Global aftermarket automotive wheel hub bearing sales are set to total over US$ 1,114.2 million in 2023, as per Future Market Insights (FMI). The Automotive Wheel Hub Bearing Aftermarket is expected to expand at a value CAGR of 5.0% from 2023 to 2033, reaching a valuation of US$ 1,810.7 million by 2033.
Key Takeaways:
The worldwide demand for aftermarket automotive wheel hub bearings is forecast to thrive at0% 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 US$ 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.
“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).
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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.
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.
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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.
Key Segmentations:
By Vehicle Type:
EV
Passenger Car
LCV
HCV
IC Engine
Passenger Car
LCV
HCV
Two Wheelers
EV
IC Engine
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