The automotive wheel bearing aftermarket is projected to be valued at USD 1,446.20 million in 2023 and is expected to grow to USD 2,147.80 million by 2033, registering a growth rate of 4% between 2023 and 2033.
The primary driver of this growth is the increasing sales and production of automotive vehicles, coupled with overall expansion in the automotive industry. Modern vehicles often feature complex suspension systems and wheel bearing designs, necessitating specialized tools and expertise for replacement. This has led to a higher demand for professional aftermarket services.
The rise in electric and hybrid vehicle adoption is also driving the market, as these vehicles require specialized wheel bearings designed to reduce friction and extend durability. Additionally, the growing availability of aftermarket products online has made it more convenient for consumers to purchase wheel bearings, further boosting market demand during the forecast period.
The increasing average age of vehicles on the road contributes to the need for more frequent maintenance and replacements, including wheel bearings, thereby fueling the growth of the automotive wheel bearing aftermarket.
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Prominent players in the automotive wheel bearing market have started developing hybrid automotive ball bearings with greater load capacities and enhanced adaptability to meet the demands of more efficient vehicles. Sales of hybrid bearings are expected to rise in the coming years, positively impacting the industry as a whole.
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 FMI Analyst.
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.
- GMB is a global supplier of automotive parts, including wheel hub assemblies and bearings. They have a strong presence in the aftermarket and are known for providing high-quality, cost-effective solutions.
- ILJIN is a South Korean company specializing in automotive wheel bearings and hub assemblies. They have a growing presence in the global aftermarket due to their focus on quality and technological advancements.
- Nachi is a Japanese manufacturer known for producing a wide range of bearings, including automotive wheel bearings. They serve the global aftermarket by providing reliable and durable solutions.
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 Segmentations
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
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 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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