The global center and drag link market is anticipated to witness growth over the forecast period. A precursor to smooth vehicle metabolism and workings is by way of center link essential to the turning and driving of vehicles in desired direction. Jarring vehicle bumps and wobbling drives are obviated by the center and drag link assemblies. Center and drag link manufacturers are inclined towards manufacturing products that are suitable for rough terrain, bad road conditions and inclement weather conditions. With the user’s desire in using better vehicle components, the vehicle manufacturer needs to design products for commercial vehicles by harboring exacting standards of excellence.
This favors the center and drag link market boosted on account of manufacturers complying with market sentiment. Technological advancements in the automotive industry have fueled the market growth in recent years and product innovation coupled with a fragmented evincing interest from new players is responsible for spurring the market growth. Steering wheel components employing drag and link assembly ramp up their existing models to gain competitive advantage and reaching out to the end-user, this is a market booster for the center and drag link market for countries such as India and China.
Limitations in the center and drag market exist in the form of established R&D vendors capitalizing on ancillary automobile products which can be successively mitigated by maintaining product inventory. Furthermore, inventory-keeping entails Stock Keeping Units (SKU) addressing various automobile models which translates into orders for the company but with many competitors entering the fray, low-quality and low efficiency mark the product thus hampering the center and drag link market.
Segmentation of the market on basis of GVW comprises less than 8000 lb. GVW, between 8000 and 15000lb. GVW, and more than 15000lb. GVW. Segmentation on the basis of ball-size type includes 1-1.5 inches, 1.5 to 1.75 inches, and 1.75-2.75 inches. On the basis of product type, the market is classified as light-duty, medium-duty, and heavy-duty vehicles. On the basis of regions, the market is classified into North America, Europe, Asia Pacific, Latin America, and MEA. Low cost of labor in Asia Pacific as compared to that in developed countries has made finished products cheaper in Asia Pacific. The key industry players in the center and drag link market include Federal-Moghul Corporation, Korea Central Ltd, Rane (Madras) Ltd, Powers & sons, LLC, ZF TRW, and Moser Engineering.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.