Global Automotive Wheel Hub Bearing Aftermarket Market Overview:
As per MRFR analysis, the Automotive Wheel Hub Bearing Aftermarket Market Size was estimated at 10.62 (USD Billion) in 2022. The Automotive Wheel Hub Bearing Aftermarket Market Industry is expected to grow from 11.4 (USD Billion) in 2023 to 21.5 (USD Billion) by 2032. The Automotive Wheel Hub Bearing Aftermarket Market CAGR (growth rate) is expected to be around 7.3% during the forecast period (2024 - 2032).
Key Automotive Wheel Hub Bearing Aftermarket Market Trends Highlighted
The automotive wheel hub bearing aftermarket is witnessing a surge in advanced technologies, with electric vehicles (EVs) driving innovation. The growing demand for EVs is increasing the need for specialized wheel hub bearings capable of handling the unique demands of electric powertrains. Additionally, the trend toward autonomous driving is also influencing the market, as advanced driver assistance systems (ADAS) require high-precision bearings for smoother and safer vehicle handling.
Opportunities in the aftermarket are expanding due to the increasing number of vehicle owners opting for DIY repairs and maintenance. The proliferation of online retailers and e-commerce platforms is making it easier for customers to purchase and install replacement wheel hub bearings. The aftermarket is also benefiting from the trend toward shared mobility services, as ride-hailing and car-sharing fleets require frequent and reliable maintenance, including wheel-hub bearing replacements.
Recent trends in the aftermarket include the growing adoption of integrated bearing assemblies, which combine the bearing, hub, and sensor into a single unit, reducing installation time and costs. Additionally, the use of advanced materials such as ceramic and lightweight metals is improving bearing durability and reducing friction.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Wheel Hub Bearing Aftermarket Market Drivers
Increasing Demand for Passenger Vehicles
One of the major drivers of the Automotive Wheel Hub Bearing Aftermarket Market Industry is the increasing demand for passenger vehicles. The current population explosion, coupled with urbanization and increasing disposable income, especially in emerging economies, is leading to an increase in the ownership of a vehicle. Thereby leading to an increase in demand for every automotive component including the wheel hub bearings. These bearings support the wheel and help to move the vehicle.Thus, they have the inevitable function of making the smooth-wheeled operation of the vehicle, which means this is an essential component in the context of the passenger vehicle.
Technological Advancements in Automotive Industry
The rapid technological advancements in the automotive industry are also driving the growth of the Automotive Wheel Hub Bearing Aftermarket Market Industry. The integration of advanced technologies, such as electric vehicles and autonomous driving systems, is creating new demands for wheel hub bearings. These bearings need to meet the specific requirements of these technologies, such as high-speed operation and low noise levels. As a result, manufacturers are investing in research and development to develop innovative wheel hub bearings that meet the evolving needs of the automotive industry.
Growing Focus on Vehicle Safety and Performance
The growing focus on vehicle safety and performance is another key driver of the Automotive Wheel Hub Bearing Aftermarket Market Industry. Wheel hub bearings play a crucial role in maintaining stability and control of the vehicle, especially during high-speed driving and cornering. The increasing demand for high-performance vehicles and the stringent safety regulations imposed by governments are mendorong manufacturers to develop advanced wheel hub bearings that meet these requirements.These bearings are designed to withstand higher loads, reduce friction, and improve overall vehicle performance.
Automotive Wheel Hub Bearing Aftermarket Market Segment Insights:
Automotive Wheel Hub Bearing Aftermarket Market Vehicle Type Insights
The Automotive Wheel Hub Bearing Aftermarket Market is segmented by vehicle type into passenger cars, commercial vehicles, two wheelers, and electric vehicles. To be more specific, this market is segmented by the following vehicles: passenger cars, commercial vehicles , two wheelers, and electric vehicles. In 2023, the passenger car segment is projected to seize the largest share of the market, which is equal to about $5.8 billion. This dominance can be linked to the growth of the market for this type of vehicle, especially in emerging markets.
