The term 'RUNNING GEAR COMPONENT' can be summarized as an AXLE, which is a four-letter word. An AXLE is a central shaft for a rotating wheel or gear, and it is typically found in vehicles such as cars, trucks, and bicycles. It is also used in machinery such as conveyor belts and elevators. Axles are important components of running gear because they allow the wheels to rotate freely and provide support for the weight of the vehicle.