PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290823
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290823
Automotive Hub Bearing Market size was valued at USD 8,005.1 Billion in 2022, expanding at a CAGR of 6.6% from 2023 to 2030.
An automotive hub bearing, also known as a wheel bearing, is a component that supports the weight of a vehicle and allows the wheels to rotate smoothly. It is typically made up of two main parts: the outer ring, which attaches to the wheel hub, and the inner ring, which attaches to the axle. Hub bearings are typically sealed and lubricated, and they are designed to withstand the heavy loads and constant vibration that are generated by the vehicle's weight and movement. Over time, however, they can wear out and become damaged, which can result in a number of problems, including noise, vibration, and poor handling. The replacement process typically involves removing the wheel and hub assembly, removing the old bearing, and installing a new one. It is important to use high-quality replacement parts and to follow the manufacturer's instructions carefully to ensure proper installation and performance.
Thrust bearings are increasingly being utilized in various applications because they offer several advantages over other types of bearings. Thrust bearings are designed to handle axial loads, which are forces that act parallel to the axis of rotation. This makes them ideal for use in applications where there is a need to support heavy loads in one direction, such as in machinery and automotive systems. Thrust bearings helps in minimizing friction and reduce wear between moving parts. This makes them more efficient and durable than other types of bearings, which can save energy and reduce maintenance costs. They are typically designed to be compact and lightweight, which makes them well-suited for use in applications where space is limited or weight is a concern. Moreover, thrust bearings are available in a wide range of sizes and materials, which makes them versatile and suitable for use in many different applications. Overall, the increasing utilization of thrust bearings can be attributed to their ability to handle heavy axial loads, low friction, compact design, and versatility in terms of size and material options.
The Global Automotive Hub Bearing Market is segmented on the basis of Product Type, Sales Channel, Vehicle Type, and Application. The market is divided into five categories based on product type: ball bearing, precision ball bearing, roller bearing, tapered roller bearing, and others. Tapered roll bearing are the dominating market segment as they are commonly used in automotive hub bearings due to their ability to handle both radial and axial loads. This makes them ideal for supporting the weight of a vehicle and allowing the wheels to rotate smoothly.
The market is divided into two categories based on sales channel: OEMs and aftermarket. Aftermarket are the dominating market segment as are often less expensive than OEM parts, which can help consumers save money on repairs and maintenance. Aftermarket hub bearings are widely available and can be purchased from a variety of suppliers, which can be convenient for consumers who need to replace a bearing quickly.
The market is divided into three categories based on vehicle type: passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Passenger vehicles are showcase the highest market share as they require more automotive hub bearings because they are heavier and typically have higher demands on the bearings compared to smaller vehicles. Additionally, passenger cars generally travel greater distances, so the bearings are exposed to more wear and tear over time.
The market is divided into two categories based on application: front and rear. Automotive hub bearing are applied more on the rear wheels of a vehicle play a critical role in supporting the weight of the vehicle, transmitting torque from the drive train to the wheels, and allowing the wheels to rotate smoothly.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Automotive Hub Bearing market in APAC region is a growing and competitive market, driven by the increasing demand for vehicles in the region. APAC is the largest automotive hub bearing market globally, and it is expected to continue to grow in the coming years due to various factors such as urbanization, increasing disposable incomes, and the growing demand for fuel-efficient vehicles. The automotive hub bearing market in APAC is segmented into various countries, including China, India, Japan, South Korea, and ASEAN (Association of Southeast Asian Nations) countries. Among these, China is the largest market for automotive hub bearings due to its large vehicle production capacity and increasing demand for passenger cars and commercial vehicles. APAC is home to some of the largest automotive manufacturers in the world, such as Toyota, Honda, and Hyundai, which are driving the demand for automotive hub bearings. The region has become a major hub for automotive production, with China and India leading the way. The demand for fuel-efficient vehicles in the region is increasing due to rising fuel prices and the need to reduce carbon emissions. Automotive hub bearings are an important component of fuel-efficient vehicles, as they reduce friction and improve energy efficiency. Overall, the automotive hub bearing market in APAC is a competitive and growing market, driven by the increasing demand for vehicles and the need for fuel-efficient, safe, and comfortable transportation.
The competitive landscape of the automotive hub bearing market is highly competitive, with several global and regional players operating in the market. The key market players in the automotive hub bearing market are actively investing in research and development to improve their product offerings and expand their market reach. In the automotive hub bearing market, the key competitive strategies used by players include mergers and acquisitions, product innovation, and partnerships and collaborations. Companies are focusing on developing new and advanced technologies to meet the changing customer demands and regulatory requirements. For instance, SKF Group has developed a range of advanced bearing technologies, such as the X-Tracker, which is designed to improve the performance and durability of automotive hub bearings. Similarly, NTN Corporation has developed the GEN 3 hub bearing unit, which is designed to improve fuel efficiency and reduce carbon emissions. Regional players are also playing a significant role in the market, particularly in emerging markets such as China, India, and ASEAN countries. These players are focusing on developing cost-effective solutions to cater to the needs of the local market. Overall, the automotive hub bearing market is highly competitive, with several major players vying for market share through product innovation and strategic partnerships. The market is expected to continue to grow in the coming years, driven by the increasing demand for vehicles and the need for high-performance, durable, and fuel-efficient automotive hub bearings.
In May 2022, in order to improve efficiency and service life for all types of powertrains, Schaeffler AG created two new products: the TriFinity triple-row wheel bearing and the high-efficiency ball bearing with a centrifugal disc. Both large and light commercial vehicles benefit greatly from cutting-edge bearing technology since they dramatically extend driving distance.
The scope of this report covers the market by its major segments, which include as follows:
TABLE North America Automotive Hub Bearing Market, by Vehicle Type, 2018-2030 (USD Million)