Wheel Spindle Market is anticipated to reach US$ 163.49 Bn. by 2027 from US$ 122 Bn. in 2020 at a CAGR of 5% during a forecast period. Wheel spindles provide the features of high speed, low vibration, and high rigidity in the passenger and heavy trucks vehicle, which supports the smooth running of the vehicle with permanent stability. The Asia Pacific dominated the wheel spindle market in 2020, followed by Europe, and North America.To know about the Research Methodology :- Request Free Sample Report In report, 2020 is considered a base year however 2020’s numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Wheel Spindle Market Dynamics
Growing sales, and production of passenger and commercial vehicles across the globe is one of the factors driving the wheel spindle market. However, the demand for wheel spindles has increased due to the rise in the average age of vehicles and quality improvement in wheel spindles. Similarly, aftermarket service and replacement of automotive wheel spindles also support the market's growth. Manufacturers across the globe 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. Thus, the introduction of the electric spindle is likely to boost the demand for high-quality wheel spindles in the market.Increasing focus of automotive firms to produce electric vehicles and hybrid electric vehicles:
Sales of electric vehicles exceeded 2.1 million in 2020, which accounted for 2.6% of global car sales, and are expected to reach a market size of 726 billion U.S. dollars by 2027. EVs have dominated the automotive markets of European, and Asian countries, with sales in China, expected to hit 3.7 million by 2027. Norway now has the highest proportion of electric vehicles in its fleet due to the government's strong subsidies, and abundance of charging stations. In 2021, Norway recorded 75% EVs sales, followed by 50% in Iceland and 30% in Sweden. Europe recorded 1.4 million units of electric vehicles in 2021. Where Germany registered 295 000 new electric vehicles in 2021. Thus, automotive firms are highly focusing on the production of electric vehicles due to improved range, battery life, and affordability, which in turn drives the wheel spindle market.Restraints: product durability and low replacement rate especially in passenger cars are expected to hamper the market's growth during the forecast period (2020-2027). Wheel Spindle Market Segmentation Analysis By Vehicle Type, the passenger cars segment held the largest market share in 2020 as wheel Spindle is an important component used in passenger vehicles. Thus, companies are focusing on the production of electric vehicles which is driving the wheel spindle manufacturers to produce high-quality spindles. Driven wheel and non-driven wheel spindles are widely used in automobiles based on their use and quality, which is fuelling the growth of the market.
By Sales Channel, the Aftermarket segment is expected to grow at an xx% CAGR during the forecast period. These wheel spindles wear out due to the high mileage of the vehicle, and their lifespan depends on the use of the vehicle and the road conditions of different regions. In addition, manufacturers sell wheel spindles on online platforms and influence the online mode for high profits.
Wheel Spindle Market Regional Insights
The Asia Pacific dominated the wheel spindle market and held xx% of the market share in 2020. The countries of Asia Pacific like Japan & China which are the prominent market for wheel spindles in the Asia Pacific are expected to drive the market's growth in the region. China with an annual sale of 25.76 million new vehicle units is expected to be the largest market for the wheel spindle in the region. The wheel spindle market in Japan is expected to diminish due to a decrease in vehicle sales in the country. In the North American market, the US is the largest market for the wheel spindles market. The region has different OEMs across the region, which are the manufacturers for spindles. This factor is expected to drive the wheel spindles market in the region during the forecast period. Thus manufacturers in the US are more focused on producing more products and are selling their products on E-commerce websites to generate more sales. Thus, manufactured products that increase the vehicle speed, lower overall vehicle weight, and enhance the performance and efficiency of the vehicle are driving the growth of the wheel spindles market. The objective of the report is to present a comprehensive analysis of the Wheel Spindle Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Wheel Spindle Market dynamics, structure by analyzing the market segments and project the Wheel Spindle Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Wheel Spindle Market make the report investor’s guide.Wheel Spindle Market Scope: Inquire before buying
Wheel Spindle Market by Region
• North America • Asia pacific • Europe • Middle East and Africa • South AmericaWheel Spindle Market: Key Players
• GKN • Nexteer • Meritor • Neapco • Showa • Hengli • GNA Enterprises • Rotorion • Hyundai- Wia • Maxion Wheels U.S.A. LLC • MOOG • Alcoa Wheels • Accuride Wheel End Solutions • GKN Wheels and Structures • Schaeffler Automotive Aftermarket GmbH & Co. KG • WJB Group • Baum Hydraulics Corporation • NSK LtdFrequently Asked Questions
