The Global Automotive Ball Joint Market was worth US$ 1.35 billion in 2022 and is anticipated to reach a valuation of US$ 1.86 billion by 2028 and is predicted to register a CAGR of 3.6% during 2023-2028.
Market Overview:
The ball joint connects the wheel hubs to the control arms, which allows the wheels to move up and down as you drive. Ball joints also allow the wheels to move left and right, which is necessary for steering. A ball joint is necessary for maneuvering the vehicle. If a ball joint fails, it can have serious consequences. The wheel may become loose, which can cause the vehicle to veer to one side. The wheel may also get disassembled off the vehicle completely, which can lead to a crash.
Market Drivers:
The high replacement rate is one of the biggest reasons for the growth of the automotive ball joint market. The lifespan of a ball joint is around one lakh km which can vary as per the external conditions that the vehicle has to face like the road conditions on which it is driven and also the usage pattern of the consumer.
As technological advancements are happening at a rapid pace, the performance of the ball joint in automobiles is also improving. Demand from consumers ends for advanced and improved components which can enhance the features of the vehicle can drive the growth of the automotive ball joint market.
In urban areas, as the demand for passenger vehicles is increasing, the production of automobiles is also increasing which ultimately helps the automotive ball joint market to increase its market share and enter into new markets.
Thus, it can be said that a high replacement rate of automotive ball joints, increasing automobile production, and demand for improved ball joints as per the requirement of the consumers are the factors that drive the automotive ball joint market toward considerable growth.
Market Restraints:
As technological advancements are improving the performance of ball joints, it is also improving the quality and performance of other components that are used in the suspension setup. So, it could be a threat to the automotive ball joints market in the future if they could replace the ball joints. Even at present, some of the suspension components can be applied to the function of ball joints.
The automotive ball joint is an expensive component of the vehicle. No matter how much the consumer desires the advanced features of the latest ball joint, the high costs of advanced ball joints act as a restraint for the growth of the automotive ball joint market.
Environmental restrictions can also restrict the market share of ball joints from growing. The extensive use of metals and other non-renewable resources may cause a problem for the automotive ball joint market.
it can be said that competition from other suspension components, the high cost of ball joints, and environmental restrictions from any of the governing bodies are the major factors that limit the growth of the automotive ball joint market.
Market Opportunities:
Lightweight ball joints can create a big opportunity in the automobile market as car manufacturers are trying to produce lightweight vehicles and that is the reason, lightweight ball joints can be in great demand in the near future.
As Electric Vehicles (EVs) are gaining popularity recently, regular ball joints cannot be used in EVs. The ball joints for Electric Vehicles need to be custom-made to match the high torque and vibration-producing motor of the electric vehicle.
New raw materials like carbon fiber and graphene are now being used to make ball joints. These materials provide durability at peak performance. These are now being used in premium cars and soon will go mainstream and thus can create opportunities for growth of the automotive ball joint market.
The aftermarket i.e. the market for replacement parts and accessories for vehicles, is a major source of demand for automotive ball joints. As vehicles age, the ball joints in them wear out and need to be replaced. This is elevating the shares of the automotive ball joint market.
lightweight ball joints for lightweight cars, the increasing popularity of Electric Vehicles (EV), the use of new materials for the production of ball joints, and the aftermarket for the sales of ball joints are opportunities for the growth of the automotive ball joint market.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2022 – 2028 |
|
Base Year |
2022 |
|
Forecast Period |
2023 - 2028 |
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CAGR |
3.6% |
|
Segments Covered |
By Type, Application, and Region. |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
GMB, Federal-Mogul, Honeywell, ZF Friedrichshafen, Hyspan Precision Products, and Others. |
Market Segmentation:
Front-wheel ball joints are leading the automotive ball joint market with the highest market share. Vehicles with front-wheel drive are gaining popularity and also, the front-wheel ball joints are necessary for the safe working of the vehicle and also overall efficiency of the vehicle increases when the front-wheel ball joints drive the vehicle. The propulsion as well as maneuver of the vehicle is given by the front wheels in vehicles with front-wheel drive and thus, it is important that the front wheel ball joint is maintained in good condition at any cost at all times.
The rear wheel ball joints keep the rear wheels aligned which is necessary for the safe handling of the vehicle. Also, the movement of the rear wheels is controlled by the rear wheel ball joint. The rear ball joints if not in proper condition can cause problems like vibrations, unstable handling of the vehicle, and worn-out tires.
The passenger vehicle segment is leading the automotive ball joint market with the highest market share. Passenger vehicles are the most popular type of vehicle in the world. As of 2021, there are over one billion passenger vehicles used in the world. The passenger vehicles generally work on the front-wheel drive which requires ball joints of high quality. Also, the frequency of changing of ball joints in passenger vehicles is more in comparison to commercial vehicles as it faces much more wear and tear than commercial vehicles.
The commercial vehicle segment is growing at a much slower when compared to passenger vehicles. As the wear and tear of ball joints in commercial vehicles is very less. The demand for commercial vehicles is not increasing as much as for passenger vehicles and the usage is also restricted to a specific area of work.
Market Regional Analysis:
The Global Automotive Ball Joint Market Report includes the segmentation of regions:
Asia Pacific region is ruling the automotive ball joint market with the highest market share. The region has the highest market share in the automotive ball joint market as some of the biggest automobile giants like Suzuki, Honda, and Toyota are situated in the Asia Pacific region. The Asia Pacific region is also welcoming many MNCs to set up their plants in the region. Due to this, there has been seen fast economic growth in this region.
North America is said to be the fastest-growing ball joints market. Latin America is also growing rapidly, with the rising demand for SUVs in countries like Mexico, which has led to an increase in demand for the automotive ball joints market.
Europe is to witness the fastest growth rate due to the increasing number of passenger vehicles. Also, Europe is the hub of some of the most premium car manufacturers in the world with companies like Ferrari, BMW, and Mercedes Benz along with others.
The Middle East & African region is estimated to have a slow growth rate of the automotive ball joint market shares during the forecast period.
The automotive ball joint market shares completely decreased due to the spread of COVID-19 in 2020. Government authorities strictly followed lockdown restrictions to combat COVID-19, so this disrupted the supply chain across the world. In February 2020, automotive sales were completely down. For instance, sales were fallen by around 91% in China in February 2020. However, the demand for the automotive ball joint market started to rise in early 2021. This showed a positive impact on growth shares of the market. It is expected that the market shares will hit the highest CAGR by the end of 2028.
Market Key Players:
Frequently Asked Questions
The annual growth of the automotive ball joint market is 3.6%.
The region that is leading the automotive labels market is Asia Pacific.
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