Presence of Professional Automotive Repair and Maintenance Industry Boost Market Demand in the United States. The Passenger Car Segment to Account for a High Market Share in Automotive Wheel Bearing Aftermarket.
NEWARK, Del, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The automotive wheel bearing aftermarket is estimated to be worth US$ 1,446.20 million in 2023 and is projected to be valued at US$ 2,147.80 million in 2033. Between 2023 and 2033, the industry is expected to register a growth rate of 4%. Hand Truck Wheel Bearings
The increasing sales and production of automotive vehicles and overall growth in the automotive industry is the main factor driving the automotive wheel bearing aftermarket growth. Modern vehicles often have more complex suspension systems and wheel bearing designs. These advanced components may require specialized tools and expertise for replacement, increasing demand for professional aftermarket services.
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The growing adoption of electric and hybrid vehicles requires specialized wheel bearings designed to meet the specific demands of these vehicles, including reduced friction and extended durability. The increasing availability of aftermarket products online has made it more convenient for consumers to purchase wheel bearings, driving the market demand during the forecast period.
The increasing average age of vehicles on the road is contributing to the need for more frequent maintenance and replacements, including wheel bearings, fueling the growth of the automotive wheel bearing aftermarket growth. Automotive wheel bearing market prominent players have begun creating hybrid automotive ball bearings with greater load capacities and enhanced overall adaptability in order to meet the demands of more efficient vehicles. Sales of hybrid bearings are anticipated to increase in the next years, which is anticipated to be positive for the industry as a whole.
In 2022, the automotive wheel bearing aftermarket was valued at US$ 1392.8 million.
Based on vehicle type, the passenger vehicle segment is expected to account for a share of 72.68% in 2023.
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Global automotive wheel bearing aftermarket demand in China is predicted to account for a CAGR of 3.9% through 2033.
Automotive wheel bearing aftermarket in the United States is expected to account for a CAGR of 4.6% between 2023 and 2033.
Japan is projected to expand by a value CAGR of 3.2% between 2023 and 2033.
By 2033, the automotive wheel bearing aftermarket in India is anticipated to record a CAGR of 6.2% during the forecast period.
“The rapid growth of the automotive industry and growing adoption of advanced technologies for the manufacturing of better car ball bearings with improved performance are anticipated to drive the market growth during the forecast period," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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The global automotive wheel bearing aftermarket depicts a fragmented competitive landscape due to numerous players in the market. The key players in the market have adopted innovative strategies like mergers, partnerships, and acquisitions to enhance their market presence and strengthen their market hold.
GMB is a global supplier of automotive parts, including wheel hub assemblies and bearings. They have a strong presence in the aftermarket and are known for providing high-quality, cost-effective solutions.
ILJIN is a South Korean company specializing in automotive wheel bearings and hub assemblies. They have a growing presence in the global aftermarket due to their focus on quality and technological advancements.
Nachi is a Japanese manufacturer known for producing a wide range of bearings, including automotive wheel bearings. They serve the global aftermarket by providing reliable and durable solutions.
Key Players Profiled in the Automotive Wheel Bearing Aftermarket Report
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The Middle East and Africa
Old Source: Automotive Wheel Bearing to emerge as a Significant Component of the Speeding Aftermarket. FMI Publishes the Market Mechanics
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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