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.
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- 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.
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.
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