Skip to main content

Automotive Wheel Bearing Aftermarket Revenue Growth Predicted by 2030

 The 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.

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.

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

For More Info@ https://www.futuremarketinsights.com/reports/Automotive-Wheel-Bearing-AfterMarket

Comments

Post a Comment

Popular posts from this blog

Medical Gloves Market Trends, Growth, Future Demand, Analysis and Forecast by 2032

 The medical gloves market has witnessed significant growth and evolution, especially in recent years, due to the global healthcare challenges, including the COVID-19 pandemic. Medical gloves are crucial protective equipment used by healthcare professionals to prevent the transmission of infections, maintain hygiene standards, and ensure the safety of both patients and medical personnel. This market encompasses a wide range of glove types, including latex, nitrile, vinyl, and others, each with its unique features and applications. One of the key drivers of the medical gloves market is the increasing focus on infection prevention and control in healthcare settings. The heightened awareness of the importance of hand hygiene, especially in the wake of the pandemic, has led to a surge in demand for medical gloves worldwide. Healthcare facilities, including hospitals, clinics, and laboratories, require a steady and reliable supply of gloves to maintain safety protocols an...
Post a Comment
Read more

Sales of Commercial Aircraft Video Surveillance Systems to Decelerate in 2020 as COVID 19 Pandemic Takes its Toll on Global Market

  Market Introduction Future Market Insights, in its recent study on the  Commercial Aircraft Video Surveillance Systems market,  offers a detailed value-volume analysis of the Commercial Aircraft Video Surveillance Systems market on the basis of various segments such as product type, application, aircraft type, assembly and region. In terms of product type, cabin surveillance systems is projected to be a lucrative segment in terms of growth opportunities and are mostly being installed in the line fit assembly applications in the commercial aircraft video surveillance systems. To Get the Sample Copy of Report visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5202 There has been significant growth in the number of freighter planes due to expanding e-commerce and pharmaceutical sectors and outperforming global trade growth. From a macroeconomic point of view, demand for commercial aircrafts is anticipated to more than double in the next two decade...
1 comment
Read more

Ship Repair and Maintenance Services Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2031

  Ship repair and maintenance services market  is set to be valued at  US$ 44.3 Bn , expanding at  6.5% CAGR  through 2031, according to latest research conducted by Future Market Insights (FMI). As per Future Market Insight (FMI), the ship repair and maintenance services market is expected register year-on-year (YoY) growth of  5.9% , reaching  US$ 23.6 Bn  in 2021. Request a Sample of this Report @   https://www.futuremarketinsights.com/reports/sample/rep-gb-5645 Continuous rise in shipbuilding activities and increasing spending in research activities for the expansion of wireless seaborne trade is expected to create growth opportunities during the forecast period. Demand for ship repair and maintenance services is surging owing to the growing usage of ships for diverse purposes. Governments in many countries are taking initiatives to strengthen the maritime industry. Based on these factors, the market is anticipated to create incremen...
Post a Comment
Read more