The Wheel Hub Assembly Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wheel Hub Assembly Global Market Report 2024, The wheel hub assembly market size has grown rapidly in recent years. It will grow from $4.93 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. 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 $8.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. 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.
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 May 2023, according to a report published by the European Automobile Manufacturers’ Association (ACEA), a Belgium-based association, in 2022, the worldwide production of motor vehicles reached 85.4 million, which is a 5.7% increase compared to 2021. Further, according to the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the total production of cars and commercial vehicles increased from 80,145,988 in 2021 to 85,016,728 in 2022, representing a 5.7% increase. Therefore, the growing automotive industry is driving the growth of the wheel hub assembly market.
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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), Aftermarket
5) By Application: Passenger Vehicle, Commercial Vehicle, Heavy-Duty Vehicle
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.
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