Global Automotive Ball Joints Market Overview
In an automobile, automotive ball joints are the spherical bearings that link control arms to the steering knuckles. Automotive ball joints are used on every automobile and work likewise to the ball and socket design of human hip joint. Use of automotive ball joints is rapidly growing in automotive industry owing to its high efficiency and reliability. In order to guarantee worthy handling ride and experience, proficient components and suspension system are obligatory in a vehicle. Automotive ball joints market is therefore, predictable to possess high demand from automotive manufacturers across the globe. The production of automotive ball joints is also swelling globally with Asia registering high growth for automotive ball joints market during the projection period. Automotive ball joints market is producing an opportunity for key market accomplices to penetrate high market share during the estimated forecast period. The automotive ball joints market comprises massive global and local vendors.
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Global Automotive Ball Joints Market Scenario
The global automotive ball joints market is projected to observe higher single digit growth in developing, as well as developed regions, throughout the forecast period, as per the company’s research study. Suspension ball joint is extensively used automotive ball joint throughout the globe. However, lower automotive ball joint is also garnering increased attraction. Aftermarket sales channel is expected to reflect high growth for automotive ball joints market during the forecast period. Automotive ball joints have long service life enabling manufacturers to develop highly efficient system to cater to several problems thereby, is expected to trigger the growth of automotive ball joints market.
Global Automotive Ball Joints Market Dynamics
Established market in regions, such as North America, Europe and Japan are anticipated to dominate the automotive ball joints market in terms of value, whereas emerging regions like MEA and APEJ is expected to flourish automotive ball joints market during the forecast period. Also, the global market for automotive ball joints is anticipated to possess high growth with the rapidly increasing installation of automotive ball joints due to increasing automotive sales. The key challenges of steering system manufacturers is the introduction of superior line products when compared to economy-based products. Since, automotive ball joints are costly as compared to tie rods, automotive ball joints market is expected to showcase substantial revenue growth during the forecast period. High cost of automotive ball joints is likely to hamper the growth of automotive ball joints market. Also, importing automotive ball joints in different Asian countries is a challenge for new entrants and existing players entering automotive ball joints market.
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Global Automotive Ball Joints Market Segmentation
The automotive ball joints market can be segmented on type, vehicle type and sales channel. On the basis of type, automotive ball joints market can be categorized into upper ball joint, lower ball joint and suspension ball joint. On the basis of vehicle type, the automotive ball joints market can be segmented into HCV, LCV, passenger cars and other vehicles. On the basis of sales channel, the global market for automotive ball joints can be classified as OEM and aftermarket.
Global Automotive Ball Joints Market Key Players
The global market for automotive ball joints can be segmented into seven regions: North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa. The automotive ball joints turbine manufacturers are primarily focusing on developing premium quality products and also targeting emerging economies to gain a huge operating revenue. Key manufacturers in the market are continuously producing innovative automotive ball joints products. Some of the prominent market participants in the automotive ball joints markets are ZF Friedrichshafen AG, TRW Automotive, Federal-Mogul Holdings Corporation, MAS Industries, Original Birth S.p.A, AlloyUSA, KOREA CENTRAL CO., LTD, HIGH LINK AUTOPARTS CO., LTD., Lii-Chau, etc.
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