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.
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.
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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 automotive wheel bearing suppliers in the market are NTN Bearing, The Timken Company, Continental Group, AB SKF, NSK Ltd, Schaeffler AG, JTEKT Corp, among others.
Original Equipment Supplier
Light Commercial Vehicle
Heavy Commercial Vehicle
Precision Ball Bearing
Tapered Roller Bearing