Automotive Wheel Bearing Aftermarket

Automotive Wheel Bearing Aftermarket Outlook from 2023 to 2033

The automotive wheel bearing aftermarket is projected to be valued at USD 1,446.20 million in 2023. The market research report anticipates a growth of USD 2,147.80 million by 2033. Sales are expected to record a CAGR of 4% during the forecast period.

Automotive Wheel Bearing Aftermarket Trends and Highlights

• Automotive wheel bearings, which are known to be extremely effective in transmitting power from the driving axle to the wheels, are becoming more and more in demand from manufacturers of all different kinds of vehicles, which include little passenger cars to large commercial trucks.
• As cities grow, demand for automotive wheel bearings is anticipated to rise, which is anticipated to open up immense profitable opportunities for its sales in the aftermarket for automobiles.
• The wheel hubs are an extremely important part of any type of automobile. It is the component where the wheel joins the wheel hub, and it is incredibly effective at supporting the load of the car and enables the axle to spin freely. The rising generation of passenger and commercial vehicles is expected to drive up the demand for automotive wheel bearings in emerging economies.

Attributes	Key Insights
Market Estimated Size in 2023	USD 1,446.20 million
Projected Market Value in 2033	USD 2,147.80 million
Value-based CAGR from 2023 to 2033	4%

2018 to 2022 Historical Analysis vs. 2023 to 2033 Industry Forecast Projections

The demand for automotive wheel bearings has remained limited to big manufacturing units and vehicle service centers. The growing popularity of aftermarket products, particularly for automotive parts, has positioned the global automotive wheel bearing aftermarket at a profitable position in the last decade.

Bad wheel bearings while driving might cause unexpected side pull, uneven tire wear, strange rumbling sounds, and other challenges. Hence, it is crucial to invest in professional installation and maintenance from start to finish for the long life of the locomotives and cars. Rising awareness about this fact among the general users of cars and commercial vehicles is anticipated to present some favorable automotive wheel bearings market opportunities in the coming days.

The average functional age of vehicles has expanded considerably as a result of technological advancements and improvements in the quality of materials used in their manufacturing.

Market Value in 2022	USD 1,392.80 million
Market Value in 2033	USD 2,147.80 million

Automotive Wheel Bearing Aftermarket Growth Drivers

• The overall growth in the automotive industry, including increased vehicle sales and production, directly impacts the wheel bearing aftermarket.
• Advances in bearing technology, including the development of more durable and longer-lasting bearings, can increase the replacement intervals.
• The rise of e-commerce and online retail has made it easier for consumers to access a wide range of aftermarket parts, including wheel bearings.
• Increasing urbanization and global trade have led to more vehicles on the road, contributing to higher wear and tear and the need for aftermarket wheel bearing replacements.
• Technology advancements have increased, including the use of different sensors in vehicle wheel bearings to track their performance and quality. This tendency has emerged as one of the most important elements driving the automotive wheel bearings market's expansion.

Automotive Wheel Bearing Aftermarket Challenges

• The high cost of the automotive wheel bearing aftermarket is frequently regarded as one of the main growth inhibitors.
• The inability to locate enough labor, plus the lack of raw materials and other constraints brought on by the limits put in place to contain the pandemic, had a restraining effect on the production and distribution of a wheel hub car.
• The market's demand for automotive wheel bearings is expected to be hampered by the growth of electric cars since, in comparison to internal combustion engines (ICEs), these vehicles have fewer automotive ball bearings.

Country-wise Insights

Forecast CAGRs from 2023 to 2033

United States	4.6%
Germany	3.9%
India	6.2%
China	3.9%

Presence of Professional Automotive Repair and Maintenance Industry Boost Market Demand in the United States

The United States automotive wheel bearing aftermarket is significant due to a large vehicle population and a preference for DIY repairs among consumers. Growth in the area is made possible by the existence of a highly developed automotive sector and cutting-edge production facilities. United States is to account for a CAGR of 4.6% by the end of 2033.

The market for commercial cars, especially light commercial vehicles, is quite strong in the United States making it the leading region for the sales of automotive wheel bearings, and is expected to increase in the coming days

E-commerce and online sales have grown substantially, allowing consumers to purchase aftermarket wheel bearings easily. Regulatory standards and consumer awareness about safety and quality drive demand for high-quality aftermarket products. The United States also has a strong professional automotive repair and maintenance industry, which fuels demand for replacement part

The Growing Vehicle Ownership in China Drives the Market Demand

China's rapidly growing vehicle market, coupled with a large vehicle population, has created a substantial automotive wheel-bearing aftermarket. China is to account for a CAGR of 3.9% by the end of 2033.

The expansion of e-commerce platforms and the availability of a wide range of aftermarket products contribute to market growth. Demand is influenced by the quality and durability of wheel bearings, as road conditions in various regions can vary significantly.

Numerous Chinese bearing manufacturers have joined with automakers as original equipment suppliers and entered into supply agreements with them. Chinese producers have made enormous advancements in bearing technology and manufacturing techniques. This, in turn, is positively impacting market expansion.

Growing Technological Advances in the Automotive Sector in Germany Spurs the Market Sales

Germany, known for its strong automotive manufacturing sector, has a well-established aftermarket for automotive wheel bearings. Germany is to account for a CAGR of 3.9% by the end of 2033,

A preference for OEM and high-quality aftermarket parts is observed, driven by strict vehicle safety and quality standards. High vehicle ownership rates and a robust professional repair industry contribute to market growth.

