Automotive Wheel Bearing Aftermarket is Predicted to Grow at a Moderate Cagr of 4% During the Forecast Period Covering 2022 to 2032 | Future Market Insights Inc.

Published Via 11Press : NEWARK, Del: It is anticipated that worldwide sales for the automotive wheel bearing aftermarket will grow at a modest CAGR of 4% from 2022 to 2032. The market is slated to reach an evaluation of US$ 58.8 billion by 2032, rising from US$ 39.75 billion in 2022. The surge in production and consumption of passenger and commercial vehicles spurs the demand for automotive wheel bearings across the globe. Wheel bearings play a critical role in the longevity of automobiles as a bad wheel bearing can lead to uneven tire wear, unexpected side pulls, and other issues. Thus, the professional installation and maintenance of automotive wheel bearings are of utmost importance. The growing awareness of this factor is a key driver for the growth of the automotive wheel bearing aftermarket.

During the historical period of 2017 to 2021, the automotive wheel bearing aftermarket grew steadily to attain a value of US$ 38.2 billion in 2021. For the forecast period, FMI predicts standard growth for the aftermarket. The expansion of the global automotive industry is considered the primary catalyst for the aftermarket of automotive wheel bearings, leading to a significant rise in demand across nations due to the growing production of various types of vehicles such as passenger, luxury, and commercial vehicles.

Though the demand for automotive wheel bearings has been limited to big manufacturing units and automobile service centers in the past, it is gradually witnessing greater global demand. The rising popularity of aftermarket products is responsible for this eventuality which augurs well for the overall automotive wheel bearing aftermarket.

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Rapid urbanization and increasing disposable incomes have resulted in higher demand for the automotive market. This, ultimately, strengthens prospects for the aftermarket for automotive wheel bearings. Furthermore, increasing technological advancements and improvements in the quality of materials used in automobile manufacturing has also opened up profitable opportunities for the automotive wheel bearings aftermarket as automotive wheel bearing play a vital role in the expansion of the average functional age of vehicles. All of these aforementioned factors fuel the growth of the automotive wheel bearings aftermarket. However, the expensive nature of automotive wheel bearing installation and maintenance will likely impede the growth of the aftermarket during the projected period. 

Key Takeaways:

• By product type, the ball bearing segment will lead the automotive wheel bearing market during the assessment period.
• Based on sales channels, the independent aftermarket will continue to dominate the global marketplace.
• The automotive wheel bearings aftermarket in North America will be driven by the presence of a highly developed automotive sector.
• Asia Pacific will emerge as a lucrative market for automotive wheel bearings aftermarket owing to a rapidly expanding automotive sector.

Competitive Landscape

Federal-Mogul Corporation (Tennenco Inc.), Mahle GmbH, Continental AG, NSK Ltd., JTEKT Corp, and the Timken Company, among others, are a few of the significant players in the automotive wheel bearing aftermarket profiled in the full version of the report.

In a competitive environment, leading market players are focusing on new product development and innovation. These businesses are also keen on establishing facilities in emerging economies. A few other market players employ a variety of business strategies to gain a competitive edge. In a recent development, in 2020, Continental AG launched its advanced line of prop shaft bearings which can decrease vibration transmission to the chassis and limit the tumbling movement of built-up engine shafts. 

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More Insights Into Automotive Wheel Bearing Aftermarket 

FMI delivers an unbiased and detailed analysis of the global automotive wheel bearing aftermarket market in its latest report along with historical data from 2015 to 2021 and forecast statistics for 2022 to 2032. The report offers insight into a ten-year sales forecast, key market drivers, prevailing trends, opportunities, and challenges. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, sales channel, vehicle type, application, and region.

According to the reports, based on segmentation, the ball-bearing technology will create greater opportunities for the market. This segment offers lesser rotational friction and sustains radial and axial stresses which promote its popularity. In terms of sales channels, the independent aftermarket will dominate the international marketplace. Based on region, the automotive wheel bearings aftermarket in North America will present robust growth. The target market in this region is expected to prosper over the assessment period. The presence of a well-established automotive sector and advanced production facilities aid the expansion of the automotive wheel bearings aftermarket in North America. Asia Pacific will also exhibit impressive growth in the automotive wheel bearings aftermarket and thereby contribute to its global growth during the forecast period.

Key Segments

By Sales Channel:

• Original Equipment Supplier
• Independent Aftermarket

By Vehicle Type:

• Passenger Car
• Compact
• Mid-sized
• SUV
• Luxury
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By Product Type:

• Ball Bearing
• Precision Ball Bearing
• Roller Bearing
• Tapered Roller Bearing
• Others

By Application:

• Front
• Rear

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

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Table of Content

1. Executive Summary | Automotive Wheel Bearing Aftermarket
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. By Product Type Roadmap
1.5. Analysis and Recommendations

2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
2.3. Overview of Product Type vs Respective Application

3. Key Market Trends
3.1. Key Trends Impacting the Market

4. Key Success Factors
4.1. Product Adoption/Usage Analysis
4.2. Product USPs/Features (Continue TOC...)

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