Steering knuckle is a component connected to the front wheel of the vehicle linked via suspension system, providing motion on the directions of the steering systems.
New York, NY -- (SBWIRE) -- 05/11/2017 -- The global steering knuckle & stub axle market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). Western Europe contributes major share in the steering knuckle & stub axle market due to matured automotive market with high exports of auto components. The auto component industry in North America is also healthy, for instance around 12.6% exports of automotive parts were recorded in 2015 from the U.S. APAC to grow at a relatively higher CAGR with China, Taiwan, South Korea & India to be major contributing countries for APEJ steering knuckle & stub axle market. The steering knuckle & stub axle market in Japan followed by Eastern Europe are expected to expand at moderate CAGR over the forecast period.
The automotive industry is currently experiencing the major two demands namely light weight design and lower fuel consumption. The steering knuckle & stub are designed considering at these demands, which offers high power and low vibrations. On turning the steering, the steering knuckle is exposed to various loads such as tensile load, compressive load, torsional loads etc. Thus, the steering knuckle are designed with properties such as inflexibility, toughness and light in weight. The stub axel is an axel which limits the angular movement for steering system of the vehicle. The stub axel are of four type namely elliot, reserved elliot, lamoine, and reserved lamoine. The steering knuckle & stub axel are manufactured either by forging or casting methods with raw material such as steel (mild steel, cast steel), alluminum and alloys. The steering knuckle & stub axel market is primarily dependent on the growth of both automotive and auto components industry.
The steering knuckle & stub axel are the critical components of the steering and suspension systems. Their functions are directly proportional to the drivers steering movements. The growing automotive industry majorly drives the global steering & stub axle market. Further, the reduction in the excise duties strengthens the auto components industry and also impetuses the revenue generation of steering knuckle & stub axel manufacturers.
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However, some of the challenges in steering knuckle & stub axel are high machining & maintenance costs, lower automation in manufacturing, inventory management challenges (lack of transparency in the supply chain, demand variability, high response time etc.). These challenges restrict the further growth of steering knuckle & stub axle market.
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Some of the key players identified in the global steering knuckle & stub axle market include:
Teksid S.p.A., Farinia SA, TeraFlex Suspensions, Happy Forgings Limited, Busche Performance Group