This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
軮 is a rare character combining 車 (vehicle) and 央 (center). Its historical origin and meaning are uncertain.
The left side is a vehicle 車 and the right side is center 央. Imagine a vehicle centered in a frame, but its meaning remains unclear.
For オウ, imagine a vehicle 車 with a central 央 hub that makes a low 'oh' sound when it spins: 'oh' -> オウ.