The Automotive Wheel Spindle market is projected to grow at a CAGR of 5.8% from 2022 to 2027.
The automotive wheel spindle is a part of the suspension system which transmits the hub for the wheel, attaches the upper & lower control arms, holds the ball joints, springs, and steering together. Moreover, in most vehicles, the front brake caliper is also mounted on the spindle. The wheel spindles are made up of medium carbon steel which contains 30-45% carbon. Wheel spindles are the most essential components in vehicles that help them to run smoothly and stably. The 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 critical part of the steering system contributing to the safe steering and handling of the vehicle.
Macroeconomic and demographic trends, such as speedy urbanization, increasing incomes, and increased participation of women and youth in the labor force, have contributed to 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. Consequently, a rise in the demand for automobiles is estimated to boost the automotive wheel hub in the market. The rising average age of vehicles, worldwide, is likely to increase the demand for automotive wheels in the automotive aftermarket.
January 23, 2019: Hyundai Wia Develops World’s First Integrated Drive Axle--
Hyundai Wia has developed an innovative automobile drive shaft that simplifies the process of transmitting power from the transmission to the wheel bearings of a car. The company, an affiliate of Hyundai Motor Group that produces auto parts and machine tools, said its integrated drive axle (IDA) has changed the structure of the conventional automobile drive shafts that has lasted over 100 years.
What are the major Applications, Types, and Regions for Automotive Wheel Spindle Market?
Automotive Wheel Spindle Market is segmented based on the type, applications, companies and regions.
By Type, it is segmented into
By Applications, it is segmented into
Asia Pacific is predicted to be a prominent contributor to the automotive wheel spindle market's growth. The Automobile Wheel Spindle Market is dominated by countries in Southeast Asia, such as India, ASEAN, Japan, and China. The global demand for automobile wheel spindles has increased due to increased urbanisation, rising household incomes, and technological improvement in Asia Pacific Regions.
North America is predicted to have a strong growth in the Automotive Wheel Spindle Market due to increased sales of electric passenger cars and investments in electrification in the automotive sector. Europe is expected to be a moderate growth market for automotive wheel spindles due to an already established market of private vehicles, with public and commercial vehicles leading market growth. Because the economy is quickly developing in terms of automobile production and new investment in the expansion of the automotive sector, the Middle East and Africa region is also a potential market for automotive spindles.
The Automotive Wheel Spindle Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type, and segment. It focuses extensively on revealing a detailed regional analysis. The Global Automotive Wheel Spindle Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 5.8% over the forecast period (2022-2027) |
By Type |
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By Application |
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By Companies | GKN, NTN, SDS, Dana, Nexteer, Hyundai-Wia, IFA Rotorion, Meritor, AAM, Neapco, JTEKT, Yuandong, Wanxiang, Showa, Lingyun, Guansheng, GNA Enterprises, Fawer, Hengli, Danchuan, Lantong, Talbros Engineering, Dongfeng, Golden, Sinotruk |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 180 |
Customization Available | Yes, the report can be customized as per your needs |
What is the growth rate of Automotive Wheel Spindle Market?
The Automotive Wheel Spindle Market is growing at a CAGR of 5.8% over the next 5 years.
Who are the key players in Automotive Wheel Spindle Market?
GKN, NTN, SDS, Dana, Nexteer, Hyundai-Wia, IFA Rotorion, Meritor, AAM, Neapco, JTEKT, Yuandong, Wanxiang, Showa, Lingyun, Guansheng, GNA Enterprises, Fawer, Hengli, Danchuan, Lantong, Talbros Engineering, Dongfeng, Golden, Sinotruk
What are the significant types of Automotive Wheel Spindle Market?
Non-driven wheel, Driven wheel
What are the major end-use applications of Automotive Wheel Spindle Market?
Passenger Vehicle (Ex. SUV), SUV & Truck, Commercial Vehicle (Ex. Truck)
On the basis of application, Which segment is likely to hold the major share in the Automotive Wheel Spindle Market?
Passenger Vehicle segment to hold the largest share in Automotive Wheel Spindle market.
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