Increasing Consumer Awareness about Vehicle Maintenance and Safety Standards Drives the Market in India

India's automotive wheel-bearing aftermarket is growing due to increasing vehicle sales and a large vehicle population. India is expected to account for a CAGR of 6.2% in 2023.

Price sensitivity among consumers often drives the demand for affordable aftermarket options. The aftermarket landscape includes organized and unorganized sectors, with a preference for locally manufactured or low-cost imports.

Strict environmental regulations and growing demand for passenger cars and commercial vehicles are all anticipated to contribute to a boost in automotive wheel-bearing aftermarket demand.

Category-wise Insights

Category	Market Share
Passenger Vehicles	72.68%
Tampered roller bearing	31.26%

The Passenger Car Segment to Account for a High Market Share in Automotive Wheel Bearing Aftermarket

According to FMI automotive wheel bearing market statistics, for the anticipated term, passenger cars will continue to dominate the market. On the other hand, the market for thrust bearing is growing rapidly as agricultural and mining operations are developing and utilizing high-tech vehicles like harvesters, Lorries, and tractors used in farming. The passenger car segment is expected to account for a 72.6% share of the allergy diagnostics market in 2023.

Throughout the upcoming years, there is likely to be an increase in demand for passenger automobiles. More people than ever are prepared to spend money on various passenger automobile types, consequently creating automotive wheel-bearing market opportunities in huge amounts. Luxury automobile sales have also increased in the last few years, which is anticipated to increase demand for automotive wheel bearings in the aftermarket of several regions.

Tapered Roller Bearings Are The Preferred Product Type Segment.

Tapered roller bearings is expected to account for a 31.26% share of the allergy diagnostic market in 2023. Tapered roller bearings can accommodate radial and axial (thrust) loads, making them suitable for applications with significant load demands, such as automotive wheel hubs, heavy machinery, and industrial equipment.

Tapered roller bearings provide high stiffness and precision in applications that require tight tolerances and minimal deflection, such as machine tool spindles and precision gearboxes. The tapered roller bearings are preferred owing to their durability.

Competitive Landscape

Most of the automotive wheel-bearing aftermarket participants are concentrating on a variety of techniques due to the escalating rivalry. Some of the businesses are concentrating on new product introductions to achieve momentum in the newly entered regional aftermarkets.

Ball bearings with sensor units are the newest trend. Digital tracking of rotational speeds, axial displacement, acceleration, deceleration, and load-bearing capability is made possible with the use of sensor units. Since integrated bearings significantly reduce the number of bearing components needed in the assembled product, their development and acceptance are on the rise.

Key Players Profiled in the Automotive Wheel Bearing Aftermarket Report

• 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.

Some of the developments by players in the automotive wheel bearing aftermarket are given below-

• In the year 2020, Continental AG introduced its cutting-edge prop shaft bearings, which seem to be able to decrease vibration transmission to the chassis and restrict the tumbling movement of built-up engine shafts.
• NTN Corporation is a Japanese bearing manufacturer with a strong presence in the automotive wheel bearing aftermarket. They emphasize quality and durability in their products and often develop solutions to cater to the needs of the aftermarket.
• NSK Ltd. is another Japanese company known for producing high-quality wheel bearings. They have a global presence and invest in research and development to offer innovative solutions to the aftermarket.

Report Scope

Attributes	Details
Estimated Market Size in 2023	USD 1,446.20 million
Projected Market Valuation in 2033	USD 2,147.80 million
Value-based CAGR 2023 to 2033	4%
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	Value in USD million
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa
Key Market Segments Covered	Sales Channel, Vehicle Type, Application, Product Type, Region
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel
Key Companies Profiled	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.

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033
• 5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
  • 5.1. Original Equipment Supplier
  • 5.2. Independent Aftermarket
• 6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type
  • 6.1. Passenger Car
    • 6.1.1. Compact
    • 6.1.2. Mid-sized
    • 6.1.3. SUV
    • 6.1.4. Luxury
  • 6.2. Light Commercial Vehicle
  • 6.3. Heavy Commercial Vehicle
• 7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
  • 7.1. Ball Bearing
  • 7.2. Precision Ball Bearing
  • 7.3. Roller Bearing
  • 7.4. Tapered Roller Bearing
  • 7.5. Others
• 8. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
  • 8.1. Front
  • 8.2. Rear
• 9. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 9.1. North America
  • 9.2. Latin America
  • 9.3. Western Europe
  • 9.4. Eastern Europe
  • 9.5. South Asia and Pacific
  • 9.6. East Asia
  • 9.7. Middle East and Africa
• 10. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 11. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 12. Western Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 13. Eastern Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 14. South Asia and Pacific Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 15. East Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 16. Middle East and Africa Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
• 17. Key Countries Analysis
• 18. Market Structure Analysis
• 19. Competition Analysis
  • 19.1. Federal-Mogul Corporation (Tennenco Inc.)
  • 19.2. Schaeffler AG
  • 19.3. Mahle GmbH
  • 19.4. Continental AG
  • 19.5. The Timken Company
  • 19.6. NSK Ltd.
  • 19.7. JTEKT Corp
  • 19.8. NTN Corporation
  • 19.9. Rheinmetall AG
  • 19.10. NRB Bearings Ltd.
  • 19.11. Nachi - Fujikoshi Corp.
  • 19.12. MinebeaMitsumi Inc.
  • 19.13. Wafangdian Bearing Group Corporation
• 20. Assumptions & Acronyms Used
• 21. Research Methodology