Wheel Spindle Global Market Report 2024

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 observed in the historical period can be attributed to various factors, including the expansion of the automotive industry, a rise in vehicle ownership, the globalization of automotive supply chains, consumer demand for enhanced vehicle performance, and the increased sales in the aftermarket due to 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 anticipated growth in the forecast period can be attributed to evolving trends in vehicle design, an increased demand for lightweight materials, the rise of electric and hybrid vehicles, stricter emission standards, and the expansion of automotive markets. Key trends expected in the forecast period encompass the integration of active suspension systems, the development of electrically driven wheel spindles, a focus on aerodynamic wheel spindle designs, the adoption of advanced manufacturing techniques, and the development of modular and scalable wheel spindle designs.

The anticipated growth of the wheel spindle market is driven by the thriving global automotive industry. The automotive industry encompasses a diverse range of companies engaged in designing, developing, manufacturing, marketing, selling, repairing, and modifying motor vehicles. Wheel spindles play a vital role in supporting vehicle wheels structurally, ensuring their smooth and secure rotation. They contribute significantly to the functioning of steering and braking systems, thereby facilitating safe and controlled vehicle movement. In February 2023, the European Automobile Manufacturers Association reported a 5.7% increase in global motor vehicle production, reaching 85.4 million units in 2022 compared to the previous year. The International Organization of Motor Vehicle Manufacturers noted a 5.03% growth in global vehicle sales, rising from 78,787,566 units in 2020 to 82,755,197 units in 2021. Hence, the expanding worldwide automotive industry acts as a catalyst for the growth of the wheel spindle market.

The growth of the wheel spindle market is expected to be fueled by the increasing sales of tires. Tires, rubber coverings around wheels, provide traction and support a vehicle's load. Wheel spindles play a crucial role in enhancing stability, facilitating smooth rotation, and providing a cushioned and gripped interface between the tire and the road. In August 2021, the US Tire Manufacturing Association reported a significant rise in tire shipments in the United States, reaching 336.1 million units in 2021 compared to 303.2 million units in 2020. This increase in tire sales contributes to the growth of the wheel spindle market.

The high repair cost of spindles poses a challenge to the growth of the wheel spindle market. The substantial expense associated with repairing or replacing damaged spindles, typically ranging between 25% and 30% of the cost of a new spindle, negatively impacts the market's expansion. This high repair cost acts as a hindrance to the growth of the wheel spindle market.

Leading companies in the wheel spindle market are focusing on introducing high-performance kits to gain a competitive advantage. High-performance kits, comprising aftermarket components or modifications, are designed to enhance a vehicle's overall performance. For example, in April 2021, Dana Incorporated launched Ultimate Kingpin Knuckle Kits for Jeep JK, JL, and JT models. These kits include various components that replace the factory kingpin assembly, providing improved durability, strength, turning radius, and steering for off-road performance. The updated knuckle design in these kits offers additional strength to the axle while minimizing noise and vibration.

In November 2021, Walterscheid Powertrain Group acquired IFA Kardan for an undisclosed amount. This strategic acquisition aims to expand the driveshaft portfolio and enhance the focus on primary and secondary drives for small- and medium-sized agricultural and construction vehicles. IFA Kardan is a Germany-based manufacturer and supplier of drive shafts and joints.

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.

Asia-Pacific was the largest region in the wheel spindle market in 2023. The regions covered in the wheel spindle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wheel spindle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The wheel spindle market consists of sales of wheel bearings, spindle nuts, brake rotors, calipers, and brake pads. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The wheel spindle is a crucial component of an automobile's suspension system, linking the upper and lower control arms to the wheel hub. Functioning as a cylindrical metal shaft, it acts as an axle for two components, such as the steering column and steering wheel or the wheel hub and rim. Its primary role is to transfer the steering linkage's action to the front wheel, enabling the driver to control the vehicle's direction.

The main types of wheel spindles are non-driven wheels and driven wheels. A non-driven wheel is one that does not receive power from the engine or motor and is not actively involved in propelling the vehicle. This category encompasses vehicle types such as passenger cars, light commercial vehicles, and heavy commercial vehicles. The parts are distributed through sales channels including original equipment manufacturers (OEM) and the aftermarket.

The wheel spindle market research report is one of a series of new reports that provides wheel spindle market statistics, including wheel spindle industry global market size, regional shares, competitors with a wheel spindle market share, detailed wheel spindle market segments, market trends and opportunities, and any further data you may need to thrive in the wheel spindle industry. This wheel spindle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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