Global Automotive Kingpin Market Overview
As per MRFR analysis, the Automotive Kingpin Market Size was estimated at 11.3 (USD Billion) in 2022. The Automotive Kingpin Market Industry is expected to grow from 11.78(USD Billion) in 2023 to 17.0 (USD Billion) by 2032. The Automotive Kingpin Market CAGR (growth rate) is expected to be around 4.17% during the forecast period (2024 - 2032).
Key Automotive Kingpin Market Trends Highlighted
The automotive kingpin market is characterized by several key trends that shape its dynamics. Technological advancements, environmental concerns, and evolving consumer preferences are driving the evolution of the market. The growing adoption of autonomous and semi-autonomous vehicles and the need for improved handling and stability are boosting the demand for advanced kingpins. Additionally, the focus on lightweight and efficient components to enhance fuel economy and reduce emissions is driving the integration of composite materials and design innovations. Furthermore, the increasing demand for customized vehicles and performance enhancements is creating opportunities for aftermarket kingpin solutions, offering specialized options to meet specific requirements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Kingpin Market Drivers
Increasing Demand for Lightweight Vehicles
The increasing demand for lightweight vehicles is a major driver of growth in the Global Automotive Kingpin Market Industry. As governments around the world implement stricter fuel economy regulations, automakers are looking for ways to reduce the weight of their vehicles. Kingpins play a vital role in the suspension system of a vehicle, and they can be made lighter by using advanced materials and manufacturing techniques. As a result, the demand for kingpins is expected to grow in the coming years.
Growing Popularity of Electric Vehicles
The world is welcoming electric vehicles. These require different suspension systems than gasoline-powered vehicles, and kingpins are a vital part of these systems. Consequently, the surge in EVs is deemed one of the main market growth drivers.
Expansion of the Automotive Industry in Emerging Markets
The expansion of the automotive industry in emerging markets is also contributing to the growth of the Global Automotive Kingpin Market Industry. As the middle class in these markets grows, the demand for vehicles is increasing. This is leading to an increase in the production of vehicles, which in turn is driving demand for kingpins.
Automotive Kingpin Market Segment Insights:
Automotive Kingpin Market Vehicle Type Insights
The Global Automotive Kingpin Market is segmented by Vehicle Type into Passenger Cars, Commercial Vehicles, and Two Wheelers. Of these, the largest market share was held by the Passenger Cars segment, which accounted for around 45% in 2023 and is anticipated to continue the same throughout the given period of forecast. The increase in the passenger cars segment can be attributed to the burgeoning demand for passenger cars, per se, in developing countries on account of increasing disposable income coupled with improving living standards. The Commercial Vehicles segment is also anticipated to record significant growth in the given period owing to the burgeoning demand for transportation of goods and logistics service providers.
Factors such as increasing e-commerce and the expanding manufacturing sector are some of the key drivers for the market growth of the Commercial Vehicles segment. As a result, the Commercial Vehicles segment accounted for a 30% share of the market in 2023. The Two-wheeler segment is anticipated to witness a constant rate of growth in the given period as a result of the increasing popularity of the two-wheelers as convenient and affordable means of transportation. The increasing demand for two-wheelers in emerging markets is anticipated to contribute to the market for this segment.
In 2023, the Two Wheelers segment accounted for 25% of the market for automotive Kingpin. Overall, the Global Automotive Kingpin Market is anticipated to record overwhelming growth in the coming years on the back of factors such as increasing production of vehicles, rising urbanization and growing demand for transportation.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Kingpin Market Application Insights
The global automotive kingpin market is divided by application into steering systems, suspension systems, and axle systems. At the same time, the steering systems segment is expected to dominate this market in the future due to the high demand for advanced systems that can effectively ensure vehicle stability and proper handling. Meanwhile, in the foreseeable period, the demand for suspension systems is likely to witness the highest growth, mainly driven by the emerging demand for ride comfort and stability in off-road vehicles.
