Wheel Hub Assembly Market: Size, Dynamics, Regional Insights and Market Segment Analysis

Wheel Hub Assembly Market was valued at US$ 5.33 Billion in 2023, and it is expected to reach US$ 10.91 Billion by 2030, exhibiting a CAGR of 10.76 % during the forecast period (2024-2030)
Wheel Hub Assembly Market Overview:
The wheel hub assembly includes wheel studs that attach the wheels of the vehicle to the car. Wheel hub assembly is mounted to the steering & suspension system on the front end and the rear axle on the rear end. The development in the number of automobile sales coupled with changing technologies and the arrival of an electric vehicle will drive the wheel hub assembly market globally.

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Wheel Hub Assembly Market Dynamics:
Hub Bearings for Automobiles that use Innovative Technology to Enhance Functionality

The automobile hub bearing industry is expected to grow more quickly if there is a strong focus on lowering vehicle weight to increase automotive economy. Additionally, thanks to the massive production and sales of vehicles, there is a lucrative need for automotive hub bearings, which is fuelling a rise in industry growth. The market for wheel hub assembly will see new growth opportunities as a result of technological advancements in hub bearings that bring new features to the product. However, fluctuating raw material prices can have a significant impact on the manufacture and sales of car hub bearings, which will reduce market growth.

The development of additive manufacturing technologies and the evolution of sensor bearing units will support the growth of the wheel hub assembly market. Furthermore, the market for wheel hub assembly will have new development opportunities owing to the increase in product demand in emerging countries. Additionally, a rise in the number of passenger and commercial cars on the road has stimulated a significant demand for the production of automotive hub bearings, paving the way for the development of the automotive hub bearing industry.

Market Growth Will Be Fuelled By Increased Investments In Automotive Bearing

Manufacturers of automobiles and automotive components are spending a lot of money on R&D to attract more customers as global demand for automobiles rises. Additionally, the increased rivalry in the wheel hub assembly market is driving up the standard and variety of products offered by the producers. Aside from that, recent years have seen a significant increase in the expansion of production facilities. For instance, SKF invested SEK 400 million in 2020 to increase ball bearing production in China. A new facility in Xinchang was also the recipient of a SEK 370 million investment from the corporation.

Reduction in Weight of Wheel Bearings

Usually, high grade and high spec steel, alloy steel, and other hard metals are used to make vehicle wheel bearings. The use of heavy metals increases the weight of wheel bearing production. Wheel bearing weight will decrease in the coming years due to the adoption and production of light weight cars. The size and weight reduction of bearings while maintaining high efficiency is becoming a significant problem for OEMs.

OEM Companies are utilising the most recent technology in an effort to stay competitive in the market by reducing the weight of the vehicles for reduced CO2 emissions and improved fuel efficiency. This can be achieved by manufacturing bearings from lightweight materials. The market's growth would be hampered by the switch to electric vehicles from internal combustion engines since there would be less need for wheel bearings as the engine would be replaced by an electric motor. Depending on the application, the company SKF had already begun producing bearings that were 10–12% lighter than those produced previously.
Wheel Hub Assembly Market Segment Analysis:
Wheel Motor Hub Assembly Segment is expected to Witness Significant Growth during 2024-2030.

By Technology, wheel motor hub assembly segment is expected to grow at the largest CAGR of 11.5% during the forecast period, thanks to its implementation in electric vehicles. The wheel motor type also improves the system's effectiveness. Wheel hub motor sales in 2019 were estimated by Hero Electric Cars to be around 4 billion USD.

Driven Wheel Hub Assembly Segment Is Projected To Account For The Largest 64.25% Market Share by 2030.

Based on drive, the driven wheel hub assembly of front-drive vehicles transmits power and steers; as a result, it has splines to include drive shafts and is mounted to the suspension with ball joints. The market for driven wheel hub assemblies is predicted to grow significantly as a result of the rising demand for all-wheel drive automobiles.

Aftermarket Segment Held The Largest Market Share Of 71.3% In 2023.

In term of sales channel, aftermarket segment is anticipated to be the fastest growing market and it accounts for the largest share of 71.3% of the market in 2023. The bearings and rotor of the wheel hub assembly undergo wear and tear due to the continuous friction and hence, have high demand in the aftermarket. Thanks to the constant friction, the bearings and rotor of the wheel hub assembly experience wear and tear and are therefore in high demand in the aftermarket.

Passenger cars segment is expected to grow at the highest CAGR of 10.75% during the forecast period

By vehicle type, passenger cars segment accounted for the largest market share in 2023 and is expected to grow at the highest CAGR of 10.75% during the forecast period. Customers around the world are more willing than before to spend on different models of passenger cars. Luxury automobile sales have increased as well, which is anticipated to increase demand for automotive wheel bearing aftermarket.

Roller bearings Segment Held the Largest Market Share Of 35% in 2023:

Roller bearings segment held largest 35% of the total market share in 2023. Roller bearings sustain radial and axial stresses while reducing rotational friction. Compared to other bearing types, roller bearings are more effective at withstanding high radial loads and modest axial loads. Ball Bearings are expected to increase at a significant CAGR over the forecast period as they are increasingly employed in both four and two-wheeled autos.
Wheel Hub Assembly Market Regional Analysis:
Asia-Pacific held the largest market share of 32.5% in 2023 and is expected to grow at the highest CAGR of 10.52% during forecast period. APAC offers a sizable population, low labour costs, and cost advantages. Automotive OEMs, suppliers, and manufacturers are concentrated in the Asia-Pacific region. The development of manufacturing facilities by automakers in this area has boosted demand for cars. Additionally, governments in countries like China and India have implemented a number of laws to encourage the growth of the automobile sector.

