The Wheel Spindle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wheel Spindle Global Market Report 2024, The wheel spindle market size has grown strongly in recent years. It will grow from $134.24 billion in 2023 to $141.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to automotive industry expansion, increased vehicle ownership, globalization of automotive supply chains, consumer demand for vehicle performance, aftermarket sales and replacement needs..
The wheel spindle market size is expected to see steady growth in the next few years. It will grow to $168.32 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to evolving vehicle design trends, demand for lightweight materials, rise in electric and hybrid vehicles, stricter emission standards, expansion of automotive markets.. Major trends in the forecast period include integration of active suspension systems, development of electrically driven wheel spindles, focus on aerodynamic wheel spindle designs, adoption of advanced manufacturing techniques, development of modular and scalable wheel spindle designs..
The growing automotive industry worldwide is expected to propel the growth of the wheel spindle market going forward. The automotive industry refers to a sector that involves various companies and organizations engaged in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. Wheel spindles play a crucial role in the automobile industry by providing structural support for vehicle wheels, ensuring smooth and secure rotation, and contributing to the functioning of steering and braking systems, thus facilitating safe and controlled vehicle movement. For instance, in February 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase compared to 2021. Additionally, the International Organization of Motor Vehicle Manufacturers, a France-based trade association, reported that global vehicle sales rose from 78,787,566 units in 2020 to 82,755,197 units in 2021, representing a growth of 5.03%. Therefore, the expanding worldwide automotive industry is a driving force behind the growth of the wheel spindle market.
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The wheel spindle market covered in this report is segmented –
1) By Type: Non-Driven Wheel, Driven Wheel
2) By Vehicle Type: Passenger Cars, Light commercial vehicles, Heavy Commercial Vehicles
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Major companies operating in the wheel spindle market are increasing their focus on introducing high-performance kits to gain a competitive edge. High-performance kits refer to packages or sets of aftermarket components, parts, or modifications designed to enhance a vehicle's performance. For instance, in April 2021, Dana Incorporated, a US-based automobile company, launched Ultimate Kingpin Knuckle Kits. These kits are designed for Jeep JK, JL, and JT models and comprise several components that replace the factory kingpin assembly. These kits enhance the off-road performance of Jeeps by providing more durability and strength, improving turning radius and steering, and minimizing noise and vibration. The kits include a new knuckle, kingpin, bearings, seals, and hardware that are all of high quality. These top-quality components are all necessary for installing a kingpin assembly that can improve the off-road performance of Jeep vehicles. The updated knuckle design of the kits provides additional strength to the axle while also improving the turning radius and steering.
The wheel spindle market report table of contents includes:
- Executive Summary
- Wheel Spindle Market Characteristics
- Wheel Spindle Market Trends And Strategies
- Wheel Spindle Market - Macro Economic Scenario
- Global Wheel Spindle Market Size and Growth
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- Global Wheel Spindle Market Competitive Benchmarking
- Global Wheel Spindle Market Competitive Dashboard
- Key Mergers And Acquisitions In Wheel Spindle Market
- Wheel Spindle Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Bosch Automotive Solutions
- ZF Friedrichshafen AG
- Schaeffler Group
- BorgWarner Inc.
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Wheel hub spindle is responsible for attaching the wheel to the car.
A wheel hub assembly is a pre-assembled unit that features precision bearings, seals, and sensors; thus, the wheel hub spindle is a crucial part of the steering system contributing to the safe steering and handling of the vehicle.Key Drivers of Automotive Wheel Hub Spindle MarketMacroeconomic and demographic trends, such as rapid urbanization, rising incomes, and increased participation of women and youth in the labor force, have contributed the rise in demand for mobility.
Sales of passenger cars, globally, has reached 64 million units in 2019, from 49 million units in 2009, which is a 31% surge during these 10 years.
Therefore, a rise in the demand for automobiles is estimated to boost the automotive wheel hub in the market.
Rising average age of vehicles, globally, is likely to increase the demand for automotive wheels in the automotive aftermarket.Challenges in Automotive Wheel Hub Spindle MarketThe COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing, and R operations and consequently, hampered the automotive industry.
Post first wave of COVID-19, global economies have started opening up automotive manufacturing and supply chain operations.
