Press release
Leading Element Driving Change in the Wheel Hub Assembly Market in 2025: Expansion Of The Automotive Industry Drives Growth In The Wheel Hub Assembly Driver
Wheel Hub Assembly Market
The expansion of the auto industry is predicted to fuel the wheel hub assembly market's advancement. The automotive sector encompasses the creation, promotion, and selling of motor vehicles, including cars, trucks, motorcycles, among others. The wheel hub assembly plays a crucial role in this industry, offering numerous advantages that enhance vehicles' safety, control, and efficiency. For instance, records from the European Automobile Manufacturers' Association (ACEA), a Belgium-based auto industry lobbying and standards organization, show that the EU car market witnessed an impressive surge of 13.9% in 2023, increasing sales to 867,052 units compared to 2022, culminating in a total annual volume of 10.5 million units. Most markets experienced significant increases, notably Italy (+18.9%), Spain (+16.7%), and France (+16.1%), while Germany reported a slightly conservative annual growth of 7.3%. Thus, the expanding auto industry is fueling the progress of the wheel hub assembly market. Wheel Hub Assembly Market Driver: Mounting incidents of Road Accidents Promoting the Need for Wheel Hub Assemblies Enhancing Safety in Automotive
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What growth opportunities are expected to drive the wheel hub assembly market's CAGR through 2034?
The market size of the wheel hub assembly has seen significant growth in the past few years. It is anticipated to expand from $5.53 billion in 2024 to $6.19 billion in 2025, with a compound annual growth rate (CAGR) of 12.0%. This growth over the historical period is linked to factors such as the expansion of the automotive industry, safety norms and regulations, global expansion of supply chains, consumer tastes and trends, as well as demand for maintenance and replacement.
The market for wheel hub assembly is projected to experience swift expansion in the ensuing years, with an anticipated valuation of $9.1 billion in 2029 and a compound annual growth rate (CAGR) of 10.1%. Factors contributing to this predicted growth in the forecast period encompass vehicle electrification, cutting-edge materials and manufacturing methods, progression in autonomous vehicle technology, environmental regulations, and the increasing prevalence of e-commerce in the automotive aftermarket. The forecast period will also see pervasive trends such as urbanization and mobility solutions, connected vehicle technologies, technological progress, demand for lightweight materials, and emphasis on sustainability.
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What are the emerging trends shaping the future of the wheel hub assembly market?
In the wheel hub assembly market, top corporations such as SKF are introducing innovative products like the Hybrid Deep Groove Ball Bearing to leverage a competitive advantage in the sector. The SKF Hybrid Deep Groove Ball Bearings are a distinct type of hybrid bearing composed of rings of bearing steel and rolling constituents of bearing-grade silicon nitride (Si3N4). In context, AB SKF, a Swedish firm specializing in producing bearings and seals, unveiled the SKF Hybrid Deep Groove Ball Bearings in August 2022. This new hybrid deep groove ball bearing, designed for high-speed applications, is primarily aimed at the rail industry's traction motors and electric machinery. The bearing comes with an advanced lightweight polymeric cage, which enhances the limiting speed by a minimum of 60% against conventional designs, minimizing friction for less noisy operation, and paving the way for greater power density. Additionally, these bearings contribute to energy saving, improved reliability, and a reduction in the total cost of ownership for electric machines and drives by augmenting efficiency, extending grease lifespan, and providing design versatility.
Which growth-oriented segments of the wheel hub assembly market are leading the industry's development?
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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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 companies are at the forefront of innovation in 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
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What Is Covered In The Wheel Hub Assembly Global Market Report?
•Market Size Forecast: Examine the wheel hub assembly market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the wheel hub assembly market for a structured understanding.
•Key Players Overview: Analyze major players in the wheel hub assembly market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the wheel hub assembly market.
•Segment Contributions: Evaluate how different segments drive overall growth in the wheel hub assembly market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the wheel hub assembly market.
•Industry Challenges: Identify potential risks and obstacles affecting the wheel hub assembly market.
•Competitive Landscape: Review strategic developments in the wheel hub assembly market, including expansions, agreements, and new product launches.
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