At the same time, the axle systems segment is expected to demonstrate a relatively moderate CAGR rate, given the segment’s direct relationship with vehicle production.Speaking about the kingpin market by application in 2023, The global automotive kingpin market for steering systems was evaluated at USD 6.45 billion and is projected to reach almost USD 9.6 billion by 2032, with a CAGR of 4.6%. The suspension systems segment was valued at USD 4.32 billion in 2023 and is projected to increase up to USD 6.5 billion by 2032, with an expected CAGR of 4.5%.
The axle systems segment was equal to USD 1.21 billion in 2023 and is projected to reach almost USD 1.8 billion by 2032, with an estimated CAGR of 4.3%. The growth factors for the automotive kingpin market include the rising vehicle production, particularly in emerging markets such as China and India.Furthermore, the increasing demand for light-weight and fuel-efficient vehicles stimulates the expansion of the kingpin market as better materials, such as aluminum and composites, are increasingly used for their manufacturing. At the same time, technological advancements provide additional growth opportunities as the market can benefit from the EPS and adaptive suspension systems.
Automotive Kingpin Market Material Insights
The Global Automotive Kingpin Market is segmented by Material into Forged Steel, Cast Iron, and Aluminum Alloys. Forged Steel holds the largest market share due to its high strength-to-weight ratio, durability, and resistance to wear and tear. It is widely used in heavy-duty vehicles such as trucks and buses. Cast Iron is another popular material due to its low cost and ease of manufacturing. However, it is not as strong as Forged Steel and is more prone to corrosion. Aluminum Alloys are gaining popularity due to their lightweight and high strength-to-weight ratio. They are used in high-performance vehicles and electric vehicles to reduce weight and improve fuel efficiency.
Automotive Kingpin Market Sales Channel Insights
The Global Automotive Kingpin Market is segmented by Sales Channel into OEMs and Aftermarket. The OEM segment is expected to account for a larger market share in 2023, owing to the increasing production of new vehicles. However, the Aftermarket segment is expected to grow at a higher CAGR during the forecast period due to the rising demand for replacement parts and the increasing popularity of the DIY (Do-It-Yourself) trend. In 2023, the Global Automotive Kingpin Market revenue for OEMs is expected to be around 6.34 (USD Billion), while the Aftermarket segment is expected to generate revenue of around 5.44 (USD Billion).
Automotive Kingpin Market Vehicle Class Insights
The Vehicle Class segment plays a crucial role in shaping the dynamics of the Global Automotive Kingpin Market. In 2023, the mid-range vehicle class held the dominant position, accounting for nearly 45% of the market revenue. This dominance is attributed to the rising demand for mid-priced vehicles that offer a balance between affordability and premium features. The luxury vehicle class, catering to high-end consumers, is anticipated to grow at a CAGR of 5.9% during 2023-2032, reaching a market valuation of 4.68 billion USD by 2032. On the other hand, the economy vehicle class, targeting budget-conscious buyers, is projected to witness steady growth due to increasing demand in emerging markets.By 2032, the economy vehicle class is expected to reach a market size of 3.72 billion USD.
Automotive Kingpin Market Regional Insights
The Global Automotive Kingpin Market segmentation by region reveals significant variations in market growth dynamics. North America holds a substantial market share, driven by the presence of major automotive manufacturers and a high adoption rate of advanced vehicle technologies. Europe follows closely, with a mature automotive industry and a strong focus on sustainability.
The APAC region is expected to witness the highest growth rate over the forecast period, attributed to the rising demand for automobiles in emerging economies like China and India. South America and MEA also present growth opportunities due to the increasing disposable income and urbanization in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Kingpin Market Key Players And Competitive Insights:
The key players in the Automotive Kingpin Market are increasingly focused on innovations to differentiate their offerings. In addition to this, strategic collaborations and partnerships are gaining traction among the cooperating partners to put their assets and expertise together and develop new products and technologies.
The global Automotive Kingpin Market is witnessing a shift towards sustainability with a growing number of companies aiming to limit their carbon footprint and minimize the Environmental Impact. The leading Automotive Kingpin Market players are investing majorly in research and development activities to stay ahead of the curve. These companies are also expanding their global presence through acquisitions and partnerships. The factors contributing to the Automotive Kingpin Market development include the growing demand for lightweight and fuel-efficient vehicles, the increasing penetration of electric vehicles, and the rising adoption of the advanced driver-assistance system.
