Automotive Wheel Bearing Aftermarket Market Overview
As per MRFR analysis, the Automotive Wheel Bearing Aftermarket Market Size was estimated at 7.47 (USD Billion) in 2022. The Automotive Wheel Bearing Aftermarket Market Industry is expected to grow from 7.71(USD Billion) in 2023 to 10.21 (USD Billion) by 2032. The Automotive Wheel Bearing Aftermarket Market CAGR (growth rate) is expected to be around 3.18% during the forecast period (2024 - 2032).
Key Automotive Wheel Bearing Aftermarket Market Trends Highlighted
There will be a sharp rise in the Automotive Wheel Bearing Aftermarket Market over the next years. The reason behind this is rising vehicle production and demand for high-performance vehicles. Additionally, there are other factors that will propel its growth, such as a greater focus on vehicle maintenance and safety regulations. This is made possible by affordable prices offered by the aftermarket and the availability of quality replacement parts, which makes it more attractive to car owners who are looking for economical ways of repairing their vehicles. Recent market trends include lightweight, compact wheel bearings to enhance vehicle performance and fuel efficiency. Also, electric and hybrid vehicles have opened up new opportunities for the market as they require specialized wheel bearings capable of handling loads and stresses peculiar to them. Moreover, advanced bearing materials and designs incorporating additional coatings as well as sensors are associated with enhanced durability, reduced friction, better overall vehicle operation.
Source Primary Research, Secondary Research, MRFR Database, and Analyst Review
Automotive Wheel Bearing Aftermarket Market Drivers
Rising Demand for Vehicle Maintenance and Repair
The automotive wheel bearing aftermarket market is primarily driven by the increasing demand for vehicle maintenance and repair services. As the vehicle fleet continues to expand, the need for regular maintenance and replacement of wheel bearings becomes more pronounced. Wheel bearings are critical components that facilitate the smooth rotation of wheels and play a vital role in ensuring vehicle safety and performance. With the increasing average age of vehicles on the road, the demand for wheel bearing replacements is expected to rise steadily in the coming years.Additionally, the growing popularity of ride-sharing and car rental services is contributing to the increased demand for vehicle maintenance and repair, further propelling the growth of the automotive wheel bearing aftermarket.
Technological Advancements and New Vehicle Designs
The automotive industry is constantly evolving, with new technologies and vehicle designs emerging regularly. These advancements have a significant impact on the automotive wheel bearing aftermarket. For instance, the adoption of electric vehicles (EVs) is driving the demand for specialized wheel bearings that can withstand the unique loads and stresses associated with EV powertrains. Similarly, the growing popularity of autonomous vehicles is creating opportunities for the development of intelligent wheel bearings that can communicate with other vehicle systems and enhance safety features.These technological advancements and new vehicle designs are expected to continue shaping the automotive wheel bearing aftermarket in the years to come.
Expansion of the Aftermarket Distribution Network
Furthermore, the growth of the automotive wheel bearing aftermarket is fostered by the extension of such a market. It encompasses an increasing number of independent repair shops, auto parts retailers, and online marketplaces, which offer a broad diversity of wheel bearing opportunities. As a result, it becomes easier for car owners to take care of their vehicles, maintaining and, if needed, repairing them. This fact is particularly helpful for clients located in remote regions or who lack authorized dealerships in the vicinity.
Automotive Wheel Bearing Aftermarket Market Segment Insights
Automotive Wheel Bearing Aftermarket Market Vehicle Type Insights
The market in consideration is the Automotive Wheel Bearing Aftermarket Market. The market is segmented by vehicle type and is represented by passenger cars, commercial vehicles, and electric vehicles. According to the data, passenger cars occupied more than 55% of the market revenue in 2023, holding the largest market share. The given result might be explained by the relatively high demand for passenger cars in emerging markets and the increased number of vehicles currently in use in such regions. At the same time, commercial vehicles can also be viewed as a largely contributing share of the Automotive Wheel Bearing Aftermarket Market.
The growing demand for the freight transportation business boosted by the increased prominence of e-commerce and logistics companies might drive the sales for these types of vehicles and the corresponding demand for wheel bearings. As for electric vehicles, the demand is also predicted to increase because production is heavily determined by the companies’ desire to meet governmental requirements, protect the environment, and take advantage of developed technology. Accordingly, it is possible to expect that the part of the whole market belonging to electric vehicles will be rapidly growing in the future.At the same time, passenger cars and commercial vehicles will also contribute to the market growth, as the number of vehicles produced every year is steadily increasing. Furthermore, customers have become more focused on vehicles’ safety and durability, and the corresponding market increase is plausible.