The forecasted CAGR for the segment of commercial vehicles is the highest, 7.6%, during 2023-2032 which is reasoned by the assumptions that there will be an increase in demand from companies that require these vehicles for the transportation of goods and services. The forecasted CAGR for the segment of two wheelers is 6.4%, and that for the segment of electric vehicles is 10.2%, which is the highest one. The rationale for the high CAGR of the second type is the rise in environmental concerns and the governments’ promotion and support of customers’ purchases of such cars for these reasons.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Wheel Hub Bearing Aftermarket Market Bearing Type Insights
The Automotive Wheel Hub Bearing Aftermarket Market is segmented by Bearing Type into Single Row Tapered Roller Bearings, Double Row Tapered Roller Bearings, Angular Contact Ball Bearings, Ball Bearings, and Needle Roller Bearings. The Single Row Tapered Roller Bearings segment held the largest market share in 2023, and it is expected to continue to dominate the market throughout the forecast period. The increasing demand for lightweight and fuel-efficient vehicles is driving the growth of this segment. Double Row Tapered Roller Bearings are also expected to witness significant growth due to their high load-carrying capacity and durability.
The Angular Contact Ball Bearings segment is projected to grow at a steady pace owing to its ability to handle both radial and axial loads. Ball Bearings are widely used in various automotive applications, and they are expected to continue to be a popular choice in the coming years. Needle Roller Bearings offer high precision and low friction, making them suitable for high-speed applications. The Automotive Wheel Hub Bearing Aftermarket Market revenue is projected to reach USD 11.4 billion in 2023 and is expected to grow at a CAGR of 7.3% to reach USD 21.5 billion by 2032.
Automotive Wheel Hub Bearing Aftermarket Market Application Insights
The Automotive Wheel Hub Bearing Aftermarket Market is segmented by application into front wheel hubs, rear wheel hubs, and all-wheel drive hubs. The front wheel hubs segment is expected to account for the largest market share in 2023, owing to the increasing demand for passenger cars and light commercial vehicles. The rear wheel hubs segment is expected to grow at a faster rate during the forecast period, due to the growing popularity of all-wheel drive vehicles. The all-wheel drive hubs segment is expected to account for a significant market share by 2032, owing to the increasing demand for off-road vehicles and SUVs.
Automotive Wheel Hub Bearing Aftermarket Market Market End-User Insights
The Automotive Wheel Hub Bearing Aftermarket Market is segmented into various end-user categories, including OEMs and Authorized Dealers, Independent Garages and Repair Shops, Fleet Operators, and Do-It-Yourself (DIY) Consumers. OEMs and Authorized Dealers hold a significant share of the market, driven by their strong relationships with vehicle manufacturers and access to genuine parts. Independent Garages and Repair Shops cater to a wide range of vehicle owners, offering competitive pricing and flexible services.
Fleet Operators, responsible for managing large fleets of vehicles, prioritize reliability and cost-effectiveness, often opting for aftermarket wheel hub bearings that meet their specific requirements.DIY Consumers, increasingly seeking cost-effective maintenance solutions, represent a growing segment of the market. The aftermarket for automotive wheel hub bearings is projected to witness steady growth in the coming years, influenced by factors such as increasing vehicle production, aging vehicle fleets, and rising demand for aftermarket parts due to their affordability and availability.
Automotive Wheel Hub Bearing Aftermarket Market Sales Channel Insights
The Automotive Wheel Hub Bearing Aftermarket Market segmentation by Sales Channel comprises Online Platforms, Automotive Parts Distributors, Retail Stores, and Direct Sales through Manufacturers. The Online Platforms segment is anticipated to register substantial market growth over the forecast period owing to the increasing popularity of e-commerce and the convenience it offers to customers. The Automotive Parts Distributors segment is expected to hold a significant market share due to its strong distribution networks and established relationships with repair shops.The retail Stores segment is anticipated to witness steady growth as they offer a physical location for customers to view and purchase products. Direct Sales through the Manufacturers segment is projected to gain traction as manufacturers seek to increase their control over the distribution process.