1. What is the projected market size & growth rate of Wheel Spindle Market? Ans- Wheel Spindle Market was valued at USD 122 billion in 2020 and is projected to reach USD 163.49 billion by 2027, growing at a CAGR of 5 % during the forecast period. 2. What are the key driving factors for the growth of Wheel Spindle Market? Ans- Growing sales, and production of passenger and commercial vehicles across the globe is one of the factors driving the wheel spindle market. 3. Which Region accounted for the largest Wheel Spindle Market share? Ans- the Asia Pacific dominated the wheel spindle market and held xx% of the market share in 2020. 4. What makes North America a Lucrative Market for Wheel Spindle Market? Ans- The region has different OEMs across the region, which are the manufacturers for spindles. This factor is expected to drive the wheel spindles market in the region during the forecast period 5. What are the top players operating in Wheel Spindle Market? Ans- GKN, Nexteer, Meritor, Neapco, Showa, Hengli, GNA Enterprises, Rotorion, AND Hyundai- Wia.
To know about the Research Methodology :- 
Restraints: product durability and low replacement rate especially in passenger cars are expected to hamper the market's growth during the forecast period (2020-2027).
Wheel Spindle Market Segmentation Analysis
By Vehicle Type, the passenger cars segment held the largest market share in 2020 as wheel Spindle is an important component used in passenger vehicles. Thus, companies are focusing on the production of electric vehicles which is driving the wheel spindle manufacturers to produce high-quality spindles. Driven wheel and non-driven wheel spindles are widely used in automobiles based on their use and quality, which is fuelling the growth of the market.
By Sales Channel, the Aftermarket segment is expected to grow at an xx% CAGR during the forecast period. These wheel spindles wear out due to the high mileage of the vehicle, and their lifespan depends on the use of the vehicle and the road conditions of different regions. In addition, manufacturers sell wheel spindles on online platforms and influence the online mode for high profits.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Wheel Spindle Market Size, by Market Value (US$ Bn) 3.1. Market Segmentation 3.2. Market Segmentation Share Analysis, 2020 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Wheel Spindle Market 3.4. Geographical Snapshot of the Wheel Spindle Market, By Manufacturer share 4. Wheel Spindle Market Overview, 2020-2027 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Wheel Spindle Market 5. Supply Side and Demand Side Indicators 6. Wheel Spindle Market Analysis and Forecast, 2020-2027 6.1. Wheel Spindle Market Size & Y-o-Y Growth Analysis. 7. Wheel Spindle Market Analysis and Forecasts, 2020-2027 7.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 7.1.1. Non- driven wheel 7.1.2. Driven wheel 7.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 7.2.1. Passenger Cars 7.2.2. Light Commercial Vehicles 7.2.3. Heavy Commercial Vehicles 7.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 7.3.1. OEM 7.3.2. Aftermarket 8. Wheel Spindle Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2020-2027 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Wheel Spindle Market Analysis and Forecasts, 2020-2027 9.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 9.1.1. Non- driven wheel 9.1.2. Driven wheel 9.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 9.2.1. Passenger Cars 9.2.2. Light Commercial Vehicles 9.2.3. Heavy Commercial Vehicles 9.3. Market Size (Value) Estimates & Forecast By Sales Channel,2020-2027 9.3.1. OEM 9.3.2. Aftermarket 10. North America Wheel Spindle Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Wheel Spindle Market Analysis and Forecasts, 2020-2027 11.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 11.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 11.3. Market Size (Value) Estimates & Forecast By Sales Channel,2020-2027 12. Canada Wheel Spindle Market Analysis and Forecasts, 2020-2027 12.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 12.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 12.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 13. Mexico Wheel Spindle Market Analysis and Forecasts, 2020-2027 13.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 13.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 13.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 14. Europe Wheel Spindle Market Analysis and Forecasts, 2020-2027 14.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 14.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 14.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 15. Europe Wheel Spindle Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Wheel Spindle Market Analysis and Forecasts, 2020-2027 16.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 16.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 16.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 17. France Wheel Spindle Market Analysis and Forecasts, 2020-2027 17.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 17.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 17.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 18. Germany Wheel Spindle Market Analysis and Forecasts, 2020-2027 18.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 18.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 18.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 19. Italy Wheel Spindle Market Analysis and Forecasts, 2020-2027 19.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 19.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 19.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 20. Spain Wheel Spindle Market Analysis and Forecasts, 2020-2027 20.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 20.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 20.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 21. Sweden Wheel Spindle Market Analysis and Forecasts, 2020-2027 21.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 21.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 21.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 22. CIS Countries Wheel Spindle Market Analysis and Forecasts, 2020-2027 22.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 22.