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Expansion Of The Automotive Industry Drives Growth In The Wheel Hub Assembly: An Emerging Driver Transforming The Wheel Hub Assembly Market Landscape
Wheel Hub Assembly
What Is the Projected Growth of the Wheel Hub Assembly Market?
In recent times, the market size for the wheel hub assembly has seen a quick expansion. The market is projected to elevate from its $5.53 billion standing in 2024 to $6.19 billion in 2025, marking a compound annual growth rate (CAGR) of 12.0%. This growth in the historic period is due to several factors including the development in the automotive industry, safety and regulation measures, globalization of supply chains, changing consumer preferences and trends, and a demand for maintenance and replacement.
The market for wheel hub assemblies is predicted to experience a swift expansion in the upcoming years, with its value expected to reach $9.1 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.1%. The projected growth during this forecast period can be linked to the electrification of vehicles, advanced materials and manufacturing techniques, the development of autonomous vehicles, environmental regulations, and the surge of e-commerce in the automotive aftermarket. Key trends shaping this forecast period encompass urbanization and mobility solutions, connected vehicle technologies, advances in technology, rising demand for lightweight materials, and heightened focus on sustainability.
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What Are the Different Wheel Hub Assembly Market Segments?
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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What Are the Primary Drivers Shaping the Wheel Hub Assembly Market?
The wheel hub assembly market is anticipated to witness significant growth due to the expanding automotive industry. The automotive industry encompasses processes such as the creation, manufacture, marketing, and selling of motor vehicles, including cars, trucks, motorcycles, and other modes of transport. Wheel hub assembly holds a crucial position in this industry due to the array of advantages it provides, enhancing vehicle safety, handling, and performance. For instance, in January 2024, the European Automobile Manufacturers' Association (ACEA), a Belgium-based automobile industry association and standards organization, reported that the EU car market saw a considerable growth of 13.9% in 2023, with sales touching 867,052 units, signifying an increase from 2022. This led to an annual volume of 10.5 million units. Countries that observed remarkable growth in double digits included Italy (+18.9%), Spain (+16.7%), and France (+16.1%), though Germany recorded a slightly lower growth of 7.3% annually. Thus, the expansion of the automotive industry is primarily driving the wheel hub assembly market's growth. Wheel Hub Assembly Market Driver: Surging Road Accidents Escalate Demand for Wheel Hub Assemblies with Enhanced Safety Features in Automobiles
Which Companies Are Leading 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
What Are the Major Trends Shaping the Wheel Hub Assembly Market?
Major players in the wheel hub assembly market, such as SKF Hybrid Deep Groove Ball Bearing creators, are introducing new innovations to maintain their competitive advantage. The SKF Hybrid Deep Groove Ball Bearings are a unique hybrid bearing variant with rings composed of bearing steel and rolling components made from bearing-grade silicon nitride (Si3N4). Specifically, AB SKF, a bearing and seal manufacturer based in Sweden, unveiled these innovative bearings in August 2022. These are crafted primarily for high-speed applications, aiming at traction motors and electric devices within the railway sector. The bearings come with a lightweight polymeric cage, boosting the limiting speed by a minimum of 60% compared to older models. It minimizes friction for a smoother operation, enabling greater power density. Not only does it lower energy use, but it also enhances reliability and decreases the overall ownership cost of electric devices and drives by refining efficiency, extending the lifespan of the grease, and offering design versatility.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Wheel Hub Assembly Market?
2. What is the CAGR expected in the Wheel Hub Assembly Market?
3. What Are the Key Innovations Transforming the Wheel Hub Assembly Industry?
4. Which Region Is Leading the Wheel Hub Assembly Market?
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