Automotive Wheel Bearing Market to Reach USD 53.6 Billion by 2030; Rising Demand of Thrust Bearings to Propel Growth: The Brainy Insights
The high demands placed on a wheel bearing are growing because of expanding transit volumes, improved performance, and altered driving habits. Asia-Pacific region is expected to stay one of the most alluring markets, and this region accounts for the majority revenue share in the automotive wheel bearing market.
Newark, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The Automotive wheel bearing market was estimated at around USD 39.5 billion in 2021, growing at a CAGR of nearly 3.4% during 2022-2030. The market is projected to reach approximately USD 53.6 billion by 2030.
In order to make the wheel spin smoothly and with the least amount of friction possible, a wheel bearing is a group of steel balls held together by a metal ring called a race. On a variety of vehicles, including bicycles, cars, and planes, they are typically used. When travelling along the road, a car's wheel bearings cooperate with the tire, hub, and wheel to create a smooth ride. In the wheel hub assembly of automobiles, ball bearings and roller bearings are the two main types of wheel bearings used. They have a great load carrying capability and little wear on the working parts. During the forecast period, the automotive wheel bearings market is anticipated to be driven by an increase in vehicle sales across the globe, complemented by an increase in demand for cars. The automotive wheel bearing market is anticipated to grow during the forecast period due to the importance of wheels as an essential component of any vehicle and an increase in vehicle manufacturing globally. All of the car's wheels, from the front wheels to the back wheels, have automotive wheel bearings built in.
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From automobiles to trucks and buses, a variety of wheels are equipped with automotive wheel bearings. They are firmly integrated within the wheel hub, which is a hollow metal piece at the center of the wheel and attached on the metal axle shafts. Key elements that are anticipated to propel the automotive wheel bearings market during the projected period include an increase in vehicle sales across the globe, supplemented by an increase in demand for cars. A growth in vehicle production around the world is anticipated to boost the automotive wheel bearing market during the forecast period. Wheels are an essential part of any vehicle. All of a vehicle's wheels, from the front wheels to the rear wheels, are equipped with automotive wheel bearings. Additionally, bearings have many benefits, including low friction, excellent performance, and reliability. They are also long-lasting, affordable, corrosion- and temperature-resistant, require little lubrication and maintenance, and are temperature- and corrosion-resistant. Thus, the automobile wheel bearing industry is projected to grow quickly in the coming years.
Wheel bearing manufacture for automobiles has increased along with the production of automobiles, two-wheelers, and specialty vehicles. In order to go over various types of roads and potholes with the least amount of friction, these bearings assist automobiles. These days, the majority of automobiles come with sealed hub assemblies with wheel bearings that don't need any maintenance. Mining activities, which work in dust and contaminants, use specialized vehicles like off-highway trucks extensively. Many businesses are concentrating on creating wheel bearings with high functionality in order to shield themselves from such issues.
The market for automotive wheel bearing market is segmented into the type, and vehicle type. According to the type, the roller bearing segment is expected to increase at the quickest rate. Radial and axial loads are supported and rotational friction is reduced by roller bearings. In contrast to their competitors, roller bearings can easily withstand both high radial loads and restricted axial loads.
To ensure smooth movement of the bearings' moving components, ball bearings, which are metal rolling balls, are inserted between the moving parts. These are employed to support radial and axial loads and lessen rotating friction. also employed to reduce loss of power and friction. The newest trend involves adding sensor units to ball bearings.
The passenger cars segment is anticipated to hold major share in the automotive wheel bearing market by vehicle type during the forecast period. The main reason for this is that more passenger cars are produced than commercial cars. The market for passenger vehicles is being helped by an increase in living standards, a drop in auto loan interest rates, and better interest rates all over the world. Throughout the forecast period, the category is expected to keep holding the market's top spot.
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The biggest market share of the total market was held by the Asia-Pacific in the automotive wheel bearing market. Asia-Pacific offers a large population, low labor costs, and cost advantages. The Asia-Pacific region is home to a large number of automotive OEMs, suppliers, and producers. The establishment of manufacturing facilities by automakers in this area has boosted demand for cars. Additionally, governments in nations like China and India have implemented a number of laws to support the expansion of the automobile sector.
Additionally, a big element anticipated to drive the growth of the automotive wheel bearing market in Asia Pacific during the forecast period is the region's established and mature component base together with an increase in foreign direct investment.
Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Automotive wheel bearing Market CAGR
List of the prominent players in the Global Automotive wheel bearing market:
• SKF, Schaeffler AG.
• Jtekt Corporation
• NTN Corporation
• Iljin Bearing Co., Ltd
• Cixing Group Co., Ltd.
• American Axle and Manufacturing
• Koyo Bearings
• NSK Ltd.
• ABC Bearings
The global Automotive wheel bearing market is segmented as follows:
• Ball Bearing
• Roller Bearing
• Plain Bearing
By Vehicle Type
• Passenger Cars
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
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