The global automotive wheel hub bearing aftermarket reached a valuation of USD 1,065.5 million in 2023. Over the forecast period from 2023 to 2033, aftermarket sales of automotive wheel hub bearings are projected to grow at a CAGR of 5.0%, with the total market value expected to increase from USD 1,114.2 million in 2023 to USD 1,810.7 million by 2033.
The global automotive wheel hub bearing aftermarket is projected to experience robust growth over the forecast period, driven by the increasing vehicle population, longer vehicle lifespans, and rising consumer awareness of vehicle maintenance. Wheel hub bearings are critical to vehicle performance and safety, ensuring smooth rotation of the wheels and reducing friction and wear on critical components. As a result, demand for high-quality, durable replacement bearings is on the rise in the automotive aftermarket sector.
The shift towards lightweight and compact bearings that offer high durability and better fuel efficiency is a key trend shaping the market. As vehicle owners prioritize maintenance and replacement of worn or damaged wheel hub bearings, aftermarket manufacturers are focusing on producing cost-effective, quality components that meet or exceed OEM standards. Additionally, the growth of e-commerce platforms and online sales channels has made it easier for consumers to access a wide range of aftermarket parts, further fueling market expansion.
With increased automotive sales, particularly in regions such as North America, Europe, and Asia-Pacific, the automotive wheel hub bearing aftermarket is expected to grow steadily. This market also benefits from the rising popularity of electric vehicles (EVs), which require specific types of high-performance wheel bearings designed to support the unique demands of EV systems.
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Key Takeaways:
- Market Growth: The automotive wheel hub bearing aftermarket is expected to grow steadily as more vehicle owners seek quality replacement parts to ensure vehicle safety and performance over time.
- Demand Drivers: Factors such as increasing vehicle longevity, consumer awareness of vehicle maintenance, and growth in vehicle ownership contribute significantly to the demand for aftermarket wheel hub bearings.
- Technological Advancements: Aftermarket manufacturers are increasingly focused on producing lightweight, durable wheel hub bearings that offer high efficiency, aligning with trends in fuel efficiency and EV adoption.
- Regional Insights: Key regions such as North America, Europe, and Asia-Pacific are anticipated to lead in market demand, with significant contributions from the growing automotive sales and expansion of the EV sector.
Competitive Landscape
Continental AG, Tenneco Inc., Schaeffler AG, Mahle GmbH, The Timken Company, NSK Ltd., JTEKT Corp, Rheinmetall AG and others are the leading market players, collectively account for 40% to 45% of the global market share.
Companies are making significant investments to boost output for the global market and take advantage of expansion opportunities. They focus on producing high-quality wheel hub bearings that meet or exceed industry standards.
Leading automotive wheel hub bearing manufacturers invest in research and development to enhance bearing performance, durability, and reliability. By offering superior products, companies can attract customers who prioritize performance and longevity.
The manufacturing cooperation and joint ventures with regional distributors and suppliers may get more recognition in the area as a result of the growth of their service offerings, which improve adoption and services in the regional market.
Recent developments:
- In 2022, Melior Motion GmbH was acquired by Schaeffler, a leading automotive and industrial supplier.
- In 2019, dual encoder bearings featuring SureSignal technology were launched by DRiV’s’ National Brand.
- In 2021, 13 new products, including BCA’s line of wheel bearings & hub assemblies, were released by NTN Corporation.
Key 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
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