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
| 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% |
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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 |
Principal Consultant
Forecast CAGRs from 2023 to 2033
| United States | 4.6% |
|---|---|
| Germany | 3.9% |
| India | 6.2% |
| China | 3.9% |
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
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.
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.
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.
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| Category | Market Share |
|---|---|
| Passenger Vehicles | 72.68% |
| Tampered roller bearing | 31.26% |
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 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.
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.
Some of the developments by players in the automotive wheel bearing aftermarket are given below-
| 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. |
The automotive wheel-bearing aftermarket is expected to reach USD 1,446.20 million in 2023.
The automotive wheel-bearing aftermarket is set to expand by a CAGR of 4% by 2033.
The automotive wheel-bearing aftermarket is forecast to reach USD 2,147.80 million by 2033.
A significant share of profits will likely come from the Industry in North America.
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
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Automotive Wheel Bearing Aftermarket
