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 observed in the historical period can be attributed to several factors, including the expansion of the automotive industry, a focus on safety and regulatory standards, the globalization of supply chains, shifting consumer preferences and trends, and the demand for maintenance and replacement of automotive components.

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 anticipated growth in the forecast period can be attributed to various factors, including the electrification of vehicles, advancements in materials and manufacturing techniques, the development of autonomous vehicles, adherence to environmental regulations, and the increasing prominence of e-commerce in the automotive aftermarket. Key trends expected in the forecast period encompass urbanization and mobility solutions, the integration of connected vehicle technologies, ongoing technological advancements, a heightened demand for lightweight materials, and a growing focus on sustainability in the automotive industry.

The anticipated growth in the wheel hub assembly market is driven by the expanding automotive industry. The automotive industry encompasses the development, production, marketing, and sale of various motor vehicles, including automobiles, trucks, motorcycles, and others. Wheel hub assembly, a vital automotive component, offers several benefits, enhancing vehicle safety, handling, and performance. According to a report from the European Automobile Manufacturers' Association (ACEA) in May 2023, the global production of motor vehicles reached 85.4 million in 2022, reflecting a 5.7% increase from the previous year. The International Organization of Motor Vehicle Manufacturers reported a similar 5.7% increase in the total production of cars and commercial vehicles, rising from 80,145,988 in 2021 to 85,016,728 in 2022. Thus, the burgeoning automotive industry is a significant driver for the growth of the wheel hub assembly market.

The growing incidence of road accidents is expected to contribute to the expansion of the wheel hub assembly market. Road accidents involve unintended injuries or fatalities to at least one road user, such as a vehicle, pedestrian, or cyclist. Wheel hub assemblies play a crucial role in accident prevention by facilitating effective and predictable braking, enabling quick responses to emergencies and avoiding collisions. According to the Insurance Institute for Highway Safety in May 2023, road crashes in the United States increased from 35,935 in 2020 to 39,508 in 2021, with a corresponding rise in fatalities from 39,007 to 42,939. Consequently, the upsurge in road accidents is propelling the growth of the wheel hub assembly market.

The shift from internal combustion engine vehicles to electric vehicles poses a significant challenge, limiting the growth of the wheel hub assembly market. Electric vehicles (EVs) operate primarily or entirely on electricity, utilizing electric motors and batteries instead of traditional internal combustion engines. EVs offer advantages such as simplified drivetrains, reduced wear and tear, and regenerative braking systems, resulting in lower maintenance requirements and diminished demand for wheel hub assembly replacements compared to internal combustion engine (ICE) vehicles. As electric vehicles gain popularity, the demand for traditional bearings used in wheel hub assemblies is decreasing. This transition is reflected in the reduced demand for bearings, as electric vehicles typically utilize 30% fewer bearings than their internal combustion engine counterparts. Therefore, the shift to electric vehicles is restraining the growth of the wheel hub assembly market.

Leading companies in the wheel hub assembly market are pursuing innovation by introducing new products, such as SKF Hybrid Deep Groove Ball Bearings, to maintain a competitive advantage. SKF Hybrid Deep Groove Ball Bearings feature rings made of bearing steel and rolling elements made of bearing-grade silicon nitride (Si3N4). Launched by AB SKF in August 2022, these hybrid bearings target high-speed applications in the rail industry's traction motors and electric machines. The innovative design incorporates a lightweight polymeric cage, increasing the limiting speed by at least 60% compared to traditional designs. This enhances efficiency, reduces friction for quieter operation, and allows for higher power density, ultimately cutting energy consumption and lowering the total cost of ownership for electric machines and drives.

In January 2023, Fersa Bearings S.A. acquired a majority stake in Delux Bearings, an India-based manufacturer of bearings, including wheel hub assemblies. This acquisition positions Fersa Group to expand its presence in the automotive OEM and aftermarket sectors, aiming to become a leading producer of powertrain components globally, particularly for heavy-duty vehicles.

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.

Asia-Pacific was the largest region in the wheel hub assembly market in 2023. The regions covered in the wheel hub assembly market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wheel hub assembly market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A wheel hub assembly is a crucial automotive component that establishes the connection between a vehicle's wheels and its suspension system. It functions as a central component, enabling smooth rotation of the wheel, supporting the vehicle's weight, and ensuring safe and efficient driving.

The primary types of wheel hub assembly include ball bearings, roller bearings, and angular contact bearings. Aluminum alloy refers to a blend of aluminum with other elements, typically copper, magnesium, or zinc, to enhance its strength, durability, and resistance to corrosion. These assemblies are crafted from materials such as aluminum alloy, carbon steel, and stainless steel. They incorporate various technologies such as wheel motor hub assembly, sensor-embedded wheel hub assembly, and splined wheel hub assembly. These assemblies are distributed through original equipment manufacturers (OEM) and aftermarket channels, catering to applications in passenger vehicles, commercial vehicles, and heavy-duty vehicles.

The wheel hub assembly market research report is one of a series of new reports that provides wheel hub assembly market statistics, including the wheel hub assembly industry global market size, regional shares, competitors with wheel hub assembly market share, detailed wheel hub assembly market segments, market trends and opportunities, and any further data you may need to thrive in the wheel hub assembly industry. This wheel hub assembly market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wheel hub assembly market includes revenues earned by entities by providing services such as wheel alignment, brake system services, and ABS sensor replacement services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The wheel hub assembly market consists of sales of hub bearings, hub housings, nuts and bolts, seals and gaskets, and mounting hardware. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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