Ball joints are spherical bearings, which connect steering knuckles to control arm in an automotive. In an automotive factors such as thermal contraction and expansion, seismic motion shock, forces and torsional motions are present, ball joint offers the required movement in the vehicle. In order to ensure good handling experience and ride, efficient suspension system and components are required in a vehicle. Ball joints and parts market is thus, expected to witness significant demand from automakers across the globe. This is intended towards increased technological advancements by automotive manufacturers for advance suspension system and components. Increasing inclination of manufacturers for maintenance of proper quality standards, a complete check of steering and suspension system is done, which includes idler arm, ball joints and tie rods among others. This is attributed to check chassis troubleshooting or wheel alignment, thus ensuring capability of the vehicle to handle wheel alignment specifications and settings.
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Ball Joints and Parts Market Segmentation:
Ball joints and parts market is segmented on the basis of ball joints components, ball joints type, suspension design and vehicle type. On the basis of ball joints components, the ball joints and parts market is segmented into ball stud, end cover, bearings, Belleville washer and housing. Ball joints are of two types namely load-bearing ball joint and non-load bearing joint type. Load-bearing ball joint provides support to the vehicle in order to offer hinge point support to the steering system. On the other hand, non-load bearing ball joints offer accurate dimensional tolerance in the system. On the basis of suspension design, ball joint is segmented into follower ball joint or load carrier. Ball joints and parts are used in different vehicles, the segmentation includes passenger cars and commercial vehicles. The commercial vehicles segment is further sub-segmented into light commercial vehicles, heavy trucks, buses and coaches.
Geographically, ball joints and parts market is segmented into seven regions namely North America, Western Europe, Japan, Asia Pacific Excluding Japan, Middle East and Africa and Latin America. Of which, Europe is anticipated to be the largest market in terms of market share contribution. Asia Pacific, the U.S. and Europe are expected to be prominent ball joints and parts market manufacturers in terms of sales. This is attributed to low-cost labour offered by Asian manufacturers leading to competition for players in developed parts of the world.
Ball Joints and Parts Market Dynamics:
Although, ball joints have long service life, loss of lubricant or contamination due to seal failure leads to suspension system and steering failure. This further leads to misalignment and handling, which has led manufacturers to develop efficient systems catering to the problem. One of the challenges faced by overall steering system manufacturers is introduction of premium line products as compared to economy products. Since, ball joints are expensive as compared to tie rods, the ball joints and parts market is expected to record considerable revenue growth in the near future. The revenue growth is mainly attributed to shipment growth of ball joints and parts across the globe. Imports of ball joints and parts in Asian countries is a challenge for existing as well as new players entering the ball joints and parts market. Moreover, the market is witnessing consolidation at distributor level, which is anticipated to lead to fluctuating prices. This is further expected to expedite growth of low-priced economy-line parts and thus, a significant change in total market share of premium brands.
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Ball Joints and Parts Market Key players:
Some of the players in the ball joints and parts market include Johnson Controls Incorporated, Honeywell International Incorporated, Goodyear Tire & Rubber Company, General Motors Company, Ford Motor Company, LANBI, CCTY Bearing Company, Federal-Mogul Motorparts, Pailton Engineering Ltd., Hyspan Precision Products, Inc. and ZF TRW among others.