Automotive Wheel Bearing Aftermarket

2020 Analysis and Review: Automotive Wheel Bearing Aftermarket by Application – Front and Rear for 2020 – 2030

Introduction

The global automotive wheel bearing aftermarket is gaining significantly from the expansion of the automotive industry across the globe. Spurred by the rise in production of passenger, luxury, commercial, and other types of vehicles, the demand for automotive wheel bearing is surging rapidly.

Automotive wheel bearing being highly efficient in power transmission from driving axle to wheels, is witnessing increase in demand from various kind of vehicles manufacturers starting from compact passenger cars to heavy commercial vehicles. Furthermore, the demand is expected to increase as cities expand, creating lucrative scope for automotive sales.  

According to Future Market Insights (FMI), the global automotive wheel bearing aftermarket is expected to grow at 3.4% CAGR during the forecast period from the year 2020 to 2030.

Wheel Bearing Aftermarket Services Crucial for Aging Carsy

Wheel bearing is a very crucial component of automotive parts. It is highly efficient in bearing the weight of car where the wheel meets the wheel hub, allowing the wheel to turn freely. The demand for automotive wheel bearings is surging in response to the increasing production of passenger and commercial vehicles.

Thanks to advancement in technologies and improvement in the quality of materials used in manufacturing of vehicles, average operational age of vehicles has increased. According to FMI, the number of vehicles with more than 12 years of age is expected to grow by 5% in the next five years. This will in turn create lucrative prospects for the automotive wheel bearing aftermarket.

With an increasing number of consumers’ intent on keeping their old cars as second vehicles, the demand for maintenance of passenger vehicles is increasing. This in turn is fuelling the demand for automotive wheel bearing aftermarket.

Surging Hybrid Bearing Sales Propelling Growth

In order to meet the requirements of more efficient automotive wheel bearings, manufacturers have started developing hybrid bearings with higher load capacity and improved overall flexibility.

Hybrid bearings offer better corrosion resistance, increased speed capabilities, longer lifetime, and others benefits. With consumers looking for higher performance and maintaining fuel efficiency in their aging vehicles, the demand for hybrid bearings is rising.

These bearings have an asymmetrical design, which offers greater stiffness than conventional hubs of same size. This is attributable for the higher load capacity of hybrid bearings. This stiffness offer greater balance to vehicles, by preventing the brake rotor from tilting if a vehicle is involved in cornering.

In the coming years, hybrid bearing sales are forecast to rise, which is expected to bode well for the overall market.

Key Challenges

Maintenance and installation of automotive wheel bearing are very expensive yet considered necessary. Driving with bad wheel bearing can lead to abnormal side pull, uneven tire wear, unusual rumbling sounds, and other difficulties. Therefore, it is very important to invest in the complete installation and maintenance process done by experts. High cost incurred on automobile wheel bearing aftermarket is often considered as one of the key deterrents to growth.

The COVID-19 pandemic in the recent year also has slowed down the growth of market due to various factors such as difficulties in finding enough manpower, insufficient supply of raw materials, and others limitations faced due to restrictions imposed to contain the pandemic. Moreover, the automotive industry has been severely affected due to the pandemic resulting in decrease in demand for automotive wheel bearings.

Region-Wise Analysis

East Asia Automotive Wheel Bearing Aftermarket

East Asia is leading in the global automotive wheel bearing aftermarket and is expected to exhibit highest rate of growth throughout the forecast period. The increase in automotive production and presence of well-developed manufacturing units are catering to the growth of East Asia automotive wheel bearing aftermarket.

Furthermore, the rise in demand for various kind of passenger cars such as SUV, luxury, mid-sized, compact, and others in the countries such as China, Japan, North Korea, and others is driving the East Asia automotive wheel bearing aftermarket.

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Europe Automotive Wheel Bearing Aftermarket

Europe is the second-leading wheel bearing aftermarket and expected to sustain its position in the coming years. The presence of a highly developed commercial sector coupled with the rise in number of manufacturing hubs is driving growth in Europe.

According to FMI, Spain is set to emerge dominant during the forecast period. The increase in inclination towards purchasing luxury vehicles in the countries such as the UK, France, Russia, and others is projected to increase the value of Europe automotive wheel bearing aftermarket throughout the forecast period.

