Automotive Wheel Spindle Market Overview
In automobile vehicles, specifically in passenger cars there is a suspension system which provides the vehicle a sort of road-shock cushioning system that helps in the smoothing of irregularities in the road surface and also bring stability in the vehicle.
Automotive Wheel Spindle is that part of suspension system which holds the control arms, ball joints, springs and steering together. It provides a platform for wheel assembly. In general, spindle is a metal product which connects the ball joints at the top and bottom of the vehicle. Spindle is the most important component in the automobile vehicles such as cars, trucks etc which helps the vehicle to run in a smooth and stable manner.
Wheel spindle is mainly used in the automobile vehicles such as passenger cars and heavy trucks. Thus, Spindle provides the features of high speed, low vibration and high rigidity in the vehicle which helps in smooth running of the vehicle with permanent stability.
Automotive Wheel Spindle Market: Market Dynamics
The Automotive Wheel spindle market growth can be attributed to increasing rate of vehicle production and subsequent sales across passenger based and commercial vehicles segment. Moreover,with the rise in the average age of vehicles and quality improvement in the automotive wheel spindles therehas been a global increase in the demand of automotive wheel spindle market.
The aftermarket service and replacement of automotive wheel spindles has also been responsible in driving the market growth to a notable extent.
The automotive wheel spindle market growth may be restrained due to product durability and low replacement rate especially in passenger cars. Also with recent downturn in vehicle production rate and sales in few regional markets can retard the perceived growth of automotive spindle market for a certain span of time.
A major opportunity in the automotive wheel spindle market is the increasing attraction of automotive companies to produce electric vehicles and hybrid electric vehicles. There will be a drastic increase in the market of electric spindle in the coming years as focus has been shifted from conventional application to modern application in terms of innovation.
Now a days, spindle manufacturers are producing the superior quality of multi electric spindle systems in the production of spindles of spindle manufacturers ensuring better efficiency and performance in the product.Furthermore, the introduction of advanced driver assistance system and autonomous driving is likely to boost the demand for high quality wheel spindles in the market.
There has been an increasing trend in the automotive wheel spindle market wherein the leading manufacturers of spindles are focusing to expand their product quality (from single spindle system to multi spindle system) andelectric wheel spindles production for keeping the momentum with market dynamics and technological upgradation.
Based on the present scenario and conditions, there is an increasing trend of automotive wheel spindles which will help the businesses to grow at a larger scale.
Automotive Wheel Spindle Market: Regional Outlook
Asia Pacific is expected to be the major contributor inaugmenting the market growth of the automotive wheel spindle. South East Asia Countries such as India, ASEAN, Japan and China are the prominent market for Automobile Wheel Spindle Market. Due to the growth in urbanization, rise in the household incomes, technological advancement in Asia Pacific Regions there has been a global increase in the demand of automotive wheel spindle market.
North America is expected to have a sound growth in Automotive Wheel Spindle Market as there is rising number of sales of electric passenger cars and investment in electrification in the automotive industry.
Europe is foresighted to be a moderate growth market for automotive wheel spindles owing to already established market of individual vehicles with public and commercial vehicles to be at the forefront of market growth. Middle East and Africa Region is also one of the lucrative market for automotive spindles as the economy is growing rapidly in terms of automobile production and new investment in the development of automotive industry.
Automotive Wheel Spindle Market: COVID 19 IMPACT
During the initial phase of pandemic, cut down in production, supply and sales in the automotive industry had been witnessed owing to curbs imposed by regional governments.
However, with subsequent safety measures undertaken by the regional authorities, the economies are opening up and production has been started resulting in rising sales of automobiles which is thus expected to benefit the intake of automotive wheel spindles in vehicle production.
Thus, there has been a gradual shift in the automotive industry in recent months in terms of demand, product technology and efficiency which is helping the spindle manufacturers to expand their business.
Automotive Wheel Spindle Market:Segmental Overview
Passenger cars is one of the major segment which is playing a major role in the growth of demand of automotive wheel spindles market. Automotive companies are focusing more on the production of electric vehicles which is pushing the wheel spindle manufacturers to produce the high quality spindles.
The rising sales of electric passenger cars is driving the growth of global automotive wheel spindle market.Both the product types in automotive spindles i.e., driven wheel and non-driven wheel spindles is widely used in automobiles based on their use and quality.
Automotive wheel Spindle is an important component used in passenger vehicles and commercial vehicles. It is a component which has a large application in the manufacturing of automotive vehicles. Thus, it is product which majorly has a significance in Original Equipment Manufacturing sales channel.
Automotive Wheel Spindle Market: Analysis Perspective
The Automotive Wheel Spindle Market is expected to have substantial growth in near futuredue to increasing trend in the sales of automotive vehicles and current developments in the overall automotive industry. Advent of hybrid fuel and electric vehicles will aggrandize the market growth of automotive wheel spindle.
Design of high efficiency and improved running cycles will be pursued by automotive spindle manufacturers are expanding their business at a larger scale as there is high application of spindles in the vehicles. Moreover, growing production capabilities, better supply chain, and investment in strategic collaboration is driving the steering of automotive wheel spindle market.
Automotive Wheel Spindle Market: Key Participants
Some of the market participants in the Global Automotive Wheel Spindle Market, identified across the value chain include:
- Colonial Tool Group Inc.
- Samwoo Hitech
- Superior Spindle
- KROSS Ltd
- Capital Engineering Corporation
- Setco Spindles India Pvt Ltd
- FISCHER Deutschland GmbH
- Triquench India
- Progressive Gear Industries Private Limited
- Accuride Wheel End Solutions
- GKN Wheels and Structures
- Schaeffler Automotive Aftermarket GmbH & Co. KG
- WJB Group
- Baum Hydraulics Corporation
The research report on the Automotive Wheel Spindle market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Automotive Wheel Spindle market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as product type, application and sales channel.
The report covers exhaustive analysis on
- Automotive Wheel Spindle Market Segments
- Automotive Wheel Spindle Market Dynamics
- Automotive wheel Spindle Market Segmentation
- New Sales of Automotive wheel Spindles
- Current Trends/Issues/Challenges in the Automotive Wheel Spindle Market
- Competition & Companies Involved in Automotive Wheel Spindle Market
- New Technology for Automotive Wheel Spindle Market
- Value Chain of the Automotive Wheel Spindle Market
Regional analysis includes
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
The Global Automotive Wheel Spindle market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
Automotive Wheel Spindle Market: Market Segmentation
The global automotive wheel spindle market can be segmented on the basis of Product type, application, sales channel.
- Driven Wheel
- Non-Driven Wheel
- Passenger vehicle (SUV)
- Commercial vehicle (Trucks)