Automotive Kingpin Market By Product Type (Kits, Individual Parts) , By Vehicle Type (Light Commercial Vehicle, Heavy Commercial Vehicle, Off-Road Vehicle) By Sales Channel (OEM, Aftermarket) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Automotive Kingpin Market
The automotive kingpin market was valued at $3.3 billion in 2023 and is projected to reach $5.9 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033.
Automotive kingpin is the prime pivot of the steering system that connects the steering knuckle and axle. It is a critical component in vehicles that offers stability during turns and avoids wear & tear of the suspension system. The presence of kingpin in a vehicle ensures that all the four wheels turn to the desired direction in unison as discrepancies in their movement result in premature failure of the parts.
With increasing urbanization, the production of automotives is surging significantly, hence driving the growth of the automotive kingpin market. In addition, expansion of the automotive aftermarket has boosted the demand for automotive kingpins. The market is currently witnessing the trend of modifications in the designs of kingpins to elevate their compatibility with electric vehicles. Moreover, smart kingpin solutions with self-monitoring capabilities are anticipated to become mainstream in vehicles in the future.
However, the fluctuating prices of raw materials such as steel and alloys, essential for the manufacturing of kingpins lead to instability in the market growth. Furthermore, constant modifications in automotive designs and manufacturing processes hamper the growth of the automotive kingpin market. Modifications in automotives result in the need for changes in kingpins for enhanced compatibility, which acts as a significant challenge for the manufacturers. On the contrary, the consistent efforts of the manufacturers to introduce innovative products is projected to open new avenues for market development. For instance, Dana Incorporated—an American automotive parts supplier—introduced kingpin knuckle kits in April 2021, which is specialized for off-roading vehicles such as jeeps.
Segment ReviewThe automotive kingpin market is segmented into product type, vehicle type, sales channel, and region. On the basis of product type, the market is bifurcated into kits and individual parts. Depending on vehicle type, it is divided into light commercial vehicle, heavy commercial vehicle, and off-road vehicle. As per sales channel, it is classified into OEM and aftermarket. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of product type, the kits segment dominated the automotive kingpin market in 2023.
Depending on vehicle type, the heavy commercial vehicle segment acquired a high stake in the market in 2023.
As per sales channel, the OEM segment held a high share in the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global automotive kingpin market include 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), and Mando Corporation (South Korea). These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy Product TypeKits
Individual Parts
By Vehicle TypeLight Commercial Vehicle
Heavy Commercial Vehicle
Off-Road Vehicle
By Sales ChannelOEM
Aftermarket
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
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)