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North America Automotive Wheel Bearing Aftermarket

North America too has emerged as a lucrative automotive wheel bearing aftermarket. The presence of highly developed automotive industry and the ultra-modern production units is enabling growth in the region.

The region exhibits significantly high demand for commercial vehicles, especially, light commercial vehicles. These vehicles require regular maintenance for longevity. According to FMI, this will fuel demand for automobile wheel bearing aftermarket in the region.

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Category-wise Insights

Independent Aftermarket to Gain Traction

Independent aftermarket consists of purchasers of systems, equipment, and components that are used in the repairing and servicing of vehicle components. Presently, independent aftermarket is leading the automotive wheel bearing aftermarket and is expected to remain at the top in the coming years.

As, in the independent aftermarket, parts are manufactured and marketed by a company, it is a highly preferred distribution channel for the key market players and also for the automotive industry and consumers.

Passenger Car to Emerge Dominant

The demand for passenger cars is expected to rise in the coming years. Customers around the world are more willing than before to spend on different models of passenger cars. The sales of luxury cars as well have risen, which is expected to fuel demand for automotive wheel bearing aftermarket.

According to FMI, the passenger car segment continue dominating the market among vehicle types through the forecast period.

Tapered Roller Bearing to Witness Hegemony

Presently, tapered roller bearing is leading the aftermarket and is set to sustain its position throughout the forecast period.

Tapered roller bearings support both axial and radial forces. They are used in back-to-back pairs in order to support axial forces in both directions. The load capacity of this type of bearings can be increased or decreased as per the requirement.

Tapered roller bearings have applications in various automotive parts such as axle systems, gear box, engine motors and reducers, railroad axle-box, and others. As the automotive industry is set to grow, the demand for tapered roller bearings is expected to surge further in the coming years.

Rear Application to Propel Growth

Currently, rear segment is leading in the global aftermarket in terms of application. With the increasing number of old vehicles the requirement of rear wheel hub servicing is increasing. As a result, the rear application of the automotive wheel bearing is experiencing surge in demand worldwide.

Competitive Landscape

With competition increasing, the market players are focusing on various strategies. In order to gain traction, some of the companies are focusing on product launches.

For instance, Mahle GmbH has launched their new MEYLE-HD Cardan Shaft Disc & Centre Bearing which pose high safety along with exclusive features such as enhanced flexibility, higher load carriage capacity, and others in the current year.

Continental AG has launched their ultra-modern propshaft bearings which are capable of limiting the tumble motion of built-up shafts and reducing the transmission of vibration to the chasis in the recent year.

Some of the key market players are-

  • 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.
  • Nachi – Fujikoshi Corp.
  • MinebeaMitsumi Inc.
  • Wafangdian Bearing Group Corporation

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report

Automotive Wheel Bearing Aftermarket Report: Scope

Attribute

Details

Forecast Period

2020-2030

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

  • 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.
  • Nachi – Fujikoshi Corp.
  • MinebeaMitsumi Inc.
  • Wafangdian Bearing Group Corporation

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.

  • Which is the preferred sales channel in automotive wheel bearing aftermarket?

    Independent aftermarket is the most preferred sales channel type in the global automotive wheel bearing aftermarket.

  • How are companies planning to gain competitive edge in automotive wheel bearing aftermarket?

    With competition getting fiercer, key market players are focusing on launching more efficient automotive wheel bearings with higher load carriage capacity, such as hybrid bearings in order to target diverse end users.

  • What is the leading application in the automotive wheel bearing aftermarket?

    Rear segment is the leading application in the global automotive wheel bearing aftermarket and is expected to remain dominant during the forecast period.

  • Which is the largest market for automotive wheel bearings?

    East Asia is the largest market for automotive wheel bearings followed by Europe and North America.

Enquiry before Buying

  • Is this research conducted by Future Market Insights?

    Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst.

  • What research methodology is followed by FMI?

    FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology

  • Who are the respondents for primary research?

    FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.

  • What are the sources of secondary research?

    FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

  • Is a sample of this report available for evaluation?

    Yes, you can request a sample and it will be sent to you through an email.

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Key Segments

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

  Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan
  • Middle East and Africa
  • Japan

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