The automotive wheel bearing aftermarket is poised for substantial growth, with a projected value of US$ 1,446.20 million in 2023 expected to increase by US$ 2,147.80 million by 2033, reflecting a compound annual growth rate (CAGR) of 4% during the forecast period.
Wheel bearings play a crucial role in transmitting power from the driving axle to the wheels, making them essential components for vehicles ranging from passenger cars to commercial trucks. The increasing demand for automotive wheel bearings is driven by manufacturers across various vehicle segments, highlighting their effectiveness and reliability. Moreover, the overall growth of the automotive industry, including rising vehicle sales and production, directly contributes to the expansion of the wheel bearing aftermarket. As vehicle fleets expand and evolve, the demand for high-quality wheel bearings is expected to continue growing, fueling market growth and presenting opportunities for aftermarket suppliers to meet the increasing demand for replacement parts.
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Key Takeaways
- In 2022, the automotive wheel bearing aftermarket was valued at US$ 1392.8 million.
- Based on vehicle type, the passenger vehicle segment is expected to account for a share of 72.68% in 2023.
- Based on product type, the tampered roller bearing segment is expected to account for a share of 31.26% in 2023
- Global automotive wheel bearing aftermarket demand in China is predicted to account for a CAGR of 3.9% through 2033.
- Automotive wheel bearing aftermarket in the United States is expected to account for a CAGR of 4.6% between 2023 and 2033.
- Japan is projected to expand by a value CAGR of 3.2% between 2023 and 2033.
- By 2033, the automotive wheel bearing aftermarket in India is anticipated to record a CAGR of 6.2% during the forecast period.
“The rapid growth of the automotive industry and growing adoption of advanced technologies for the manufacturing of better car ball bearings with improved performance are anticipated to drive the market growth during the forecast period,” – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
The global automotive wheel bearing aftermarket depicts a fragmented competitive landscape due to numerous players in the market. The key players in the market have adopted innovative strategies like mergers, partnerships, and acquisitions to enhance their market presence and strengthen their market hold.
Key Players Profiled in the Automotive Wheel Bearing Aftermarket Report
- Federal-Mogul Corporation (Tennenco Inc.)
- Schaeffler AG
- Mahle GmbH
- Continental AG
- The Timken Company
- NSK Ltd.
- JTEKT Corp
- NTN Corporation
- Rheinmetall AG
- NRB Bearings Ltd.
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Key Segments
By Sales Channel:
- Original Equipment Supplier
- Independent Aftermarket
By Vehicle Type:
- Passenger Car
- Compact
- Mid-sized
- SUV
- Luxury
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Product Type:
- Ball Bearing
- Precision Ball Bearing
- Roller Bearing
- Tapered Roller Bearing
- Others
By Application:
- Front
- Rear
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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