Automotive Wheel Hub Bearing Aftermarket Market Regional Insights
The Automotive Wheel Hub Bearing Aftermarket Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest market, accounting for over 35% of the global revenue in 2023. The market in this region is driven by the presence of a large automotive industry and a growing demand for aftermarket parts. Europe is the second-largest market, with a share of over 30% of the global revenue in 2023. The market in this region is driven by the presence of a large number of automotive manufacturers and a growing demand for aftermarket parts.APAC is the third-largest market, with a share of over 20% of the global revenue in 2023.
The market in this region is driven by the presence of a large number of automotive manufacturers and a growing demand for aftermarket parts. South America and MEA are relatively smaller markets, with shares of over 10% and 5% of the global revenue in 2023, respectively. The market in these regions is driven by the presence of a growing automotive industry and a growing demand for aftermarket parts. The Automotive Wheel Hub Bearing Aftermarket Market is expected to grow at a CAGR of over 7% during the period 2024-2032.
The growth of the market is driven by the increasing demand for aftermarket parts due to the growing number of vehicles on the road and the increasing age of vehicles. The market is also driven by the growing popularity of online retailers, which makes it easier for consumers to purchase aftermarket parts.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Wheel Hub Bearing Aftermarket Market Key Players And Competitive Insights:
Major players in the Automotive Wheel Hub Bearing Aftermarket Market industry are continuously investing in research and development to improve the performance and durability of their products. Leading Automotive Wheel Hub Bearing Aftermarket Market players are adopting various strategies such as mergers and acquisitions, joint ventures, and partnerships to expand their market presence and gain a competitive edge. The Automotive Wheel Hub Bearing Aftermarket Market is highly competitive with a large number of global and regional players.
These companies are focusing on developing innovative products and expanding their distribution channels to meet the growing demand for automotive wheel hub bearings. The Automotive Wheel Hub Bearing Aftermarket Market is expected to witness significant growth in the coming years due to increasing demand from the automotive industry.A leading company in the Automotive Wheel Hub Bearing Aftermarket Market is SKF. The company offers a wide range of wheel hub bearings for various types of vehicles. SKF is known for its high-quality products and strong brand reputation.
The company has a global presence and a strong distribution network. SKF is also investing heavily in research and development to develop new and innovative products.A competitor company in the Automotive Wheel Hub Bearing Aftermarket Market is NSK. The company offers a wide range of wheel hub bearings for various types of vehicles. NSK is known for its high-quality products and strong brand reputation. The company has a global presence and a strong distribution network. NSK is also investing heavily in research and development to develop new and innovative products.
Key Companies in the Automotive Wheel Hub Bearing Aftermarket Market Include:
- NSK
- JTEKT
- NTN
- GKN Automotive
- BorgWarner
- Aisin
- Timken
- FederalMogul
- SKF
- Schaeffler
- Magna
- ZF Friedrichshafen
- KYB
- Stellantis
- American Axle Manufacturing
Automotive Wheel Hub Bearing Aftermarket Market Industry Developments
The automotive wheel hub bearing aftermarket has witnessed significant growth in recent years, driven by factors such as increasing vehicle production, rising demand for aftermarket parts due to aging vehicles, and technological advancements. The market is expected to continue its growth trajectory in the coming years.In 2023, the global automotive wheel hub bearing aftermarket was valued at approximately USD 11.4 billion. The market is projected to grow at a CAGR of 7.3% during the forecast period of 2024-2032, reaching a valuation of USD 21.5 billion by 2032.
Recent news developments in the market include the launch of new products by key players, such as SKF's launch of a new generation of wheel hub bearings designed to improve fuel efficiency and reduce noise. Additionally, there has been a growing trend towards the adoption of electric vehicles, which is expected to drive demand for wheel hub bearings with lower rolling resistance and higher durability.
