What is Ball Joints and Parts Market?
Ball joints and parts are the spherical bearings which connect the control arms to the steering knuckles. It is easy to install and long functional life. The ball joints and parts have witnessed growth at a noteworthy rate over the past few years owing to the increasing usage of ball joints and parts in passenger cars and commercial vehicles. For instance, according to the Government of the United States, the car registrations in the United States has increased to 465.92 thousand in May from 432.61 thousand in April of 2019. Hence, the rising number of passenger car and commercial vehicles in both developed and developing countries are likely to be the prime driver for ball joints and parts market growth.
Highlights from Ball Joints and Parts Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Johnson Controls International plc (United States), Honeywell International Incorporated (United States), Goodyear Tire & Rubber Company (United States), General Motors Company (United States), Ford Motor Company (United States), Lanbi (Spain), CCTY Bearing Company (United States), Federal-Mogul Motorparts (United States), Pailton Engineering Ltd. (United Kingdom), Hyspan Precision Products, Inc. (United States) and ZF Friedrichshafen AG (Germany) |
Ball Joints and Parts is a fragmented market due to the presence of a large number of established competitors. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Ball Joints and Parts market throughout the forecasted period.
Johnson Controls International plc (United States), Honeywell International Incorporated (United States), Goodyear Tire & Rubber Company (United States), General Motors Company (United States), Ford Motor Company (United States), Lanbi (Spain), CCTY Bearing Company (United States), Federal-Mogul Motorparts (United States), Pailton Engineering Ltd. (United Kingdom), Hyspan Precision Products, Inc. (United States) and ZF Friedrichshafen AG (Germany) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Metem Otomotiv Ltd. Co. (Turkey), Musashi Seimitsu Industry Co.,Ltd. (Japan) and Teknorot (Turkey). Ball Joints and Parts Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Passenger Cars and Commercial Vehicles |
Type | Lower Ball Joint and Upper Ball Joint |
Material | Carbon Steel,Mild Steel,Alloy Steel,Spring Steel,Bearing Steel,Others |
On the basis of geography, the market of Ball Joints and Parts has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Demand from Automobile Industry and Technological Advancement in Ball joints products
Market Growth Drivers:
Increasing Usage of Ball Joints and Parts in Various Application and Rising Industrialization and Urbanization across the world
Challenges:
Price of Quit Ball Joints are Quite Expensive as Compared to Tie Rods
Restraints:
Issue related to Ball Joint Failure Which Results in the Wheel Dramatically Falling off the Car
Opportunities:
Increase in the Number of Passenger Cars and Commercial Vehicles in both Developed and Developing Countries and Growing Number of Automotive Industry in Emerging Market such as China, India, Brazil, Philippines, among others
Key Target Audience
Manufacturers of Fall Arrest Lanyard, Suppliers of Fall Arrest Lanyard, Wholesalers, Distributors and retailers of Fall Arrest Lanyard, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
Market Leaders & Development Strategies
In June 2021, Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company, closing a merger agreement disclosed on February 22nd. This combination unites two major tire companies with complementary product portfolios, services, and capabilities to create a stronger US-based leader. In the global tire industry, the combined companies offer more options across the value spectrum, making it easier for customers and consumers to select Goodyear and Cooper branded tires.
In November 2017, the APT Global company has launched dredge ball joints. It provides more balanced stress levels overall in the design. Hence, this launched will increase the product portfolio of the company
According to the Federal Register, the unsafe condition as missing crimping on a ball joint of the main servo-control end-fitting. This condition could result in failure of a main servo-control upper-end fitting, failure of the flight controls, and loss of control of the helicopter. Hence, it may act as restrain for market growth