The global Automotive Hub Bearing Market size accrued earnings worth approximately 31.09 (USD Billion) in 2021 and is predicted to gain revenue of about 47.62 (USD Billion) by 2028, is set to record a CAGR of nearly 6.27% over the period from 2022 to 2028.
Automotive Hub Bearing Market
Bearing is a crucial entity in vehicle that supports the two moving object employed in the vehicles. The bearing hubs are mainly used in variety of automotive applications that include wheel hub, interior, engine, and transmission system. Bearing are especially employed to support and basically it reduces the friction between the moving parts of automobile. Therefore, it is one of the important or core entity of automotive industry. Thus, it has wide scope and it is expected to grow at rising CAGR over the forecast period.
Global automotive hub bearing market is mainly driven by increasing demand for vehicles, due to the perpetually growing population across the globe. Secondly, advanced technologies are exercised for automotive industry. New technology helps to provide efficient and comfortable vehicles for the end-users. Therefore, it is expected to drive the market growth over the forecast period. Moreover, increasing cost of raw material used in automotive industry is expected to edge the growth of this industry. Nonetheless, more efficient materials are expected to open new opportunity for the automotive hub bearing industry.
The automotive hub bearing market has been segmented into two segments based on technology. These include ball bearing and tapered bearing. The ball bearing segment was the leading segment that leads with over 55% share of market in 2019. As ball bearing can carry and support more load than tapered bearing. Therefore, ball bearing has robust demand and further it is expected to continue this trend throughout the forecast period.
Based on the revenues generated from different application, passenger vehicle application was the dominating segment in 2019. It accounts more than half of the share of the entire market. The ever growing population is a major factor that drives the demand for passenger vehicle. In turn this leads to increase in production of passenger vehicle and further it is also foreseen to remain dominating application segment till 2026. Furthermore, commercial vehicle segment is also augmenting application that will grow with attractive market size during the forecast period.
Europe was the largest market for automotive hub bearing and it accounted for over 25% share of the overall volume consumption in 2019. Asia Pacific is one of the most attractive regions for the market of automotive hub bearing market. Demand for luxury vehicles with advanced safety and comfort features are the major factors fueling demand for automotive hub bearing. In addition, for foreseen period it is expected to have splendid increment for automotive hub bearing especially in Brazil and South Africa region. Moreover, Europe and North America is likely to have moderate market for automotive hub bearing.
Some of the key players in the global automotive hub bearing market include SKF, Schaeffer, NSK, JTEKT, NTN, TIMKEN, GKN, ILJIN GROUP, GMB Corporation, Nachi-Fujikoshi, FKG Bearing, PFI, and among others.