NKE Austria GmbH, for example, is a prominent player in the Automotive Kingpin Market. The company provides a wide variety of automotive equipment, including kingpins. The company is serving major automakers all over the globe and is investing heavily in research and development to innovate new technologies. NKE Austria GmbH is known for the excellent quality and durability of its products.JTEKT Corporation is one of the most prosperous companies in the market for automotive kingpins. The business not only has a significant presence in Asia, but it is also continuing its global expansion through acquisitions and partnerships with other businesses. The excellent quality of the products and the focus on innovation are known for the JTEKT Corporation.
Key Companies in the Automotive Kingpin Market Include:
- Hyundai Mobis
- FederalMogul Motorparts
- ZF
- KYB
- Moog
- Nexteer
- Showa Corporation
- Bilstein
- Mahle Industrieprodukte KING
- SMW Automotive AG
- Car Steering Systems (CSS)
- TRW
- Delphi Technologies
- JTEKT
Automotive Kingpin Market Industry Developments
The global automotive kingpin market is projected to reach USD 17.0 billion by 2032, exhibiting a CAGR of 4.17% from 2024 to 2032. The rising demand for lightweight vehicles and the increasing adoption of advanced driver assistance systems (ADAS) are driving market growth. Additionally, government regulations mandating the use of safety features in vehicles are contributing to the market's expansion.
Recent news developments include the launch of new products by key players such as ZF Friedrichshafen AG and JTEKT Corporation. These new products offer enhanced safety and performance features, which are expected to further drive market growth. Furthermore, strategic collaborations and partnerships among market participants are expected to accelerate innovation and product development in the automotive kingpin market.
Automotive Kingpin Market Segmentation Insights
-
Automotive Kingpin Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
-
Automotive Kingpin Market Application Outlook
- Steering Systems
- Suspension Systems
- Axle Systems
-
Automotive Kingpin Market Material Outlook
- Forged Steel
- Cast Iron
- Aluminum Alloys
-
Automotive Kingpin Market Sales Channel Outlook
-
Automotive Kingpin Market Vehicle Class Outlook
-
Automotive Kingpin Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
11.3(USD Billion) |
| Market Size 2023 |
11.78(USD Billion) |
| Market Size 2032 |
17.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.17% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Hyundai Mobis, FederalMogul Motorparts, ZF, KYB, Moog, Nexteer, Showa Corporation, Bilstein, Mahle Industrieprodukte KING, SMW Automotive AG, Car Steering Systems (CSS), TRW, Delphi Technologies, JTEKT |
| Segments Covered |
Vehicle Type, Application, Material, Sales Channel, Vehicle Class, Regional |
| Key Market Opportunities |
Lightweight materials Advanced manufacturing technologies Electric vehicles Autonomous driving Aftermarket growth |
| Key Market Dynamics |
Rising demand for electric vehicles Increasing safety regulations Growing preference for lightweight materials. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Kingpin Market is anticipated to reach an overall valuation of 11.78 billion USD in 2023.
The Automotive Kingpin Market is estimated to reach an overall valuation of 17.0 billion USD in 2032.
The Automotive Kingpin Market is projected to grow at a CAGR of 4.17% from 2024 to 2032.
Automotive Kingpins are primarily used in steering and suspension systems of various vehicle types, including passenger cars, commercial vehicles, and off-highway vehicles.
Some of the key players in the Automotive Kingpin Market include Thyssenkrupp, JTEKT, Nexteer Automotive, TRW Automotive, and Mando Corporation.
The Automotive Kingpin Market is spread across various regions, including North America, Europe, Asia-Pacific, and Rest of the World.
The increasing demand for lightweight and fuel-efficient vehicles, along with the growing adoption of advanced driver assistance systems, are major growth drivers for the Automotive Kingpin Market.
Fluctuations in raw material prices, intense competition, and stringent safety regulations pose challenges to the growth of the Automotive Kingpin Market.
The integration of sensors and electronics into kingpins, the adoption of lightweight materials, and the growing emphasis on autonomous driving are key trends shaping the Automotive Kingpin Market.
Technological advancements, such as the development of electric power steering systems and steer-by-wire technologies, are transforming the Automotive Kingpin Market.