Automotive Wheel Hub Bearing Aftermarket Market Segmentation Insights
Automotive Wheel Hub Bearing Aftermarket Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles (Light, Medium, and Heavy Duty)
- Two Wheelers
- Electric Vehicles (BEVs, PHEVs, FCEVs)
Automotive Wheel Hub Bearing Aftermarket Market Bearing Type Outlook
- Single Row Tapered Roller Bearings
- Double Row Tapered Roller Bearings
- Angular Contact Ball Bearings
- Ball Bearings
- Needle Roller Bearings
Automotive Wheel Hub Bearing Aftermarket Market Application Outlook
- Front Wheel Hubs
- Rear Wheel Hubs
- All-Wheel Drive Hubs
Automotive Wheel Hub Bearing Aftermarket Market Market End-User Outlook
- OEMs and Authorized Dealers
- Independent Garages and Repair Shops
- Fleet Operators
- Do-It-Yourself (DIY) Consumers
Automotive Wheel Hub Bearing Aftermarket Market Sales Channel Outlook
- Online Platforms
- Automotive Parts Distributors
- Retail Stores
- Direct Sales through Manufacturers
Automotive Wheel Hub Bearing Aftermarket Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
10.62 (USD Billion) |
| Market Size 2023 |
11.4 (USD Billion) |
| Market Size 2032 |
21.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.3% (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 |
NSK, JTEKT, NTN, GKN Automotive, BorgWarner, Aisin, Timken, FederalMogul, SKF, Schaeffler, Magna, ZF Friedrichshafen, KYB, Stellantis, American Axle Manufacturing |
| Segments Covered |
Vehicle Type, Bearing Type, Application, Market End-User, Sales Channel, Regional |
| Key Market Opportunities |
Vehicle safety mandate compliance Advanced driver assistance systems adoption Rising ecommerce penetration Growing electric vehicle production Expanding aftermarket distribution channels |
| Key Market Dynamics |
Growing vehicle production, increasing demand for electric vehicles, rising aftermarket penetration, technological advancements, competitive landscape |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Wheel Hub Bearing Aftermarket Market size was valued at USD 11.4 billion in 2023.
The Automotive Wheel Hub Bearing Aftermarket Market is expected to reach USD 21.5 billion by 2032, exhibiting a CAGR of 7.3% during the forecast period (2024-2032).
Asia Pacific is expected to dominate the Automotive Wheel Hub Bearing Aftermarket Market, accounting for the largest market share due to the presence of major automotive manufacturing hubs like China, Japan, and India.
The increasing vehicle production, rising demand for aftermarket parts, and technological advancements in wheel hub bearings are driving the growth of the Automotive Wheel Hub Bearing Aftermarket Market.
Some of the key competitors in the Automotive Wheel Hub Bearing Aftermarket Market include SKF, NSK, Timken, Schaeffler, and JTEKT.
Automotive Wheel Hub Bearings are primarily used in passenger cars, commercial vehicles, and off-highway vehicles.
The growing adoption of electric vehicles is expected to have a positive impact on the Automotive Wheel Hub Bearing Aftermarket Market, as electric vehicles require specialized wheel hub bearings designed to handle the unique challenges of electric propulsion.
Key trends shaping the Automotive Wheel Hub Bearing Aftermarket Market include the increasing use of advanced materials, the integration of sensors and electronics, and the adoption of predictive maintenance technologies.
The Automotive Wheel Hub Bearing Aftermarket Market faces challenges such as intense competition, the availability of counterfeit parts, and the need for specialized expertise for installation and maintenance.
Opportunities for growth in the Automotive Wheel Hub Bearing Aftermarket Market include the expansion of the aftermarket distribution network, the development of innovative products, and the adoption of data analytics for demand forecasting and inventory management.
