Global aftermarket automotive wheel hub bearing sales are set to total over US$ 1,114.2 million in 2023, as per Future Market Insights (FMI). The Automotive Wheel Hub Bearing Aftermarket is expected to expand at a value CAGR of 5.0% from 2023 to 2033, reaching a valuation of US$ 1,810.7 million by 2033.
The automotive wheel hub bearing aftermarket refers to the segment of the automotive industry involved in the distribution, sale, and installation of wheel hub bearings for vehicles after the original equipment manufacturer (OEM) warranty period has expired. Here are some key points about this aftermarket:
Function of Wheel Hub Bearings: Wheel hub bearings are critical components of a vehicle’s suspension system, responsible for supporting the vehicle’s weight and allowing the wheels to rotate smoothly. They consist of a set of bearings encased in a metal hub, which is mounted to the vehicle’s suspension and connects to the wheel assembly.
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Replacement Market: As vehicles age and accumulate mileage, wheel hub bearings may wear out or fail due to factors such as normal wear and tear, improper maintenance, or exposure to harsh driving conditions. When this occurs, vehicle owners may need to replace the worn or damaged wheel hub bearings to ensure safe and reliable operation of their vehicles.
Types of Bearings: The aftermarket offers a variety of wheel hub bearings to accommodate different vehicle makes, models, and applications. These include:
Gen 1 Bearings: Traditional wheel hub bearings with separate inner and outer bearing assemblies.
Gen 2 Bearings: Integrated wheel hub bearing assemblies that incorporate the wheel speed sensor and other components into a single unit.
Gen 3 Bearings: Third-generation wheel hub bearing units with advanced design features for improved performance and durability.
Key Players: The aftermarket for automotive wheel hub bearings is served by a range of suppliers, including aftermarket parts manufacturers, distributors, retailers, and automotive repair shops. Major players in this market include SKF Group, NTN Corporation, Schaeffler AG, NSK Ltd., Timken Company, and Federal-Mogul Corporation, among others.
Market Dynamics: The demand for wheel hub bearings in the aftermarket is influenced by factors such as vehicle age, mileage, geographic location, and driving conditions. As vehicles age and require maintenance or repairs, the demand for replacement wheel hub bearings increases. Additionally, market trends such as the growing popularity of electric vehicles and the rise of e-commerce platforms for aftermarket parts sales are shaping the dynamics of the aftermarket.
Quality and Warranty: Vehicle owners purchasing wheel hub bearings from the aftermarket should ensure that they choose high-quality, reliable products from reputable suppliers. Many aftermarket suppliers offer warranties on their wheel hub bearings to provide assurance of quality and performance.
Installation and Service: Proper installation of wheel hub bearings is crucial for ensuring optimal performance and safety. Vehicle owners can have wheel hub bearings installed by professional mechanics at automotive repair shops or do-it-yourself (DIY) enthusiasts with the necessary tools and expertise.
Overall, the automotive wheel hub bearing aftermarket plays a vital role in providing vehicle owners with access to replacement parts to maintain and repair their vehicles’ suspension systems. As vehicles continue to age and require maintenance, the aftermarket for wheel hub bearings is expected to remain a significant segment of the automotive parts industry.
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Key Takeaways:
- The worldwide demand for aftermarket automotive wheel hub bearings is forecast to thrive at 5.0% CAGR through 2033.
- By product type, ball bearing segment holds a dominant share of around 43.0% in 2023.
- Based on sales channel, the independent aftermarket segment is expected to progress at 6.0% CAGR through 2033.
- By vehicle type, IC engine segment is estimated to have a dominant share of around 97.2% in 2023.
- The United States automotive wheel hub bearing aftermarket value is expected to reach US$ 215 million by 2033.
- Demand in China for automotive wheel hub bearings in the aftermarket is likely to rise at 4.8% CAGR.
- Israel aftermarket is anticipated to exhibit a CAGR of 6.7% from 2023 to 2033.
“Demand for automotive wheel hub bearings in the aftermarket is growing, primarily motivated by the requirements of an aging global vehicular fleet. Regulatory standards are also undergoing constant updates to provide better safety to consumers. Offering protection through warranties and other schemes are likely to benefit suppliers of aftermarket automotive wheel hub bearings by increasing consumer confidence,” – says a lead analyst at Future Market Insights (FMI).
Who is Winning?
The automotive wheel hub bearing aftermarket is moderately consolidated with few top companies holding around 40% to 45% of the market shares. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their market presence.
Few of the key players in this industry include Continental AG, Tenneco Inc., Schaeffler AG, Mahle GmbH, The Timken Company, NSK Ltd., JTEKT Corp, Rheinmetall AG, NTN Corporation, NRB bearings Ltd., Nachi-Fujikoshi Corp., and others.
Recent developments:
- In 2019, a next-generation durable bearing was introduced by JTEKT Corporation that is intended for use in harsh conditions.
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Key Segmentations:
By Vehicle Type:
- EV
- Passenger Car
- LCV
- HCV
- IC Engine
- Passenger Car
- LCV
- HCV
- Two Wheelers
- EV
- IC Engine
By Inner Diameter:
- 12 mm to 25 mm
- 26 mm to 50 mm
- 51 mm to 100 mm
- Above 100 mm
By Product Type:
- Ball Bearing
- Tapered Roller Bearing
- Cylindrical Roller Bearing
- Angular Contact Ball Bearings
- Needle Roller Bearings
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Independent Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltics Countries
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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