India: The automotive industry's increased need for lightweight, long-lasting bearings has prompted well-known bearing producers like SKF India, Schaeffler India, and NRB Bearings to concentrate on using innovative raw materials rather of the more conventional high-grade steel. As an illustration, SKF India produces car bearings using alloys that are 10%–12% lighter than conventional bearings built from high-grade steel. Vendors are increasing their R&D expenditures in order to produce lightweight technology. Schaeffler India invested 1.34% of its revenue in R & D in 2019.

Europe occupied the second largest market share in 2023. Growth in Europe is being fuelled by the existence of a highly developed commercial sector and the growth of manufacturing centres. Spain is expected to take the lead during the projection period, according to MMR. During the forecast period, the value of the Europe Wheel Hub Assembly market is expected to rise due to the rising propensity for buying luxury cars in countries like the UK, France, Russia, and others.

According to a study conducted by the European Auto Manufacturers Association, the market for wheel hub assemblies has shrunk owing to the COVID epidemic due to slower economic growth and manufacturing of automotive products. Furthermore, the industry has gained pace as a result of manufacturers' growing demand for wheel safety devices in passenger automobiles and commercial vehicles. The demand for passenger and commercial vehicles, as well as sports automobiles, is rising as a result of trade agreements between Asia countries, EU and GCC countries.

North America: The market for Wheel Hub Assembly has also become very successful in North America. Growth in the region is made possible by the presence of a highly developed automotive sector and cutting-edge production facilities. The demand for commercial vehicles, especially light commercial vehicles, is extremely high in the region. For lifespan, these vehicles need frequent maintenance. MMR report expects that this will increase regional demand for wheel hub assembly.

In recent year, key market players operating on wheel hub assembly are focusing on the development of smaller, lightweight material. For instance, NTN developed modular solutions for electrical vehicles and produced smaller, lighter bearings and CVJs that give less torque. Manufacturers want to address the most recent issues facing the auto industry, including the requirement for low fuel use and lower CO2 emissions.

1. A hybrid Deep Groove Ball Bearing (DGBB) with steel rings and ceramic rolling elements was developed by SKF in December 2021. It is the greatest option for high-performance EV powertrains because it offers greater high-speed performance and the best electrical insulation. Additionally, SKF is developing targeted solutions to stop current leakage at the system level and safeguard the entire electric car transmission system.

2. Two new Schaeffler bearings made specifically for electric vehicles will be released in February 2022: the high-efficiency ball bearing with centrifugal disc and the TriFinity triple-row wheel bearing.
Global Wheel Hub Assembly Market Key Insight:
1. Global market for automotive wheel bearing is expected to grow during the forecast period thanks to the increase in vehicle manufacturing globally.
2. Wheel bearing manufacture for vehicles has increased along with the production of automobiles, two-wheelers, and specialty vehicles.
3. The demand for commercial vehicles has unusually increased over the past few years thus growing the demand for automotive wheel bearings.
4. The sensor embedded wheel hub assembly segment is expected to account for a projecting share due to the mounting of ABS sensor & other active and passive safety sensors on the wheel hubs.
5. APAC is expected to hold highest market share during the forecast period owing to high vehicle production volume in China & India.
Wheel Hub Assembly Market Scope: Inquire before buying



Wheel Hub Assembly Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018to 2023
Market Size in 2023:
US $ 5.33 Bn.


Forecast Period 2024 to 2030 CAGR:
10.76%
Market Size in 2030:
US $ 10.91 Bn.


 Segments Covered:
by Vehicle Type
1. Passenger Cars
2. Light Commercial Vehicle
3. Heavy Commercial Vehicle
4. Electric cars


by Technology
1. Wheel motor hub assembly
2. Sensor embedded wheel hub assembly
3. Splined wheel hub assembly


by Bearing Type
1. Ball bearings
2. Roller bearings
3. Angular contact bearings


by Sales Channel
1. OEM
2. Aftermarket



Wheel Hub Assembly Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Wheel Hub Assembly Market, Key Players are:
1. TIMKEN (US)
2. GKN (UK)
3. NSK (Japan)
4. NTN (Japan)
5. SKF (Sweden)
6. Shuanglin NTP (China)
7. Wanxiang (China)
8. C&U (China)
9. Harbin Bearing (China)
10. Changjiang Bearing (China)
11. FKG Bearing (China)
12. Wafangdian Bearing (China)
13. PFI
14. Xiangyang Auto Bearing (China)
15. Changzhou Guangyang (China)
16. Xiangyang Xinghuo (China)
17. Shaoguan Southeast (China)
18. GMB Corporation (Japan)
19. Nachi-Fujikoshi (Japan)
20. JTEKT (Japan)
21. ILJIN (South Korea)
22. Schaeffler (India)

Frequently Asked Questions:

1. Which region has the largest share in Global Wheel Hub Assembly Market?
Ans: Asia Pacific region held the highest share in 2023.

2. What is the growth rate of Global Wheel Hub Assembly Market?
Ans: The Global Wheel Hub Assembly Market is growing at a CAGR of 10.76% during forecasting period 2024-2030.

3. What is scope of the Global Wheel Hub Assembly market report?
Ans: Global Wheel Hub Assembly Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. What is the study period of this market?
Ans: The Global Wheel Hub Assembly Market is studied from 2024 to 2030.