The global automotive wheel bearing aftermarket 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.
The worldwide growth of the automobile sector can be regarded as the major factor having a strong positive impact on the aftermarket for automotive wheel bearings. The manufacturing of passenger, luxury, commercial, and other types of cars is also increasing, which is causing a significant increase in demand for automobile wheel bearings across all nations.
Ball bearings and taper roller bearings are the two bearing types often used in passenger automobiles. Additionally, they change based on the application and load. The heavy demands placed on a wheel hubs car are growing due to expanding transit volumes, improved performance, and altered driving habits.
On a different dimension, as automated driving systems are entirely controlled by sensors, there is a strong demand for automotive wheel bearing in this industry as well. As ball thrust bearings are often employed for low speed, non-precision applications, they are needed for mostly in agriculture and transport vehicles as typically these run comparatively at low speeds in the fields.
This type of automotive ball bearings support axial stresses in both directions when used in back-to-back pairs. The need for tapered roller bearings is also anticipated to increase more in the next years as the automotive sector is anticipated to expand.
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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.
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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