Automotive Wheel Hub Spindle Market: Introduction
Wheel hub spindle is responsible for attaching the wheel to the car. A wheel hub assembly is a pre-assembled unit that features precision bearings, seals, and sensors; thus, the wheel hub spindle is a crucial part of the steering system contributing to the safe steering and handling of the vehicle.
Key Drivers of Automotive Wheel Hub Spindle Market
- Macroeconomic and demographic trends, such as rapid urbanization, rising incomes, and increased participation of women and youth in the labor force, have contributed the rise in demand for mobility. Sales of passenger cars, globally, has reached 64 million units in 2019, from 49 million units in 2009, which is a 31% surge during these 10 years. Therefore, a rise in the demand for automobiles is estimated to boost the automotive wheel hub in the market. Rising average age of vehicles, globally, is likely to increase the demand for automotive wheels in the automotive aftermarket.
Challenges in Automotive Wheel Hub Spindle Market
- The COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing, and R&D operations and consequently, hampered the automotive industry. Post first wave of COVID-19, global economies have started opening up automotive manufacturing and supply chain operations. Thus, the COVID impact on the industry have seems to reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions and hence, uncertainty in the automotive industry continues. A gradual recovery in demand from automotive and ancillaries and automotive sales has been witnessed for the last few months, surpassing the year end month sales of 2019, despite concerns around the risk of a second wave of infection, especially in Europe.
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Opportunities in Automotive Wheel Hub Spindle Market
- A major opportunity in the automotive wheel hub market is from the increasing focus of automotive firms to produce electric vehicles and hybrid electric vehicles. Sales of electric cars globally surpassed 2.1 million in 2019, crossing sales volume of 2018 Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase. This is anticipated to significantly drive the global automotive wheel hub spindle market. Furthermore, the advent of advanced driver assistance system and autonomous driving is likely to boost the demand for high quality wheels and hubs.
Automotive wheel hub spindle market in Asia Pacific to expand at notable growth rate
- In terms of geography, Asia Pacific is a significant market for automotive wheel hub. China is a prominent market for automotive wheel hub in Asia Pacific and as well as in world with an annual sale of 25.76 million new vehicle units. India, Japan, and South Korea are other major automotive wheel hub markets in the region. The automotive wheel hub market in India is estimated to expand, as India follows China in terms of y-o-y growth in vehicles sales. The automotive wheel hub market in Japan is anticipated to contract due to decrease in vehicles sales in the country.
Key Players Operating in Automotive Wheel Hub Spindle Market
The global automotive wheel hub spindle market is moderately concentrated due to the presence of top manufacturers. A few of the key players operating in the global automotive wheel hub spindle market are:
- Maxion Wheels U.S.A. LLC
- Alcoa Wheels
- Accuride Wheel End Solutions
- GKN Wheels and Structures
- Schaeffler Automotive Aftermarket GmbH & Co. KG
- WJB Group
- Baum Hydraulics Corporation
- NSK Ltd
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Global Automotive Wheel Hub Spindle Market: Research Scope
Global Automotive Wheel Hub Spindle Market, by Product Range
- 4 Bolt
- 5 Bolt
- 6 Bolt
- 8 Bolt
- 10 Bolt
- 20 Bolt
Global Automotive Wheel Hub Spindle Market, by Vehicle Type
- Passenger Cars
- Light Duty Trucks
- Buses and Coaches
- Mining Equipment
Global Automotive Wheel Hub Spindle Market, by Sales Channel
Global Automotive Wheel Hub Spindle Market, by Application
- Fleet Owners
- Fleet Managers
- HR Managers
- Training Managers
- Logistics Managers
Global Automotive Wheel Hub Spindle Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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