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%.
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.
Key Takeaways
- 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.
- Based on product type, the tampered roller bearing segment is expected to account for a share of 31.26% in 2023
- 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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Competitive Landscape
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.
