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Wheel Spindle Global Market 2024 - Growth Opportunities, Top Countries, Future Trends, Revenue And Outlook 2033
Wheel Spindle Global Market
As per the report, 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 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%.
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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.
Increasing Focus On Introducing High-Performance Kits To Gain A Competitive Edge
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 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
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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.
Contents of the report:
1. Executive Summary
2. Wheel Spindle Market Report Structure
3. Wheel Spindle Market Trends And Strategies
4. Wheel Spindle Market - Macro Economic Scenario
5. Wheel Spindle Market Size And Growth
…..
27. Wheel Spindle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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