Automotive Steering Knuckle Market Size, Share & Forecast 2034

Automotive Steering Knuckle Industry Perspective:

What will the global automotive steering knuckle market size be during the forecast period?

The global automotive steering knuckle market size was worth around USD 7.01 billion in 2024 and is predicted to grow to around USD 10.72 billion by 2034, with a compound annual growth rate (CAGR) of roughly 4.42% between 2025 and 2034.

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Key Insights:

• As per the analysis shared by our research analyst, the global automotive steering knuckle market is estimated to grow annually at a CAGR of around 4.42% over the forecast period (2025-2034)
• In terms of revenue, the global automotive steering knuckle market size was valued at around USD 7.01 billion in 2024 and is projected to reach USD 10.72 billion by 2034.
• The automotive steering knuckle market is projected to grow at a significant rate due to the rising vehicle ownership rate across the globe.
• Based on the vehicle type, the passenger cars segment is growing at a high rate and will continue to dominate the global market, as per industry projections.
• Based on the sales channel, the original equipment manufacturer (OEM) segment is anticipated to command the largest market share
• Based on region, the Asia-Pacific is projected to dominate the global market during the forecast period

Automotive Steering Knuckle Market: Overview

An automotive steering knuckle is a critical component of a vehicle’s steering system. It is used for connecting the steering linkage to the front wheel, thus allowing the driver to gain safe control of the vehicle’s direction. Automotive steering knuckles are essentially responsible for transmitting the steering linkage motion to the front wheel. The knuckles also assist in ensuring front wheel alignment, thus promoting a safe driving experience. A steering knuckle is located at the bottom of the front wheel assembly, and damage to the car’s knuckles can compromise vehicle safety. The global demand for automotive steering knuckles is projected to grow due to rising vehicle ownership rates and increased investments in automotive repair & maintenance.

Additionally, increased integration of Advanced Driver Assistance Systems (ADAS) in modern vehicles and the expansion of the electric vehicle (EV) sector will help accelerate industry revenue in the coming years. However, volatility in raw material prices, high material & production costs, and supply chain disruptions may hinder the industry’s expansion trends in the future.

Automotive Steering Knuckle Market: Dynamics

Growth Drivers

How will increasing the vehicle ownership rate influence the automotive steering knuckle market?

The global automotive steering knuckle market is expected to be driven by the rising vehicle ownership rate across the globe. For instance, Europe experienced an increase of over 1% in the passenger car sales rate in 2024 compared with 2023. Emerging economies such as India and China registered higher demand for affordable and luxury vehicles. The growth in the number of vehicle owners across the globe has fueled increased demand for highly durable steering knuckles. These components ensure vehicle safety and easy navigation. Accelerated growth in the vehicle ownership rate is driven by changing consumer lifestyles, rising disposable income, and greater access to financing schemes, such as car loans and repayment options.

Expansion of the used-car or automotive sector to propel industry revenue to new heights

The used-car sector is one of the primary reasons for increased demand for steering knuckles. The industry deals with the procurement and distribution of previously owned vehicles. The used car market growth rate is driven by the rising acceptance of pre-loved vehicles, the increasing number of people seeking affordable vehicles, and the growing organizational structure among used car sellers.

Furthermore, government-led initiatives to recognize and regulate the used-cars industry have further strengthened consumer confidence in the market. Pre-owned vehicles require more frequent repair and maintenance, and hence lead to amplified demand for solutions available in the global automotive steering knuckle market.

Restraints

What will be the impact of raw material price volatility on the automotive steering market growth trajectory?

The global automotive steering industry is expected to be constrained by growing concerns about raw material price volatility. The rapidly evolving supply chain of essential raw materials such as aluminum and steel leads to fluctuating prices of raw materials. This, in turn, leads to diminished profit margins for the industry players. The growing economic uncertainty across the globe will impact business decisions in the long run.

Opportunities

Ongoing advancements in steering knuckle technology are opening new opportunities for market growth

The global automotive steering knuckle market is projected to generate growth opportunities due to the rising advancements in steering knuckle technology. These advancements are aimed at improving performance and the overall application of automotive components. For instance, market players are increasingly experimenting with high-performance alloys to develop automotive steering knuckles that can withstand high temperature and pressure. Additionally, consistent work toward developing highly versatile steering knuckles that applications across multiple vehicle platforms may help improve profit margins.

Challenges

How will stringent regulatory standards affect growth in the automotive steering knuckle market?

