Market players are engaged in developing hybrid bearings with enhanced load capacity and stiffness to meet customers' requirements.
DUBAI, UAE / ACCESSWIRE / December 10, 2020 / Future Market Insights: The global automotive wheel bearing aftermarket is estimated to reflect a steady CAGR of 3.4% over the assessment period from the year 2020 to 2030.The market is gaining notably from the growth of the automotive sector, worldwide. Impelled by the increase in manufacturing of commercial, luxury, passenger, along with other vehicles types, the automotive wheel bearing demand is rising rapidly. Even though facing deterrents caused by COVID-19 outbreak, the global market is poised to foresee striking growth in the foreseeable future.
"Rise in sales of two wheelers and passenger cars will impel the automotive wheel bearing aftermarket. Moreover, the use of advanced materials and technologies in automotive manufacturing has boosted the average functional age of vehicles considerably which consecutively is offering to the growth prospects for the market." says an FMI analyst.
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Key Highlights
- East Asia will be leading the global market and reflecting high growth rate over the assessment period.
- Independent aftermarket will remain key beneficiary among other segments throughout the forecast period.
- Passenger car category will remain prevalent among vehicle types in the global market.
- Tapered roller bearing will remain the frontrunner in the aftermarket over the projected period.
- The rear application will be experiencing surge in demand globally.
Drivers
- Surge in industrialization and economic growth is projected to boost automotive wheel bearings demand.
- Increase in production of commercial and passenger vehicles to drive the demand for automotive wheel bearings.
- Growing consumers' preference to keep their old cars as second vehicles, increases maintenance demand, in turn, fueling the demand.
- Swelling hybrid bearing sales is anticipated to propel the market growth.
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Restraints
- Installation and maintenance of automotive wheel bearing are costly yet considered necessary is one of the key deterrents to growth
- The automotive sector has been sternly impacted due to the pandemic ensuing in decrease in demand for automotive wheel bearings.
COVID-19 Impact on the Market
The market is sternly impacted by the COVID-19 outbreak. A slump in demand for automotive wheel bearings together with a drop in expansion of automotive sector has hindered the market growth. On the other hand, with the initiation of vaccination, the automotive wheel bearing aftermarket is projected to pull through by 2021 end or beginning of 2022.
Competitive Landscape
Major players working in the global market include Federal - Mogul Corporation (Tennenco Inc.), Mahle GmbH, Schaeffler AG, The Timken Company, Continental AG, JTEKT Corp, NSK Ltd., Rheinmetall AG, NTN Corporation, Nachi - Fujikoshi Corp., NRB Bearings Ltd., Wafangdian Bearing Group Corporation and MinebeaMitsumi Inc. Market players are focusing on launching of wide range of products with enhanced load carriage capacity and flexibility, as the competition is getting sterner.
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About the Study
The study offers readers a comprehensive assessment of the Automotive Wheel Bearing Aftermarket. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of sales channel (original equipment supplier, independent aftermarket), vehicle type (passenger car (compact, mid sized, SUV, luxury), light commercial vehicle, heavy commercial vehicle), product type (ball bearing, precision ball bearing, roller bearing, tapered roller bearing, others), application (front, rear, others), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. By Product Type Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Overview of Product Type vs Respective Application
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
5. Global Automobile Wheel Bearing Aftermarket Demand Analysis 2015-2019 and Forecast, 2020-2030
5.1. Historical Market Volume (‘000 Units) Analysis, 2015-2019
5.2. Current and Future Market Volume (‘000 Units) Projections, 2020-2030
5.3. Y-o-Y Growth Trend Analysis
6. Global Automobile Wheel Bearing Aftermarket - Pricing Analysis
6.1. Regional Pricing Analysis By Sales Channel
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights