he automotive wheel bearing aftermarket is growing steadily with the rise in production of higher load carrying commercial vehicles, high performance vehicles, and others. Maintenance of wheel bearings is important to maintain smooth wheel functioning and free rotation of the wheel hub. This is creating increasing demand for automotive wheel bearing aftermarket services. A new study by Future Market Insights (FMI) states that the global automotive wheel bearing aftermarket is expected to rise at ~3.4% CAGR during the forecast period from the year 2020 to 2030.
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Due to the rise in industrialization and economic growth, the demand for automotive wheel bearings is rising. In order to meet necessities of customers, market players are focusing on developing hybrid bearings with improved stiffness and load capacity. With researches underway to improve overall functionality, the demand in automotive wheel bearing aftermarket is expected to surge in the coming years. Despite facing hindrances caused by COVID-19 pandemic, the global automotive wheel bearing aftermarket is set to witness impressive growth during the forecast period. FMI offers an exhaustive overview of the automotive wheel bearing aftermarket, its potential, growth drivers and restraints.
Some of the key takeaways from the report are highlighted below-
- Independent aftermarket have emerged as preferred sales channels
- The rising sales of passenger vehicles are fuelling demand for automotive wheel bearing aftermarket
- The demand for tapered roller bearing is expected to rise at a higher pace among products available in the market
- Application of automotive wheel bearings in rear will continue accounting for the maximum sales in the market
- East Asia automotive wheel bearing aftermarket will remain dominant through the forecast period
The increase in sales of passenger cars and two wheelers is expected to drive the global automotive wheel bearing aftermarket. Furthermore, the usage of advanced technologies and materials in automotive manufacturing has increased the average operational age of vehicles significantly which in turn is catering to the growth of automotive wheel bearing aftermarket,” says an FMI analyst.
COVID-19 Impact Analysis
The market has been severely affected by the outbreak of COVID-19 pandemic. The decrease in demand for automotive wheel bearings coupled with the decline in growth of automotive industry has hampered the growth of the aftermarket. Factors such as shutting down of manufacturing units, disruptions in transport and sales channels, scarcity of raw materials, and others have resulted in the declining growth of automotive wheel bearing aftermarket. With the commencement of vaccination, the automotive wheel bearing aftermarket is anticipated to recover by the end of the year 2021 or beginning of 2022.
Who is Winning
With competition getting fiercer, market players are focussing on launching of extensive range of products with improved flexibility and load carriage capacity. For instance, NSK Ltd. Has launched their new hub unit bearings with integral sensor located between the rows with a very small air gap in the recent year. They have also launched hub unit bearings with angular passive sensor with integral high-output sensor in the current year. NRB Bearings Ltd. has launched their exclusive needle roller bearing with high load capacity and flexibility in the current year. Some of the leading companies operating in the market are NTN Bearing, The Timken Company, Continental Group, AB SKF, NSK Ltd, Schaeffler AG, JTEKT Corp, among others.
More Valuable Insights on Automotive Wheel Bearing Aftermarket
In the latest report by Future Market Insights, we offer a detailed, unbiased analysis of the global automotive wheel bearing aftermarket, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of sales channel (original equipment supplier, independent aftermarket), vehicle type (passenger car (compact, mid sized, SUV, luxury), light commercial vehicle, heavy commercial vehicle), product type (ball bearing, precision ball bearing, roller bearing, tapered roller bearing, others), application (front, rear, others), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
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Automotive Wheel Bearing Aftermarket Report: Scope
|Historical Data Available for||2015-2019|
|Market Analysis||USD Million for value and volume (per units)|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania Middle East & Africa|
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa|
|Key Segments Covered||Sales Channel, Vehicle Type, Product Type, Application, and Region|
|Key Companies Profiled||
|Report Coverage||Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered by the Report
- At what CAGR is the automotive wheel bearing aftermarket expected to grow?According to Future Market Insights (FMI), the automotive wheel bearing aftermarket is anticipated to grow by 3.4% CAGR during the forecast period from year 2020 to 2030.
- Which are the top companies in automotive wheel bearing aftermarket?Some of the top companies in global automotive wheel bearing aftermarket are Continental AG, NSK Ltd., NTN Corporation, NRB Bearings Ltd., and others.
- Which category of automotive wheel bearings is highly sought-after?Tapered Roller Bearing is the most lucrative segment by product type of the automotive wheel bearing aftermarket and anticipated to maintain the lead throughout the forecast period.
The post Automotive Wheel Bearing Aftermarket Size, Share, Price, Trend and Forecast Value, And Competitive Landscape 2021 – 2030 appeared first on Industry News Analsis.