Automotive Wheel Spindle Market Size, Share, and Industry Analysis, By Product Type (Driven Wheel and Non-Driven Wheel), By Sales Channel (OEM and Aftermarket), By Application (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles), and Regional Forecast, 2024-2032

An Automotive Wheel Spindle is a cylindrical metal shaft and is one of the automobile's primary components, which helps connect the wheel hub and wheel rim. The spindle allows the two components to rotate independently from each other and still be connected. It is the part of the suspension system that also attaches to the upper and lower control arms.

Suspension ensures the vehicle's safety by keeping it stable on the track, absorbing any road shocks, and smoothing the irregularities in the road surface. The spindle plays a crucial role in the suspension system as it helps the vehicle move smoothly and steadily. The spindle augments the features of a vehicle, such as high speed, low vibration, and high rigidity.

The Wheel spindle market has been witnessing positive growth due to increasing preference for vehicle safety, driving comfort, and demand for smooth rides. The Wheel spindle market is also lucrative owing to its high demand in the aftermarket, as it is a component that is subjected to wear and tear and needs to be replaced to ensure the vehicle's safety, comfort, and stability.

The COVID-19 pandemic introduced a temporary global shutdown in many sectors. This temporary shutdown impacted various industries negatively, leading to revenue decline, loss of product sales, slowed production rate, unemployment, and many other severe impacts. This led to an economic downturn as the majority of the manufacturing facilities were suspended or working at half capacity.

It is pretty intuitive that the growth of the Automotive wheel spindle market is directly proportional to the growth of the overall automotive market. As COVID-19 hit the world in early 2020, all the major economies had multiple setbacks due to lockdowns and supply chain bottlenecks. China and Japan play a vital role in passenger car production; both countries had to cut back on their production significantly. FY-20 was highly dissatisfied when it came to passenger car sales throughout the globe as consumer sentiments and preferences took a massive shift. Consumers started refraining from buying luxury goods. Industrial activities were at a halt, significantly suppressing the mobilization of goods and resulting in a lower demand for vehicles.

The closure of production plants and shortage of workforce due to stricter social distancing norms also affected the production of new vehicles. Another issue was regarding the procurement of raw materials. The supply chain tailback affected the companies' ability to procure sufficient raw materials to meet their production needs, and at the same time, the elevated inflation significantly raised the cost of production.

Segmentation

Key Insights

The report covers the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships
• Porter's Five Forces Analysis
• Technological Developments
• Impact of COVID-19 on the Automotive Wheel Spindle Market

Analysis by Product Type

By product type, the market is segmented into driven wheel and non-driven wheel. Driven wheel spindles are integral to the drive axle of vehicles, transmitting torque from the drivetrain to the wheels and enabling propulsion. They are essential in front-wheel-drive (FWD) and all-wheel-drive (AWD) systems, where the wheels not only support the vehicle's weight but also provide a driving force. Driven wheel spindles are designed to handle higher stress and torque, making them critical for performance and safety in powered axle configurations. The Driven Wheel Spindle segment is dominant due to the increasing prevalence of FWD and AWD vehicles, which require robust and reliable spindles to handle the demands of driving and steering. Non-Driven Wheel Spindles support the vehicle's weight and allow the wheels to rotate freely. Commonly found in rear-wheel-drive (RWD) setups and the rear wheels of FWD vehicles, they are simpler in design and are primarily focused on providing stability and support rather than torque transmission.

Regional Analysis

To gain extensive insights into the market, Download for Customization

The global market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is predicted to lead the Automotive wheel spindle market over the coming decade. The automotive wheel spindle market is positively correlated with the overall growth of the automotive industry. Asia Pacific is witnessing an attractive demand for both Passenger and commercial vehicles owing to the increased preference of consumers to own cars and increased penetration of industry and its related services, respectively. Multiple factors that strengthen our notion of Asia Pacific being the leader include the rising populace migrating to the Middle-income bracket, rising disposable income, multiple presences of OEM in China and Japan, Cheap access to labor, growing needs for safety and comfort in vehicles, and growing urbanization, among others. Additionally, Asia-Pacific's market growth is optimistic as the region is witnessing a burgeoning growth in construction activities, mobile healthcare facilities, E-commerce business, and transportation of goods, and all this activity is subjected to create demand for vehicles on the road, resulting in a growth of the automotive wheel spindle market.

Key Players Covered

The report includes the profiles of key players, such as Colonial Tool Group Inc., Samwoo Hitech, Superior Spindle, KROSS Ltd, Setco India Pvt. Ltd., Fischer Deutschland GmbH, Triquench India, Accuride Wheel End Solutions, GKN Wheel and Structures, WJB Group, Baum Hydraulics Corporation, GNA Enterprises, and Progressive Gear Industries Pvt. Ltd.

Key Industry Developments

• In September 2022, Allison Transmission introduced the new eGen Power 130S, the latest product to the company’s eGen Power family of fully electric axles, this week at IAA Transportation in Hannover, Germany.