Global Automotive Wheel Bearing Market is accounted for $32.23 billion in 2020 and is expected to reach $52.54 billion by 2028 growing at a CAGR of 6.3% during the forecast period. Some of the key factors propelling the market growth include high demand for thrust bearings and demand for automated driving system (ADS), rise in automotive production creating new markets, rise in vehicle sales across the globe supplemented with a rise in demand for cars, and rise in vehicle production across the globe.
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Based on the geography, Asia Pacific is anticipated to be the fastest-growing regional market over the forecast period, owing to rising demand for passenger cars and commercial vehicles in the region. China, being a hub for production processes for many industries along with growing demand for automotive and industrial related developments, persisting in the country led it to contribute extensively to the innovations in utilization and determination of physical properties of wheel bearings. In 2019, Xin Guobin, vice-minister of industry and information technology of China had informed that car sales contribute for the lion’s share of overall retail market of China and play a key role in the industrial economy.
Some of the key players in Automotive Wheel Bearing Market include ORS Bearings, Jtekt Corporation, NTN Corporation, NSK Ltd., NEI, Mahle GmbH, SKF, Schaeffler AG., Wafangdian Bearing Group Co., Ltd., Iljin Bearing Co., Ltd., Timken Company, Cixing Group Co., Ltd., ABC Bearings, Tata Bearings., and CW Bearing.
Bearing Types Covered in Automotive Wheel Bearing Market
• Roller Bearing
• Ball Bearing
• Thrust Bearing
• Plain Bearing
• Precision Ball Bearings
• Double Row Angular Contact Bearings
• Angular Contact Ball Bearings
• Rear Wheel
• Front Wheel
Vehicle Types Covered:
• Three Wheelers
• Four Wheelers
Engine Types Covered:
• Liquefied Natural Gas (LNG)
• Gen. 1 Bearing
• Gen. 2 Bearing
• Gen. 3 Bearing
Sales Channels Covered:
• Original Equipment Manufacturer (OEM)
• Transmission System
• Wheel Hub
• Steering System
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