Automotive Wheel Hub Bearing Aftermarket is set to reach US$ 1,810.7 Million at a gracious rate of 5% by year 2033 end

Rising Vehicle Ownership Creating Growth Opportunities for the Global Automotive Wheel Hub Bearings Aftermarket: Total Sales to Cross US$ 1810.7 Million Mark by 2033. The global aftermarket for car wheel hub bearings is thriving due to the increasing demand for customization in the automobile industry. North America, led by the United States, is expected to experience steady growth at a 4.7% annual rate throughout the projection period

NEWARK, Del, June 01, 2023 (GLOBE NEWSWIRE) -- 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.

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.

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The 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.

Key Takeaways:

The worldwide demand for aftermarket automotive wheel hub bearings is forecast to thrive at 5.0% CAGR through 2033.

By product type, the ball-bearing segment holds a dominant share of around 43.0% in 2023.

Based on the sales channel, the independent aftermarket segment is expected to progress at 6 .0 % CAGR through 2033.

By vehicle type, the IC engine segment is estimated to have a dominant share of around 97.2 % 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 4.8% CAGR.

Israel's aftermarket is anticipated to exhibit a CAGR of 6.7% 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 is 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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Who is W inning?

The automotive wheel hub bearing aftermarket is moderately consolidated with a 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.

A 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.

Find More Valuable Insights :

The research report analyzes the demand for automotive wheel hub bearings in the aftermarket. The global automotive wheel hub bearing aftermarket has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.

As per Future Market Insights (FMI), the aftermarket has been analyzed based on product type, vehicle type, inner diameter, sales channel, and Region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.

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Key Segmentation s:

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

Table of Content ( ToC ):

1. Executive Summary | Automotive Wheel Hub Bearing Aftermarket

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Technology Roadmap

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Product Innovation / Development Trends

4. Key Success Factors

4.1. Product Adoption / Usage Analysis

4.2. Product USP's / Features

4.3. Strategic Promotional Strategies

5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033

5.1. Historical Market Volume (Tons) Analysis, 2018 to 2022

5.2. Current and Future Market Volume (Tons) Projections, 2023 to 2033

5.3. Y-o-Y Growth Trend Analysis

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Explore Wide-ranging Coverage of FMI's Automotive Landscape:

Automotive Wheel Bearing Aftermarket Share: Is predicted to grow at a moderate CAGR of 4% during the forecast period covering 2022 to 2032. The automotive wheel bearing aftermarket share is estimated to reach a value of nearly US$ 58.8 Billion by 2032.

Automotive Wheel Rims Market Size: Is expected to grow at a healthy 6.20% CAGR during the forecast period from 2022 to 2032, reaching US$ 82,020.5 million by 2032.

ASEAN Automotive Bearings Market Demand: Is currently estimated to be worth US$ 1.009 billion. By 2033, it is projected to flourish at a CAGR of 5.2% and reach US$ 1.675 billion.

Automotive Connecting Rod Bearing Market Growth: Is anticipated to be valued at US$ 493.7 Million by the year 2032.

Railway Sliding Bearing Market Trends: Is anticipated to expand at a reasonable CAGR of 6.4%. The overall market share is predicted to grow from a total value of US$ 1,061.1 Million in 2022 to about US$ 1,973.2 Million by 2033.

Rail Wheel and Axle Market Size: Is expected to expand at a steady CAGR of 5.6%. At its present growth rate, the global market for rail wheels and axles is expected to be worth $4,402.3 million by the year 2023.

Electric Bike Market Share: Is expected to increase at a CAGR of 10% during the forecast period. The electric bike market size is anticipated to rise from US$ 52.05 Billion in 2022 to US$ 122.1 Billion in 2032.

Electric Utility Vehicles Market Demand: Is expected to reach a valuation of US$ 38,550.2 million by 2033. The market is projected to grow at a sturdy CAGR of 15.4% during the period 2023 to 2033.

Aircraft Sensors Market Growth: Is projected to have an average-paced CAGR of 9.1% during the forecast period. The current valuation of the market is US$ 6,233.7 million in 2023.

Automotive In-Wheel Motors Market Outlook: Is projected to expand at a 38.0% CAGR, attempting to reach a valuation of US$ 53291.81 Million by 2032.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

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