The global Automotive Hub Bearing Market 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.
The global Automotive Hub Bearing Market 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. The study provides assessment and analysis of the Automotive Hub Bearing Market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Billion).
Automotive hub bearing are key components of vehicle braking system, suspension systems, and steering systems. Reportedly, one piece hub assembly situated between drive axle and brake disc encompasses ABS wheel speed sensor, hub, mounting flange, and wheel bearings. Furthermore, it is an automotive part that helps wheel in turning. Moreover, automotive hub bearings are utilized in light commercial vehicles, two wheelers, passenger cars, and heavy commercial vehicles. For the record, automotive hub bearings find slew of applications in transmission tools, wheel hub, engines, and interior of vehicles.
Additionally, automotive hub bearings are mechanical parts used for reducing friction between moving rotating components and aiding rotary parts for achieving a particular kind of motion. These products find massive utilization in vehicles and aviation & defense sectors.
Massive focus on reducing vehicle weight for improving efficiency of automotive will expedite automotive hub bearing industry growth. In addition to this, there is a lucrative need for automotive hub bearings owing to huge vehicle production & sales, thereby augmenting surge in business expansion. Technological innovations in automotive hub bearings for adding new features to product will open new vistas of growth for automotive hub bearing market. However, oscillating raw material costs can severely impact production & sales of automotive hub rearing, thereby curtailing profits of automotive hub bearing market.
Furthermore, evolution of sensor bearing units and developing of additive manufacturing tools will prop up growth of automotive hub bearing industry. Additionally, rise in demand for product across emerging nations will create new growth avenues for automotive hub bearing market. Moreover, rise in commutation of passenger and commercial vehicles on roads has promoted huge demand for manufacture of automotive hub bearings, thereby paving way for progression of automotive hub bearing industry.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Asia Pacific Automotive Hub Bearing Market To Register Massive Growth Over 2022-2028
Growth of automotive hub bearing market in Asia Pacific zone in next few years can be credited to rise in manufacture of passenger cars in sub-continent. Apart from this, rise in preference for personal mobility as well as smart mobility has become a major factor of growth for automotive hub bearing industry in Asia Pacific. Favorable government initiatives in countries such as India and China has enhanced acceptance of electric vehicles in region, thereby increasing product penetration in subcontinent.
Some of the key players have strongly leveraged automotive hub bearing market surge and is slated to do so even in upcoming years. They are AB SKF, Schaeffer & Company LLC, Nachi-Fujikoshi Corp., NSK Ltd., JTEKT Corporation, The Timken Company, GKN Ltd, The ILJIN GROUP, NTN Corporation, GMB Corporation, and FKG Bearing Co., Ltd.
By Vehicle Type
This report is based on in-depth qualitative and quantitative analyses of the global Automotive Hub Bearing market. Zion Research has collected and analyzed key data belong to the global Automotive Hub Bearing market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined afterconducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Automotive Hub Bearing across the world has been calculated through primary and secondary research.
Zion Research employs combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include, STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assistedin validation of findings from secondary research and to understand key trends in the Automotive Hub Bearing industry. Primary research makes up major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Automotive Hub Bearing market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
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.
Growth of Automotive Hub Bearing market over ensuing years can be credited to massive focus on reducing vehicle weight for improving efficiency of automotive.
According to Zion market research report, The global Automotive Hub Bearing Market 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.
Asia Pacific sub-continent will contribute sizably towards the global market revenue over the projected timeline. A massive increase in Automotive Hub Bearing Market size in sub-continent over 2022-2028 can be due to rise in manufacture of passenger cars in sub-continent.
The key industry participants leveraging business space include AB SKF, Schaeffer & Company LLC, Nachi-Fujikoshi Corp., NSK Ltd., JTEKT Corporation, The Timken Company, GKN Ltd, The ILJIN GROUP, NTN Corporation, GMB Corporation, and FKG Bearing Co., Ltd.