What is the present valuation and projected CAGR of the wheel hub assembly market?
The wheel hub assembly market size has grown rapidly in recent years. It will grow from $5.53 billion in 2024 to $6.19 billion in 2025 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to automotive industry growth, safety and regulations, globalization of supply chains, consumer preferences and trends, maintenance and replacement demand.
The wheel hub assembly market size is expected to see rapid growth in the next few years. It will grow to $9.1 billion in 2029 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to electrification of vehicles, advanced materials and manufacturing techniques, autonomous vehicle development, environmental regulations, rise of e-commerce in automotive aftermarket. Major trends in the forecast period include urbanization and mobility solutions, connected vehicle technologies, technological advancements, demand for lightweight materials, focus on sustainability.
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What key drivers have fueled the wheel hub assembly market’s development over the years?
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 January 2024, according to the European Automobile Manufacturers’ Association (ACEA), a Belgium-based lobbying and standards group for the automobile industry, the EU car market experienced a robust growth of 13.9% in 2023, with sales reaching 867,052 units compared to 2022, culminating in a total annual volume of 10.5 million units. Most markets saw double-digit increases, notably three of the largest: Italy (+18.9%), Spain (+16.7%), and France (+16.1%). In contrast, Germany reported a more modest year-on-year growth of 7.3%. Therefore, the growing automotive industry is driving the growth of the wheel hub assembly market.
What is the segmentation for 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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Who are the most influential companies 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 top industry trends projected to impact 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.
What are the major regional insights for the wheel hub assembly market, and which region holds the top position?
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 Does The Wheel Hub Assembly Market Report 2025 Offer?
The wheel hub assembly market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A wheel hub assembly is a automotive component that connects a vehicle’s wheels to its suspension system. It serves as a central component that allows the wheel to rotate smoothly while supporting the vehicle’s weight and facilitating safe and efficient driving.
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