Automotive Steering Knuckle Market Size

Automotive Steering Knuckle Market Size

The global automotive steering knuckle market size was valued at USD 7 billion in 2024 and is estimated to register a CAGR of 4.4% between 2025 and 2034. The growth of the market can be attributed to the rising shift towards EV, especially in North America and Asia Pacific. According to Statista, in 2023, the EV market reached a total revenue of USD 769.3 billion with China and the U.S. making up about 70% of the global revenue in 2023 and the market is expected to grow at a CAGR of over 25% by 2029.

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EVs require distinct engineering compared to traditional ICE vehicles, focusing on reducing weight, improving powertrain efficiency, and boosting overall performance. Automakers are increasingly using lightweight materials such as aluminum and high-strength steel in components such as steering knuckles. These materials help reduce the vehicle's weight, which in turn enhances energy efficiency and extends the range of EVs, directly contributing to improved battery performance.

As EV manufacturers work to make vehicles lighter for better fuel economy and to meet CO2 emissions regulations, the demand for lightweight parts, including steering knuckles, is growing. This trend is not just limited to EVs but extends across the industry, where manufacturers are under increasing pressure to comply with stricter environmental standards.  Using materials such as aluminum to reduce weight helps lower energy consumption and supports the automotive industry's commitment to sustainability and regulatory compliance.

The growing number of aging vehicles on the road and an increase in vehicle ownership globally contribute to the growth of the aftermarket for steering knuckles. As vehicles age, steering knuckles often need replacement due to wear and tear, making the aftermarket a key revenue source for steering knuckle suppliers. In regions with high presence of older vehicles such as North America and Europe, the demand for steering knuckles for maintenance and repair is rising. Additionally, more consumers customizing their vehicles, opting for performance upgrades that include replacing steering knuckles for better handling and durability.