobile, the suspension ball joint is used to connect steering knuckle and control arms.
These suspension joints are used in every automobile. A typical automobile suspension ball joint consists of a socket enclosed in a casing and a bearing stud. The protective casing avoids the dirt entering into the joint assembly. The suspension ball joint act as a pivot between the suspension and wheels of the vehicle. The suspension ball joints play an important role in the safe working of the automobile's steering and suspension.
The growth of the suspension ball joint market is dependent on the rise in the automotive sector. The global automotive sector is growing rapidly which is driving the demand for suspension ball joint. The growth in global population, increasing urbanization have increased the demand for buses, passenger cars, HMVs etc. The increasing income levels of buyers as well as high amount of disposable income resulted in the increase of affordability.
These factors are driving the global automobile market which in turn is expected to drive the suspension ball joint market during the forecast period. Automotive manufacturing companies are competing to position their product at its best. The economic conditions across the globe have revived and various financing company providing financial assistance to the customers which has significantly increased the sales of automobiles.
The sales of many automobiles have experienced a significant increase due to the effective advertising and marketing strategies. The frequency of new model launch of an automobile has significantly increased due to increase competition among the automobile manufacturers. The growth in the demand for the suspension ball joint market is directly proportional to the increase in the automobile industry.
The economic turmoil, political instability and civil wars in MEA region are expected to affect the growth of automobile industry in this region. These factors are expected to hinder the growth of the suspension ball joint market. However, as the global automotive market is optimistic in nature, is expected to grow over the forecast period.
|On the basis of Sales Channel
|On the basis of Vehicle Type
The global suspension ball joint market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The global suspension ball joint market is expected to register healthy CAGR over the forecast period. The North America region is expected to hold largest market share in terms of value.
The countries in North America market such as U.S. and Canada are attaining the rise in the use of automotive suspension ball joint due to increase in the number of automobiles running on the road. The Western and Eastern Europe suspension ball joint market is expected to grow at a moderate rate during the forecast period. The technological advancement in this region is expected to offer new growth opportunities for the suspension ball joint market.
The suspension ball joint market in APEJ region is expected to grow at higher CAGR during the forecast period. The availability of labor and other necessary resources at the low price in APEJ region is expected to drive the suspension ball joint market in over the forecast period.
Japan has a large number of automotive manufacturers which are projected to the suspension ball joint market over the forecast period. Latin America and MEA regions is experiencing a steady growth in the automobile industry. The growth is automobile industry in both these regions is expected to drive the Suspension ball joint market over the forecast period.
Suspension Ball Joint market has several global players, some of the major stakeholders among them include