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Wheel Hub Assembly Market Report 2024-2033 | Size, Trends, Share And Insights
Wheel Hub Assembly Market
As per the report, the wheel hub assembly market size has grown rapidly in recent years. It will grow from $4.93 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The wheel hub assembly market size is expected to see rapid growth in the next few years. It will grow to $8.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
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Impact of the Growing Automotive Industry on the Wheel Hub Assembly Market
The growing automotive industry is expected to propel the growth of the wheel hub assembly market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. The wheel hub assembly is an essential component of the automotive industry, providing several benefits that improve the safety, handling, and performance of vehicles. For instance, in May 2023, according to a report published by the European Automobile Manufacturers' Association (ACEA), a Belgium-based association, in 2022, the worldwide production of motor vehicles reached 85.4 million, which is a 5.7% increase compared to 2021. Further, according to the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the total production of cars and commercial vehicles increased from 80,145,988 in 2021 to 85,016,728 in 2022, representing a 5.7% increase. Therefore, the growing automotive industry is driving the growth of the wheel hub assembly market.
A Focus On The SKF Hybrid Deep Groove Ball Bearing In The Wheel Hub Assembly Market
Major companies operating in the wheel hub assembly market are innovating new products such as SKF Hybrid Deep Groove Ball Bearing to gain a competitive edge in the market. SKF Hybrid Deep Groove Ball Bearings are a type of hybrid bearing that has rings made of bearing steel and rolling elements made of bearing-grade silicon nitride (Si3N4). For instance, in August 2022, AB SKF, a Sweden-based bearing and seal manufacturing company, launched SKF Hybrid Deep Groove Ball Bearings, a new hybrid deep groove ball bearing designed for high-speed applications, targeting the rail industry's traction motors and electric machines. The bearing features a lightweight polymeric cage that increases the limiting speed by at least 60% compared to traditional designs, reduces friction for quieter operation, and allows for higher power density. It also cuts energy consumption, enhances reliability, and reduces the total cost of ownership of electric machines and drives by improving efficiency, prolonging grease life, and offering design flexibility.
The wheel hub assembly market covered in this report is segmented -
1) By Bearing Type: Ball Bearings, Roller Bearings, Angular Contact Bearings
2) By Material: Aluminum Alloy, Carbon Steel, Stainless Steel
3) By Technology: Wheel Motor Hub Assembly, Sensor Embedded Wheel Hub Assembly, Splined Wheel Hub Assembly
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Application: Passenger Vehicle, Commercial Vehicle, Heavy-Duty Vehicle
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Major companies operating in the wheel hub assembly market report are Compagnie de Saint-Gobain S.A., Aisin Seiki Co. Ltd., Schaeffler Technologies AG & Co. KG, AB SKF, NSK Ltd., Federal-Mogul Corporation, GKN Automotive, HL Mando Corporation, The Timken Company, JTEKT Corporation, Nachi-Fujikoshi Corp., Wafangdian Bearing Group Co. Ltd., ILJIN Holdings Co. Ltd., RBC Bearings Incorporated, Maxion Wheels U.S.A. LLC, NTN Corporation, GMB Corporation, Xiangyang Automobile Bearing Co. Ltd., Barden Corporation, Nachi America Inc., Mevotech LP, Jiangsu Nanfang Bearing Co. Ltd., Fersa Bearings S.A., Wanxiang Group Corporation, C&U Company Limited
Contents of the report:
1. Executive Summary
2. Wheel Hub Assembly Market Report Structure
3. Wheel Hub Assembly Market Trends And Strategies
4. Wheel Hub Assembly Market - Macro Economic Scenario
5. Wheel Hub Assembly Market Size And Growth
…..
27. Wheel Hub Assembly Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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