The global Automotive Wheel Bearing Aftermarket market is set to witness an impressive growth rate of 4% over the forecasted years of 2022 to 2032. The contact market size is anticipated to reach a valuation of around US$ 58.8 Billion by the end of year 2032 from the current valuation of US$ 39.75 Billion in 2022. Rolling with Precision: Automotive Wheel Bearing Aftermarket Set to Reach US$ 58.8 Billion by 2032 at a Steady CAGR of 4%
The primary reason with a significant beneficial influence on the aftermarket for wheel bearings can be recognised as the globalisation of the automobile sector. Global demand for automobile wheel bearings is rising quickly as more passenger, luxury, commercial, and other types of cars are produced.
The two bearing types that are most frequently used in passenger cars are ball bearings and taper roller bearings. They differ according to the application and load as well. The stresses placed on wheel hubs shift as transit use increases, performance improves, and driving habits change.
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Because automated driving systems are entirely controlled by sensors, there is also a considerable need for automobile wheel bearings in this industry. Since these often run at relatively low speeds in the fields and are usually utilised for low speed, non-precision applications, ball thrust bearings are mostly used in transportation and agriculture.
These vehicle ball bearings can handle axial strains in both directions when used in back-to-back pairs. The need for tapered roller bearings is anticipated to increase as the auto sector expands in the upcoming years.
Key Takeaways from Automotive Wheel Bearing Aftermarket Study
- The overall growth of the global automotive wheel bearing aftermarket is estimated to be around US$ 19 Billion over next ten forecast years ending in 2032, by following the global CAGR of 4%.
- According to the different end use applications of automotive wheel bearing, the segment with the fastest-growing vehicle type by far is the passenger automobile.
- As in automobile industry, there has been an impressive growth in demand for thrust bearings in last couple of years.
- On the basis of components, the automotive wheel bearing aftermarket is now led by tapered roller bearing, and this position is expected to hold during the projected period.
- South Asia and Pacific countries are the dominating markets for the sales of automotive wheel bearing with growing volume of automobile market.
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Competitive Landscape for the Global Automotive Wheel Bearing Aftermarket
Some of the well-known contact automotive wheel bearing aftermarket players are 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., Nachi – Fujikoshi Corp., MinebeaMitsumi Inc., and Wafangdian Bearing Group Corporation among others.
As the automotive market is well developed in almost all parts of the world so the automotive wheel bearing market is highly fragmented. Thus mergers and acquisitions are a very common feature in this sector. For instance, Drake Manufacturing Services. Co. LLC was bought by CW Bearings USA, Inc. in the year 2017. The business was able to join the Machine Tools sector thanks to the purchase.
Shortly after, the global market saw the acquisition of ABC Bearings Ltd., an Indian manufacturer of conical or tappered, circular or round roller bearings as well as slewing rings, by Timken India Ltd, which is a division of The Timken Company.
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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
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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