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Transforming the Wheel Hub Assembly Market in 2025: Expansion Of The Automotive Industry Drives Growth In The Wheel Hub Assembly
Wheel Hub Assembly Market Research
The market size of the wheel hub assembly has experienced a fast-paced increase in the recent years. It is projected to expand from $5.53 billion in 2024 to $6.19 billion in 2025, with a compound annual growth rate (CAGR) of 12.0%. The growth during the historic period can be credited to factors such as the development of the automotive industry, safety and regulations, globalization of supply chains, consumer preferences and trends, and the demand for maintenance and replacement.
The market size for wheel hub assembly is predicted to experience a swift expansion in the following years, reaching $9.1 billion by 2029 with a compound annual growth rate (CAGR) of 10.1%. The growth projected for the forecast period is due in part to factors such as the electrification of vehicles, the advent of advanced materials and manufacturing approaches, the progress of autonomous vehicle technology, environmental regulations, and the rise of e-commerce within the automotive aftermarket. Key trends throughout the forecast period include urbanization and mobility solutions, the development of connected vehicle technology, technological advancements, an increased demand for lightweight materials, and a heightened focus on sustainability.
What Factors Are Fueling Growth in the Wheel Hub Assembly Market?
The expansion of the automotive sector is projected to fuel the wheel hub assembly market's progression. The automotive field encompasses the creation, manufacturing, promotion, and distribution of vehicles like cars, lorries, motorbikes, and other modes of transport. The wheel hub assembly serves as a critical element of this industry, enhancing vehicle safety, maneuverability, and performance. For example, the EU car market saw a staggering growth of 13.9% in 2023, with sales climbing to 867,052 units, a significant rise from 2022. This led to a sturdy annual volume of 10.5 million units, as data from the European Automobile Manufacturers' Association (ACEA) showed in January 2024. Prominent markets exhibited double-digit ascents, specifically in Italy (+18.9%), Spain (+16.7%), and France (+16.1%). However, Germany's growth was slightly lower at 7.3% year-on-year. Hence, the escalating automotive sector promotes the development of the wheel hub assembly market.
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Which Leading Companies Are Shaping the Growth of the Wheel Hub Assembly Market?
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
What Are the Major Trends Shaping the Wheel Hub Assembly Market?
In the wheel hub assembly market, leading firms like AB SKF are introducing new and innovative products like the SKF Hybrid Deep Groove Ball Bearing in order to maintain their competitive advantage. The SKF Hybrid Deep Groove Ball Bearings contain rings made from bearing steel and rolling elements constructed from bearing-grade silicon nitride (Si3N4), combining a variety of materials for optimal performance. In August 2022, AB SKF, a company based in Sweden that specializes in producing seals and bearings, debuted this new bearing, which was designed with high-speed applications in mind, and is intended for use in the rail sector's traction motors and electric machines. The bearing's distinctive features include a lightweight polymeric cage, which enables the bearing to have at least 60% faster limiting speed compared to classic designs. It also lowers friction for quieter operation and allows for a greater power density. Moreover, it enhances efficiency, extends the lifespan of the grease and provides design versatility, thus reducing energy consumption, increasing reliability and lowering the overall cost of owning electric machines and drives.
What Are the Key Segments of the Wheel Hub Assembly Market?
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), After market
5) By Application: Passenger Vehicle, Commercial Vehicle, Heavy-Duty Vehicle
Subsegments:
1) By Ball Bearings: Single-Row Ball Bearings, Double-Row Ball Bearings
2) By Roller Bearings: Cylindrical Roller Bearings, Tapered Roller Bearings, Spherical Roller Bearings
3) By Angular Contact Bearings: Single-Row Angular Contact Bearings, Double-Row Angular Contact Bearings
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Which Region Dominates the Wheel Hub Assembly Market?
Asia-Pacific was the largest region in the wheel hub assembly market in 2024. The regions covered in the wheel hub assembly market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Wheel Hub Assembly Global Market Report?
- Market Size Analysis: Analyze the Wheel Hub Assembly Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Wheel Hub Assembly Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Wheel Hub Assembly Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Wheel Hub Assembly Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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