Selbyville, Delaware, Jan. 30, 2025 (GLOBE NEWSWIRE) --
The automotive steering knuckle market valuation is predicted to reach USD 10.7 billion by 2034, reported in a research analysis by Global Market Insights Inc.
This market expansion is largely driven by the increasing adoption of electric vehicles (EVs) and the growing need for lightweight, energy-efficient automotive components. As automakers work to enhance fuel economy and meet stringent CO2 emission regulations, the demand for lightweight parts, such as steering knuckles, is rising across the automotive industry.
The shift towards EVs, particularly in regions like North America and Asia Pacific, is a key factor fueling this demand. With the push to make vehicles lighter, manufacturers are turning to materials such as aluminum to reduce weight. Lightweight components not only help lower energy consumption but also support sustainability goals and regulatory compliance. The trend towards using aluminum and other lightweight materials in steering knuckles is not limited to electric vehicles but, extends to the broader automotive sector as part of efforts to meet increasingly strict environmental standards.
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The automotive steering knuckle market is segmented by vehicle type into passenger cars, commercial vehicles, and off-road vehicles. In 2024, passenger cars dominated the market, holding a share of 65%. This segment is expected to generate USD 6 billion by 2034, driven by the growing consumer preference for fuel-efficient and eco-friendly vehicles. As electric vehicles require lightweight parts to maximize battery life and range, the demand for lightweight steering knuckles in passenger cars is strong.
Moreover, the rise of advanced driver-assistance systems (ADAS) and autonomous driving features is increasing the need for high-performance steering knuckles to support enhanced safety systems, such as collision detection and lane-keeping assist.
The automotive steering knuckle market is classified into steel, aluminum, cast iron, and other materials being the primary categories. Cast iron accounted for a 40% share in 2024. Known for its durability and cost-effectiveness, cast iron remains a popular choice for steering knuckles, particularly in commercial vehicles and high-performance applications. It provides the strength required for heavier vehicles while being easy to manufacture, making it an attractive option for mass production. Cast iron's widespread use is especially prominent in North America and Europe, where it is a standard material for a variety of vehicle types.
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Asia Pacific automotive steering knuckle market accounted for a 40% share in 2024. The region is seeing rapid growth in vehicle production and sales, driven by government incentives and infrastructure investments promoting the adoption of electric vehicles. This growth in production and sales is further driving the demand for steering knuckles, particularly in markets like China and India.
Partial chapters of report table of contents (TOC)
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market scope & definition
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2034
Chapter 3 Automotive Steering Knuckle Market Insights
3.1 Industry ecosystem analysis
3.1.1 Raw material supplier
3.1.2 Component suppliers
3.1.3 Manufacturers
3.1.4 Aftermarket providers
3.1.5 End users
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing demand for lightweight materials to meet fuel efficiency and emissions standards
3.8.1.2 Increased EV production requiring specialized steering knuckles
3.8.1.3 Advancements in vehicle safety and autonomy boosting steering knuckle needs
3.8.1.4 Growing vehicle fleets and aging cars driving aftermarket demand
3.8.2 Industry pitfalls & challenges
3.8.2.1 Raw material price volatility and supply chain disruptions
3.8.2.2 Technological complexities
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
