Press release
Wheel Hub Assembly Industry to Achieve $8.86 Billion Growth by 2029
Wheel Hub Assembly Market
How Will the Wheel Hub Assembly Market Grow by 2025 in Terms of Size and Growth?
The market size of the wheel hub assembly has seen significant growth in the past few years. This market is projected to increase from a value of $5.53 billion in 2024 to approximately $6.11 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.6%. Factors such as the expansion of the automotive industry, safety standards and regulations, the globalization of supply chains, shifts in consumer tastes and trends, as well as maintenance and replacement demands have all contributed to the growth witnessed in the historical period.
What Are the Estimated Growth Rates for the Wheel Hub Assembly Industry Through 2029?
The market for wheel hub assembly is projected to witness robust growth in the coming years, with its value increasing to $8.86 billion by 2029, a compound annual growth rate of 9.7%. This expansion during the projected period can be credited to various factors such as vehicle electrification, the use of cutting-edge materials and manufacturing methodologies, the evolution of autonomous vehicles, environmental guidelines, and the upswing of e-commerce in the automotive aftermarket. Key trends for the forecast horizon encompass urbanization and mobility solutions, the rise in connected vehicle technologies, technological breakthroughs, the growing demand for lightweight materials, and an increased emphasis on sustainability.
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What Are the Strategic Drivers Boosting Wheel Hub Assembly Market Performance?
The wheel hub assembly market is projected to expand due to the escalating automotive industry. The automotive sector is primarily involved in conceiving, manufacturing, promoting, and selling motor vehicle units like cars, trucks, motorcycles, and other forms of vehicles. The wheel hub assembly plays a pivotal role in this industry, offering a multitude of benefits that enhance the safety, management, and performance of vehicles. For example, the European Automobile Manufacturers' Association (ACEA), an auto industry lobbying and standards group based in Belgium, reported in January 2024 that the EU car market saw a significant growth of 13.9% in 2023. This resulted in sales of 867,052 units compared to the previous year, leading to a total yearly volume of 10.5 million units. Majority of the markets reported double-digit growth, especially the three largest: Italy (+18.9%), Spain (+16.7%), and France (+16.1%). Conversely, Germany announced a relatively conservative year-on-year growth of 7.3%. As such, the wheel hub assembly market's expansion is being fuelled by the thriving automotive industry.
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What Are the Segments in 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
What Are the Key Adoption Trends in the Wheel Hub Assembly Market?
In the wheel hub assembly market, a number of leading businesses are introducing innovative products, such as the SKF Hybrid Deep Groove Ball Bearing, in order to maintain a competitive advantage. SKF Hybrid Deep Groove Ball Bearings are a new type of hybrid bearing with rings made out of bearing steel and rolling elements crafted from bearing-grade silicon nitride (Si3N4). AB SKF, a bearing and seal manufacturer from Sweden, for example, released the SKF Hybrid Deep Groove Ball Bearings in August 2022. This product is a novel hybrid deep groove ball bearing tailored for high-speed uses, aiming at the traction motors and electric machines of the rail industry. The lightweight polymeric cage of the bearing boosts the limiting speed by a minimum of 60% compared to conventional designs, reducing friction for quieter functioning and enabling enhanced power density. Moreover, it minimizes energy use, improves reliability, and cuts the total cost of ownership for electric machines and drives by raising efficiency, extending the life of the grease, and providing design adaptability.
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Which Companies Lead the Competitive Landscape of the Wheel Hub Assembly Industry?
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
Where Are the Key Wheel Hub Assembly Market Opportunities by Region?
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.
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