Source Primary Research, Secondary Research, MRFR Database, and Analyst Review
Automotive Wheel Bearing Aftermarket Market Wheel Size Insights
The Wheel Size segment of the Automotive Wheel Bearing Aftermarket Market is expected to grow significantly in the coming years, driven by increasing demand for larger wheels in passenger vehicles. In 2023, the 19 inches and above wheel size segment is projected to account for the largest share of the market, with a valuation of USD 2.75 billion, and is expected to reach USD 3.62 billion by 2032. The growing popularity of SUVs and luxury vehicles, which typically come with larger wheels, is contributing to the growth of this segment. The 16 to 18 inches wheel size segment is also expected to witness steady growth, driven by increasing demand for mid-size and compact cars.This segment is projected to reach a valuation of USD 2.41 billion by 2032. The Below 16 inches wheel size segment is expected to have a relatively smaller market share but is still expected to grow at a stable pace, primarily driven by demand from entry-level and budget-oriented vehicles.
Automotive Wheel Bearing Aftermarket Market Bearing Type Insights
Bearing Type, The Automotive Wheel Bearing Aftermarket Market is segmented by bearing type into tapered roller bearings, ball bearings, and needle roller bearings. Tapered roller bearings held the largest market share in 2023, accounting for over 40% of the market revenue. Ball bearings are expected to witness the highest growth rate during the forecast period, owing to their increasing adoption in electric vehicles due to their ability to handle higher loads and speeds. Needle roller bearings are primarily used in applications where space is constrained, and they are expected to experience steady growth over the forecast period.The market growth for the bearing type segment is attributed to the increasing demand for automotive wheel bearings from the automotive aftermarket industry. This growth is driven by factors such as rising vehicle production, the increasing number of vehicles on the road, and the growing popularity of electric vehicles.
Automotive Wheel Bearing Aftermarket Market Application Insights
The Automotive Wheel Bearing Aftermarket Market is segmented by Application into Front Axle, Rear Axle, and Both Front and Rear Axle. Among these segments, the Front Axle segment held the largest market share in 2023, accounting for around 67% of the Automotive Wheel Bearing Aftermarket Market revenue. The Front Axle segment is projected to continue dominating the market throughout the forecast period, owing to the increasing demand for front-wheel-drive vehicles. The Rear Axle segment is expected to witness a steady growth rate during the forecast period due to the rising popularity of all-wheel-drive vehicles.Both the front and rear axle segments are anticipated to grow at a moderate pace, driven by the growing adoption of electric vehicles.
Automotive Wheel Bearing Aftermarket Market Sales Channel Insights
The Automotive Wheel Bearing Aftermarket Market segmentation includes the Sales Channel, which is further divided into OEMs, Aftermarket, and Online Retailers. In 2023, the aftermarket segment held the largest market share of around 60% due to the increasing demand for cost-effective and convenient repair and replacement services. The OEM segment is anticipated to witness significant growth over the forecast period, owing to the rising production of new vehicles and the need for genuine spare parts. Online retailers are expected to gain traction in the coming years, driven by the growing popularity of e-commerce and the convenience of doorstep delivery.
Automotive Wheel Bearing Aftermarket Market Regional Insights
The regional segmentation of the Automotive Wheel Bearing Aftermarket Market offers valuable insights into the market's dynamics across different regions. North America is expected to hold a significant share of the market, driven by factors such as the presence of major automotive manufacturers and a growing aftermarket industry. Europe is another key region, supported by a strong automotive industry and a focus on vehicle maintenance. APAC is anticipated to witness substantial growth due to the increasing vehicle production and rising disposable incomes.South America and MEA are emerging markets with growth potential fueled by urbanization and expanding automotive fleets. These regional insights are crucial for businesses operating in the Automotive Wheel Bearing Aftermarket Market as they provide a deeper understanding of market opportunities and challenges specific to each region.
Source Primary Research, Secondary Research, MRFR Database, and Analyst Review
Automotive Wheel Bearing Aftermarket Market Key Players and Competitive Insights
Major players in the Automotive Wheel Bearing Aftermarket Market industry engage in intense competition to maintain their market position and increase their market share. Product innovation, strategic partnerships, and mergers and acquisitions are key strategies adopted by leading Automotive Wheel Bearing Aftermarket Market players to strengthen their position in the competitive landscape. Tier-1 suppliers and OEMs collaborate to develop and supply high-quality wheel bearings to meet the evolving demands of the automotive industry.
