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

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, and
Post a Comment
Read more

Automotive Filters Market Share and Growth Factors Impact Analysis 2029

 The global automotive filters market is expected to experience significant growth over the forecast period, due to the increasing demand for advanced automotive systems and the rising demand for fuel-efficient and eco-friendly vehicles. Automotive filters are used to remove contaminants, such as dust, dirt, and debris, from the air, oil, and fuel in a vehicle. The market is segmented based on type, vehicle type, and region. Based on type, the market is divided into air filters, oil filters, fuel filters, and others. The air filter segment is expected to dominate the market, due to the increasing demand for advanced air filtration systems in vehicles. Based on vehicle type, the market is classified into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment is expected to dominate the market, due to the increasing demand for passenger cars and the increasing adoption of advanced filtration systems in passenger cars. Geographi
Post a Comment
Read more

Iris Biometrics Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Iris Biometrics Market stands as a testament to the ever-evolving landscape of biometric technology, offering a unique and highly secure method of identity verification and authentication. The iris, with its intricate and individualistic patterns, has captured the attention of both security experts and technology developers as a reliable means of confirming one's identity. This market has gained prominence across various industries, ranging from border control and law enforcement to access control systems in government institutions, corporate offices, and even consumer devices. The market's growth is fueled by the increasing need for robust identity verification solutions in a world where security breaches and identity theft are becoming more prevalent. Unlike traditional authentication methods such as passwords and PINs, iris biometrics offer a high level of security and accuracy, as the iris pattern is virtually impossible to replicate. The technology prov
Post a Comment
Read more