The global automotive steering knuckle industry is projected to be challenged by the presence of strict regulatory standards. This includes guidelines concerning the overall performance of the knuckles along with safety and durability parameters. Complying with the evolving regulatory landscape is a resource-intensive task requiring significant monetary and non-monetary investments.

Automotive Steering Knuckle Market: Report Scope

Automotive Steering Knuckle Market: Segmentation

The global automotive steering knuckle market is segmented based on vehicle type, material, manufacturing process, application, sales channel, and region.

Why does the passenger car segment lead the automotive steering knuckle market?

Based on vehicle type, the global market segments are heavy commercial vehicles (HCVs), passenger cars, light commercial vehicles (LCVs), electric vehicles, and others. In 2024, the passenger car segment recorded the highest growth, driven by increased sales of personal vehicles. Furthermore, growing demand for pre-owned vehicles has further helped the segment thrive. Reducing the cost of vehicle ownership will propel segmental revenue in the coming years.

Based on material, the global automotive steering knuckle industry is divided into aluminum, steel, cast iron, and others.

Will the forging manufacturing process segment dominate the automotive steering knuckle industry?

Based on the manufacturing process, the global market divisions are machining, forging, casting, and others. The highest revenue, in 2024, was listed in the forging manufacturing process. The method allows the production of high-strength and durable steering knuckles. Additionally, forging is considered ideal for producing suspension components of an automotive. The rising demand for heavy commercial vehicles may encourage higher revenue in the segment during the projection period.

Based on application, the global market is fragmented into front steering knuckle and rear steering knuckle.

What position will the OEM segment hold in the automotive steering knuckle market?

Based on the sales channel, the global market divisions are aftermarket and original equipment manufacturer (OEM). In 2024, the global market was dominated by the original equipment manufacturer (OEM) segment. Automotive steering knuckles are installed in all new vehicles. They are essential safety components of modern automobiles. Additionally, strengthening safety standards across the globe will promote segmental growth over the forecast duration.

Automotive Steering Knuckle Market: Regional Analysis

Why will Asia-Pacific continue to dominate the automotive steering knuckle market during the forecast period?

The global automotive steering knuckle market will be led by Asia-Pacific during the projection period. It is expected to register a CAGR of more than 8.5% over the forecast period. Asia-Pacific is expected to dominate the global landscape due to the presence of thriving domestic automotive industries across nations such as South Korea, Japan, India, and China.

Moreover, regional governments in the Asia-Pacific have offered lucrative incentives to automakers, such as tax breaks and subsidies, thereby attracting greater regional and international investment. The rising expansion of the region’s automotive component manufacturing capabilities will further aid accelerated growth in Asia-Pacific during the projection period.

What position will North America hold in the automotive steering knuckle industry?

North America is the second-highest revenue-generating market. It is projected to offer a CAGR of around 5.8% in the coming years. Growth in North America will be led by the presence of an existing and mature automotive industry.

Additionally, strict safety standards in the region and increased demand for EVs will facilitate higher regional revenue. In addition, higher revenue from automotive aftermarket sales channels, along with growing investments in vehicle repair and maintenance, will increase revenue in the region.

Automotive Steering Knuckle Market: Competitive Analysis

The global automotive steering knuckle market is led by players like:

• Magna International
• ZF Friedrichshafen AG
• Continental
• Thyssenkrupp AG
• Hyundai Mobis
• American Axle & Manufacturing (AAM)
• Bharat Forge
• Hitachi Astemo Ltd.
• Bosch
• Aisin Seiki
• Dana Incorporated
• GKN Automotive
• Nexteer Automotive
• Benteler
• NSK Ltd.

What are the key trends in the Automotive Steering Knuckle Market?

Precision machining

The evolving landscape of the modern automotive industry has created demand for precision machining solutions for the automotive steering knuckle industry. Novel automobiles are more complex and hence demand next-generation components, such as an advanced steering knuckle.

Integration of other elements of steering systems

A promising trend in the industry for automotive steering knuckles has emerged in the form of integrated solutions that house major steering components. For instance, market players are designing steering knuckles that integrate ADAS, steering angle sensors, and wheel speed sensors to achieve optimal vehicle performance.

The global automotive steering knuckle market is segmented as follows:

By Vehicle Type

• Heavy Commercial Vehicles (GCVs)
• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Electric Vehicles
• Others

By Material

• Aluminum
• Steel
• Cast Iron
• Others

By Manufacturing Process

• Machining
• Forging
• Casting
• Others

By Application

• Front Steering Knuckle
• Rear Steering Knuckle

By Sales Channel

• Aftermarket
• Original Equipment Manufacturer (OEM)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa