Automotive Wheel Spindle Market Forecast : Growth Opportunities & Competitive Landscape by Type, Applications, Product Range & Sales Channel (2023-2032)

Automotive wheel spindle is a part of suspension system which carries 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 important components in vehicles which help them to run smoothly and stably. Furthermore, it allows the axle to rotate which in turn is connected to the vehicle's suspension system and wheels. Its spindles hold the hub of the wheel in place and connect to the arms of each wheel via the axle on the suspension system. In addition, the spindle also functions by gearing the vehicle in a straight line which is known as a caster. Caster is of two types of the negative caster which is forward-tilted and the positive caster which is the backward tilt that adjusts the steering process. Spindles can function in various types of suspension systems such as in MacPherson Strut, the spindle is connected to an arm in front and back of the suspension frame and allows the shock absorber housing to turn the wheel. It is also used in double wishbone and multi-link suspension systems.

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COVID-19 Impact Analysis

The government of major countries has imposed lockdown and various other restrictions which caused the business shutdown due to COVID-19. Automobile production had also been halted due to the pandemic. Thus, the demand for automotive wheel spindles is also affected. Moreover the production process was delayed, due to the unavailability of raw materials required for the manufacturing of wheel spindle. Furthermore, social distancing norms and other restrictions led to the unavailability of labor required for production.
COVID-19 had a positive impact on the electric vehicle market since sales increased than the previous year. Thus, the automotive wheel spindle is an evolving sector that is expected to grow in the post-pandemic phase also.

Top Impacting Factors

An increase in the rate of vehicle production, aftermarket service & replacement, sale of vehicles is expected to drive the growth of the market.

However, product durability and low replacement rate in passenger vehicles is expected to hamper the market growth.

Moreover, a hike in demand for electric & hybrid vehicles, autonomous vehicles, and R&D on electric wheel spindles can act as a possibility for market development.

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Market Trends

Demand for electric & hybrid vehicles

The increase in demand for alternative fuel vehicles has fuelled the demand for electric vehicles. In addition, government authorities across the globe have adopted and implemented favorable policies which promote the use of electric vehicles, to reduce crude oil consumption, automotive emissions, and air pollution. Moreover, the stringent regulations imposed by governments to reduce the negative environmental impact have forcing automotive manufacturers to develop and promote electric vehicles.

Key Benefits of the Report:

This study presents the analytical depiction of the automotive wheel spindle market along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with the challenges of the automotive wheel spindle market.

The current market is quantitatively analyzed to highlight the automotive wheel spindle market growth scenario.

The report provides a detailed automotive wheel spindle market analysis based on competitive intensity and how the competition will take shape in the coming years.

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Questions Answered in the Report

Which are the leading market players active in the automotive wheel spindle market?

What would be the detailed impact of COVID-19 on the market?

What current trends would influence the market in the next few years?

What are the driving factors, restraints, and opportunities in the automotive wheel spindle market?

What are the projections for the future that would help in taking further strategic steps?

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