The competitive landscape is characterized by a mix of established players and emerging companies, with regional variations in market share and competitive dynamics.Timken is a leading Automotive Wheel Bearing Aftermarket Market player with a presence and a strong reputation in the industry. The company offers a wide range of wheel bearings for various automotive applications, including passenger cars, light and heavy commercial vehicles, and industrial machinery. Timken has a robust distribution network and a dedicated aftermarket division that focuses on meeting the specific needs of the replacement market. The company continuously invests in product development and innovation to maintain its competitive edge and meet the evolving demands of the industry.NSK is a major competitor in the Automotive Wheel Bearing Aftermarket Market and is recognized for its high-quality products and technological advancements.
The company offers a comprehensive range of wheel bearings for various automotive applications, including passenger cars, commercial vehicles, and industrial equipment. NSK has a strong presence and a network of manufacturing facilities and distribution centers. The company focuses on delivering reliable and innovative wheel bearing solutions to meet the needs of its customers. NSK invests in research and development to enhance product performance and efficiency.
Key Companies in the Automotive Wheel Bearing Aftermarket Market Include
- NTN Corporation
- NSK Ltd.
- ZF Friedrichshafen AG
- FYH Bearing Co., Ltd.
- Dana Incorporated
- Enoksen Ashita India Bearings Ltd.
- Triangle Autoparts Co., Ltd.
- JTEKT Corporation
- Akebono Brake Corporation
- Continental AG
- Koyo Bearings India Ltd.
- Timken Company
- Schaeffler AG
- Autoliv Inc.
- FederalMogul Corporation
Automotive Wheel Bearing Aftermarket Market Industry Developments
The automotive wheel bearing aftermarket is anticipated to reach a valuation of USD 10.21 billion by 2032, expanding at a CAGR of 3.18% from 2024 to 2032. Increasing vehicle production and the growing popularity of electric vehicles are major factors driving market growth. For instance, in 2022, electric vehicle sales surpassed 10 million units, a significant increase from previous years. Additionally, the rising demand for performance and luxury vehicles is expected to boost the demand for high-quality wheel bearings. Technological advancements, such as the development of lightweight and durable bearings, are also contributing to market growth.
Automotive Wheel Bearing Aftermarket Market Segmentation Insights
Automotive Wheel Bearing Aftermarket Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
- Electric Vehicles
Automotive Wheel Bearing Aftermarket Market Wheel Size Outlook
- Below 16 inches
- 16 to 18 inches
- 19 inches and above
Automotive Wheel Bearing Aftermarket Market Bearing Type Outlook
- Tapered Roller Bearings
- Ball Bearings
- Needle Roller Bearings
Automotive Wheel Bearing Aftermarket Market Application Outlook
- Front Axle
- Rear Axle
- Both Front and Rear Axle
Automotive Wheel Bearing Aftermarket Market Sales Channel Outlook
- OEMs
- Aftermarket
- Online Retailers
Automotive Wheel Bearing Aftermarket Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
7.47(USD Billion) |
| Market Size 2023 |
7.71(USD Billion) |
| Market Size 2032 |
10.21(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.18% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
NTN Corporation, NSK Ltd., ZF Friedrichshafen AG, FYH Bearing Co., Ltd., Dana Incorporated, Enoksen Ashita India Bearings Ltd., Triangle Autoparts Co., Ltd., JTEKT Corporation, Akebono Brake Corporation, Continental AG, Koyo Bearings India Ltd., Timken Company, Schaeffler AG, Autoliv Inc., FederalMogul Corporation |
| Segments Covered |
Vehicle Type, Wheel Size, Bearing Type, Application, Sales Channel, Regional |
| Key Market Opportunities |
Electric vehicle proliferation Increasing vehicle production Expanding aftermarket distribution channels Growing demand for high-performance bearings Rising focus on safety and reliability |
| Key Market Dynamics |
Increasing vehicle production Rising demand for fuel-efficient vehicles Growing popularity of electric vehicles Increasing adoption of advanced driver assistance systems ADAS Expanding aftermarket distribution channels |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Wheel Bearing Aftermarket was valued at USD 7.71 billion in 2023 and is projected to grow at a CAGR of 3.18% to reach USD 10.21 billion by 2032.
North America is expected to dominate the Automotive Wheel Bearing Aftermarket due to the increasing production and sales of automobiles in the region.
Key growth drivers of the Automotive Wheel Bearing Aftermarket include rising vehicle production, increasing demand for fuel-efficient vehicles, and growing adoption of advanced technologies in automobiles.
Key competitors in the Automotive Wheel Bearing Aftermarket include Schaeffler AG, NTN Corporation, NSK Ltd., Timken Company, and JTEKT Corporation.
Major applications of Automotive Wheel Bearings include passenger cars, commercial vehicles, and off-highway vehicles.
The COVID-19 pandemic had a negative impact on the Automotive Wheel Bearing Aftermarket due to disruptions in the automotive industry and supply chains.
