NEW YORK, May 12, 2022 /PRNewswire/ -- The global automotive kingpin market is anticipated to witness a growth rate of 4.4% over the decade. The market is being indirectly influenced by rising demand from the logistics sector, and also the construction sector as a result of increased construction activity, as these industries use heavy-duty vehicles for transportation.
Companies engaged in automotive kingpin manufacturing are entering into contracts with distributors and are expanding their channel reach worldwide. Companies are also acquiring other companies to equip themselves with an expanded product portfolio, advanced technologies, and added manufacturing resources.
The global automotive kingpin market is also growing at a strong pace due to increasing demand from expanding automotive companies. Leading players are looking to conquer new contracts for the installation of new products as well as the replacement of aging products, which is creating a highly competitive environment for market participants.
Partnering in projects or collaborating with each other to share different innovative solutions for the design and development of innovative automotive aftermarket parts is also being witnessed. Manufacturers partnering with automotive companies is a global trend in this market.
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Key Takeaways from Market Study
- Growing mining and construction sectors across the world have augmented demand for heavy commercial vehicles. The replacement rate of kingpins in heavy-duty commercial vehicles is high; rise in the commercial vehicle fleet is expected to drive market growth substantially over the coming years.
- Increasing automotive production is expected to bolster demand for automotive kingpins.
- Retailers are participating in promotion activities to increase their brand visibility, particularly to tap into the beneficial aftermarkets of kingpin kits.
- Increasing usage of automobiles across regions is estimated to create added market opportunities in the near future. Nowadays, many vehicles are developed with technologically advanced steering systems and couplings.
- By sales channel, the aftermarket is anticipated to remain a key segment and account for more than 58% market share by value in 2022.
"Demand for logistics and transportation is increasing, which, in turn, is driving the replacement of kingpins in the aftermarket as their lifespan is very short when heavy load is applied," says a Persistence Market Research analyst.
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Competitive Landscape
The global automotive kingpin market is highly fragmented. Leading kingpin manufacturers hold near to one-fourth of the market share. Some of the key market players included in the report are Schaeffler Technologies Ag & Co. Kg, Dana Limited, Meritor Inc., JG Automotive, Ferdinand Bilstein GmbH Co. KG, STEMCO Products Inc., LEMA Srl., and others.
Defined goals such as high concentration on the increase of sales and distribution network, sourcing, expansion, and innovations in products by aftermarket players are expected to propel market expansion.
Conclusion
Automotive kingpins are widely used in light commercial vehicles, heavy commercial vehicles, and off-road vehicles, alike. Demand for kingpins is expected to be higher for use in light commercial vehicles. Increasing automotive production is expected to bolster demand for automotive kingpins over the coming years.
Increasing number of construction and e-Commerce activities has resulted in an increase in demand for material transportation, which, in turn, has resulted in increased sales of commercial vehicles worldwide. This is likely to drive demand for automotive kingpins due to the fact that vehicles running with heavy loads create pressure on the kingpin, which makes it necessary to replace the kingpin in a short time span.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global automotive kingpin market that contains an industry analysis of 2017-2021 and an opportunity assessment for 2022-2032.
The report provides an in-depth analysis of the market through different segments, namely, product type, sales channel, vehicle type, and region. The report also provides supply and demand trends along with an overview of the parent market.
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