Automotive Wheel Bearing Market Forecasts to 2028 – Global Analysis By Vehicle Type (Four Wheelers, Two-Wheelers), Engine Type (Electric, Petrol), Application (Transmission System, Engine, Steering System), and By Geography
According to Stratistics MRC, the Global Automotive Wheel Bearing Market is accounted for $32.23 billion in 2020 and is expected to reach $52.54 billion by 2028 growing at a CAGR of 6.3% during the forecast period. Some of the key factors propelling the market growth include high demand for thrust bearings and demand for automated driving system (ADS), rise in automotive production creating new markets, rise in vehicle sales across the globe supplemented with a rise in demand for cars, and rise in vehicle production across the globe. However, reduction in weight of wheel bearings may hinder the market growth.
A wheel bearing refers to a set of steel balls held together by a metal ring called a race, which makes wheel spin fast with as little friction as possible. They are generally used on various vehicles, from bicycles to aircraft and cars. On a car, wheel bearing work with the tire, hub, and wheel to make a smooth ride while driving down the road. There are mainly two types of wheel bearing used in the wheel hub assembly of automobiles, ball bearing and roller bearing. They provide low friction between moving parts and high load-carrying capacity.
By bearing type, the ball bearing segment is expected to grow at the significant rate during the forecast period, owing to its high performance. Ball bearings are rolling element metal balls that are placed between the moving parts of bearings to make them move smoothly. These are used to reduce rotational friction and support radial and axial loads. Also, used to minimize friction and power loss. Latest trend is incorporation of sensor units in ball bearings. Sensor units assist in the digital monitoring of rotation speed, axial movement, deceleration, acceleration and load carrying capacity.
Based on the geography, Asia Pacific is anticipated to be the fastest-growing regional market over the forecast period, owing to rising demand for passenger cars and commercial vehicles in the region. China, being a hub for production processes for many industries along with growing demand for automotive and industrial related developments, persisting in the country led it to contribute extensively to the innovations in utilization and determination of physical properties of wheel bearings. In 2019, Xin Guobin, vice-minister of industry and information technology of China had informed that car sales contribute for the lion's share of overall retail market of China and play a key role in the industrial economy.
Some of the key players in Automotive Wheel Bearing Market include ORS Bearings, Jtekt Corporation, NTN Corporation, NSK Ltd., NEI, Mahle GmbH, SKF, Schaeffler AG., Wafangdian Bearing Group Co., Ltd., Iljin Bearing Co., Ltd., Timken Company, Cixing Group Co., Ltd., ABC Bearings, Tata Bearings., and CW Bearing.
Estimated Market Size in 2020:
USD 32.23 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 52.54 billion
Tables, Graphs & Figures
Bearing Type, Integration, Vehicle Type, Engine Type, Type, Sales Channel, and Application
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Bearing Types Covered:
• Roller Bearing
• Ball Bearing
• Thrust Bearing
• Plain Bearing
• Precision Ball Bearings
• Double Row Angular Contact Bearings
• Angular Contact Ball Bearings
• Rear Wheel
• Front Wheel
Vehicle Types Covered:
• Three Wheelers
• Four Wheelers
Engine Types Covered:
• Liquefied Natural Gas (LNG)
• Gen. 1 Bearing
• Gen. 2 Bearing
• Gen. 3 Bearing
Sales Channels Covered:
• Original Equipment Manufacturer (OEM)
• Transmission System
• Wheel Hub
• Steering System
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Automotive Wheel Bearing Market is majorly driven by high demand for thrust bearings and demand for automated driving system (ADS), rise in automotive production creating new markets, and rising demand for two-wheelers in the emerging economies.
The ball bearing segment is growing at a highest CAGR owing to its high performance, development and adoption of integrated bearings is on the rise as it is drastically reducing the number of bearing units required in the assembled product.
Asia Pacific dominated with a significant market share due to the rising demand for passenger cars and commercial vehicles in the region, growing demand for automotive and industrial related developments, and the presence of key global automotive vehicle manufacturers in China, Japan, India, and South Korea.
North America market is growing at a highest CAGR owing to the presence of highly developed automotive industry and the ultra-modern production units in the region.
Key players in Automotive Wheel Bearing Market include ORS Bearings, Jtekt Corporation, NTN Corporation, NSK Ltd., NEI, Mahle GmbH, SKF, Schaeffler AG., Wafangdian Bearing Group Co., Ltd., Iljin Bearing Co., Ltd., Timken Company, Cixing Group Co., Ltd., ABC Bearings, Tata Bearings., and CW Bearing.
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