Press release
Wheel Spindle Market Insights 2024-2033: Examining Global Demand and Forecast
Wheel Spindle
The Business Research Company offers in-depth market insights through Wheel Spindle Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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..
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Market Segmentation:
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 Driver - Automotive Industry Expansion Fuels Growth in the Wheel Spindle Market
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.
Competitive Landscape:
Major companies operating in the wheel spindle market report are Bosch Automotive Solutions, ZF Friedrichshafen AG, Schaeffler Group , BorgWarner Inc. , JTEKT Corporation, Dana Incorporated, MinebeaMitsumi Inc., SKF Group, NSK Ltd., Federal-Mogul Corporation, American Axle & Manufacturing Inc., GKN Automotive Limited, NTN Corporation, Meritor Inc., THK Co. Ltd., MOOG Steering and Suspension, Nachi-Fujikoshi Corp., Accuride Wheel End Solutions, Timken Company, Hiwin Corporation, WJB Group, Baum Hydraulics Corporation, Progressive Gear Industries Private Limited, Harbin Bearing Group Co. Ltd., Koyo Machinery USA Inc.
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