Growing production of vehicles and rising vehicle maintenance requirements are the two significant drivers boosting the growth of the global automotive kingpin market.
PORTLAND, Ore., Aug. 21, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Kingpin Market by Product Type (Kits and Individual Parts), Vehicle Type (Light Commercial Vehicle, Heavy Commercial Vehicle and Off-Road Vehicle) and Sales Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2033".According to the report, the automotive kingpin market was valued at $3.3 billion in 2023, and is estimated to reach $5.9 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033.
Prime determinants of growth
Surge in production of vehicles and increase in vehicle maintenance requirements are the two primary factors driving the growth of the global automotive kingpin market. However, increase in focus on lightweight automotive component acts as the key restraining factor of the automotive kingpin market. On the contrary, high investment during manufacturing and threat from alternatives are expected to provide lucrative opportunities for the growth of the automotive kingpin market during the forecast period.
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Report coverage & details
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $3.3 Billion |
Market Size in 2033 | $5.9 Billion |
CAGR | 6.2 % |
No. of Pages in Report | 250 |
Segments Covered | Product type, vehicle type, sales channel, and region |
Drivers | Surge in production of vehicle |
Rise in vehicle maintenance requirements | |
Opportunities | High investment during manufacturing |
Threat from alternatives | |
Restraint | Increase in focus on lightweight automotive components |
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Segment Highlights
By product type, the kits segment dominated the automotive kingpin market in 2023. This is attributed to the fact that kits provide a convenient solution for vehicle owners and mechanics by bundling all necessary components together for a specific repair and maintenance task. This convenience is particularly appealing in the aftermarket segment where time and ease of installation are crucial. Meanwhile, the individual parts segment is expected to grow at an increasing rate in the automotive kingpin market. This is due to the fact that some customers prefer the flexibility of purchasing individual kingpin components separately, allowing for customization based on specific vehicle requirements, preferences, and budget constraints.
By vehicle type, the heavy commercial vehicle segment dominated the automotive kingpin market in 2023, as the demand for high-quality kingpins is higher among heavy commercial vehicles. Infrastructure development projects, industrial activities, and the expansion of logistics and transportation sectors are driving the demand for heavy commercial vehicles and, consequently, automotive kingpins. Meanwhile, the light commercial vehicle segment is expected to grow at an increasing rate, due to rapid e-commerce growth, growing urbanization, and rising last-mile delivery services.
By sales channel, the OEM segment dominated the automotive kingpin market in 2023 due to increasing vehicle production and integration of advanced technologies. Meanwhile, the aftermarket segment is expected to grow at a significant rate in the automotive kingpin market, due to the increasing aging of vehicles and growing preference for high-quality replacement parts.
Regional Outlook
Region wise, Asia-Pacific region dominated the automotive kingpin market in 2023 due to the highest production of vehicles in the region. Meanwhile, North America region is expected to grow at a significant rate in the future due to the increasing sales of commercial vehicles in the region.
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Key Market Players
- Bosch (Germany)
- Continental SA (Germany)
- Valeo SA (France)
- ACDelco (U.S.)
- Michelin Group (France)
- Meritor Inc. (U.S.)
- Dana Limited (U.S.)
- PE Automotive (Germany)
- JG Automotive (Spain)
- Elgin Industries (U.S.)
- Diesel Technic SE (Germany)
- Belton Group (UK)
- Stemco Products Inc. (U.S.)
- Mulberry Fabrications Limited (UK)
- Schaffler Technologies (Germany)
- Ferdinand Bilstein GmBh (Germany)
- Lema Srl (Italy)
- GKN Automotive (UK)
- Thyssenkrupp AG (Germany)
- SKF Group (Sweden)
- NSK Ltd. (Japan)
- NTN Corporation (Japan)
- Hitachi Automotive Systems (Japan)
- Hyundai Wia (South Korea)
- Mando Corporation (South Korea)
- SAIC Motor (China)
- Nexxiot AG (Switzerland)
- Stemco (U.S.)
The report provides a detailed analysis of these key players in the global automotive kingpin market. These players have adopted different strategies such as new product launch, and collaboration to increase their market share in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments
- In December 2021, Eurowagon, a polish based railway car pool company, collaborated with Nexxiot, a trade tech company, and launched safety digital products and services. Eurowagon and Nexxiot have extended their cooperation by moving to equip Eurowagon's fleet with the latest Kingpin sensors, which monitor the loading of semi-trailers onto pocket rail wagons. Nexxiot's Kingpin Monitor hardware offer new standards in safety and process automation to different asset types.
- In April 2021, Dana Inc. launched the new ultimate dana kingpin knuckle kits in conjuction with the Easter Jeep Safari in Moab, Utah. The kits include all of the top-quality components required to install a kingpin assembly for more robust off-road performance on Jeep vehicles. The solution is a time-saving alternative to searching and ordering each component individually. The kits feature an updated knuckle design that delivers added strength to the axle while improving turning radius and steering. Available for Jeep JK, JL, and JT models, the ultimate dana kingpin knuckle kits are the newest addition to the dana builder axle program.
- In 2024, Diesel Technic SE, a company based in Germany, launched a new automotive kingpin solution. This product is part of the DT Spare Parts brand and includes a comprehensive kingpin kit designed for commercial vehicles. The kit is built to meet high-quality standards, ensuring durability and reliability for heavy-duty applications.
- In 2024, Stemco Produts Inc., launched Qwitkit kingpin kit solution. The solution launched no-ream steel bushings and pins. These components are designed to provide optimal lubrication to high-wear areas and hold significantly more grease than standard sets, extending the lifespan of the kingpin. The QwikKit King Pin helps in rapid installations compared to traditional original equipment (OE) and aftermarket king pins, reducing shop time and maintenance costs.
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