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 22.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 23. Rest of Europe Wheel Spindle Market Analysis and Forecasts, 2020-2027 23.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 23.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 23.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 24. Asia Pacific Wheel Spindle Market Analysis and Forecasts, 2020-2027 24.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 24.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 24.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 25. Asia Pacific Wheel Spindle Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Wheel Spindle Market Analysis and Forecasts, 2020-2027 26.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 26.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 26.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 27. India Wheel Spindle Market Analysis and Forecasts, 2020-2027 27.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 27.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 27.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 28. Japan Wheel Spindle Market Analysis and Forecasts, 2020-2027 28.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 28.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 28.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 29. South Korea Wheel Spindle Market Analysis and Forecasts, 2020-2027 29.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 29.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 29.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 30. Australia Wheel Spindle Market Analysis and Forecasts, 2020-2027 30.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 30.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 30.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 31. ASEAN Wheel Spindle Market Analysis and Forecasts, 2020-2027 31.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 31.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 31.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 32. Rest of Asia Pacific Wheel Spindle Market Analysis and Forecasts, 2020-2027 32.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 32.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 32.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 33. Middle East Africa Wheel Spindle Market Analysis and Forecasts, 2020-2027 33.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 33.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 33.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 34. Middle East Africa Wheel Spindle Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2020-2027 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Wheel Spindle Market Analysis and Forecasts, 2020-2027 35.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 35.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 35.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 36. GCC Countries Wheel Spindle Market Analysis and Forecasts, 2020-2027 36.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 36.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 36.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 37. Egypt Wheel Spindle Market Analysis and Forecasts, 2020-2027 37.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 37.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 37.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 38. Nigeria Wheel Spindle Market Analysis and Forecasts, 2020-2027 38.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 38.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 38.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 39. Rest of ME&A Wheel Spindle Market Analysis and Forecasts, 2020-2027 39.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 39.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 39.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 40. South America Wheel Spindle Market Analysis and Forecasts, 2020-2027 40.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 40.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 40.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 41. South America Wheel Spindle Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2020-2027 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Wheel Spindle Market Analysis and Forecasts, 2020-2027 42.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 42.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 42.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 43. Argentina Wheel Spindle Market Analysis and Forecasts, 2020-2027 43.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 43.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 43.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 44. Rest of South America Wheel Spindle Market Analysis and Forecasts, 2020-2027 44.1. Market Size (Value) Estimates & Forecast By Type,2020-2027 44.2. Market Size (Value) Estimates & Forecast By Vehicle Type,2020-2027 44.3. Market Size (Value) Estimates & Forecast By Sales Channel, 2020-2027 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Wheel Spindle Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Applications and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile: Key Players 45.3.1. GKN 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. GKN 45.3.3. Nexteer 45.3.4. Meritor 45.3.5. Neapco 45.3.6. Showa 45.3.7. Hengli 45.3.8. GNA Enterprises 45.3.9. Rotorion 45.3.10. Hyundai- Wia 45.3.11. Maxion Wheels U.S.A. LLC 45.3.12. MOOG 45.3.13. Alcoa Wheels 45.3.14. Accuride Wheel End Solutions 45.3.15. GKN Wheels and Structures 45.3.16. Schaeffler Automotive Aftermarket GmbH & Co. KG 45.3.17. WJB Group 45.3.18. Baum Hydraulics Corporation 45.3.19. NSK Ltd 46. Primary Key Insights