Automotive Wheel Hub Bearing Aftermarket sales are set to total over USD 1,114.2 Million in 2023, as per Future Market Insights (FMI). The aftermarket is expected to expand at a value CAGR of 5.0% from 2023 to 2033, reaching a valuation of USD 1,810.7 Million by 2033.
Rising demand for vehicles is a prominent factor driving growth in the automotive wheel hub bearing aftermarket.
Growing economies and improved access to financing options have contributed to higher vehicle ownership rates in several regions. This in turn is creating a conducive environment for the development of the target market.
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Over time, wear and tear, environmental factors, and general usage can lead to the deterioration of wheel hub bearings, necessitating replacements. As the global vehicle fleet continues to age, demand for aftermarket wheel hub bearings is likely to rise rapidly.
Development of new automotive wheel hub bearings integrated with novel technologies is another key factor boosting the market.
In terms of the sales channel, Original Equipment Manufacturers (OEMs) play a significant role in the aftermarket for automotive wheel hub bearings.
Wheel hub bearings must comply with strict quality standards to be manufactured and supplied by original equipment manufacturers. By creating high-quality bearings, OEMs increase consumer confidence and ensure that replacement components are dependable and perform at their peak levels.
Wheel hub bearing warranties are typically provided by original equipment manufacturers. Customers are more confident thanks to this warranty coverage because they are protected against manufacturing flaws or premature failures. These aspects are likely to foster a positive environment to drive the market throughout the projection period.
Key Takeaways from Automotive Wheel Hub Bearing Aftermarket Study
- The worldwide demand for aftermarket automotive wheel hub bearings is forecast to thrive at 0% CAGR through 2033.
- By product type, ball bearing segment holds a dominant share of around 0% in 2023.
- Based on sales channel, the independent aftermarket segment is expected to progress at 0% CAGR through 2033.
- By vehicle type, IC engine segment is estimated to have a dominant share of around 2% in 2023.
- The United States automotive wheel hub bearing aftermarket value is expected to reach USD 215 Million by 2033.
- Demand in China for automotive wheel hub bearings in the aftermarket is likely to rise at 8% CAGR.
- Israel aftermarket is anticipated to exhibit a CAGR of 7% from 2023 to 2033.
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“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.
Segmentation
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
Find More Valuable Insights:
The research report analyzes the demand for automotive wheel hub bearings in the aftermarket. The global automotive wheel hub bearing aftermarket has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.
As per Future Market Insights (FMI), the aftermarket has been analyzed based on product type, vehicle type, inner diameter, sales channel, and Region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.
About FMI – Automotive
The Automotive division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the automotive market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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