Published by Jessica Weisman-Pitts
Posted on January 31, 2022
5 min readLast updated: January 28, 2026
The automotive wheel bearing aftermarket is set to grow at a 3.4% CAGR from 2020 to 2030, driven by rising demand in passenger and commercial vehicles despite COVID-19 challenges.
The automotive wheel bearing aftermarket is growing steadily with the rise in production of higher load carrying commercial vehicles, high performance vehicles, and others. Maintenance of wheel bearings is important to maintain smooth wheel functioning and free rotation of the wheel hub. This is creating increasing demand for automotive wheel bearing aftermarket services.
A new study by Future Market Insights (FMI) states that the global automotive wheel bearing aftermarket is expected to rise at ~3.4% CAGR during the forecast period from the year 2020 to 2030.
Due to the rise in industrialization and economic growth, the demand for automotive wheel bearings is rising. In order to meet necessities of customers, market players are focusing on developing hybrid bearings with improved stiffness and load capacity. With researches underway to improve overall functionality, the demand in automotive wheel bearing aftermarket is expected to surge in the coming years.
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Despite facing hindrances caused by COVID-19 pandemic, the global automotive wheel bearing aftermarket is set to witness impressive growth during the forecast period.
FMI offers an exhaustive overview of the automotive wheel bearing aftermarket, its potential, growth drivers and restraints.
Some of the key takeaways from the report are highlighted below-
“The increase in sales of passenger cars and two wheelers is expected to drive the global automotive wheel bearing aftermarket. Furthermore, the usage of advanced technologies and materials in automotive manufacturing has increased the average operational age of vehicles significantly which in turn is catering to the growth of automotive wheel bearing aftermarket,” says an FMI analyst.
COVID-19 Impact Analysis
The market has been severely affected by the outbreak of COVID-19 pandemic. The decrease in demand for automotive wheel bearings coupled with the decline in growth of automotive industry has hampered the growth of the aftermarket.
Factors such as shutting down of manufacturing units, disruptions in transport and sales channels, scarcity of raw materials, and others have resulted in the declining growth of automotive wheel bearing aftermarket.
With the commencement of vaccination, the automotive wheel bearing aftermarket is anticipated to recover by the end of the year 2021 or beginning of 2022.
Who is Winning
With competition getting fiercer, market players are focussing on launching of extensive range of products with improved flexibility and load carriage capacity.
For instance, NSK Ltd. Has launched their new hub unit bearings with integral sensor located between the rows with a very small air gap in the recent year. They have also launched hub unit bearings with angular passive sensor with integral high-output sensor in the current year.
NRB Bearings Ltd. has launched their exclusive needle roller bearing with high load capacity and flexibility in the current year.
Some of the leading companies operating in the market are NTN Bearing, The Timken Company, Continental Group, AB SKF, NSK Ltd, Schaeffler AG, JTEKT Corp, among others.
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Key Segments
Sales Channel
Vehicle Type
Product Type
Application
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About Future Market Insights (FMI)
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, and has delivery centers in the UK, 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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Report: https://www.futuremarketinsights.com/reports/Automotive-Wheel-Bearing-AfterMarket
Press Release Source: https://www.futuremarketinsights.com/press-release/Automotive-Wheel-Bearing-AfterMarket
The article discusses the growth forecast of the automotive wheel bearing aftermarket from 2020 to 2030.
COVID-19 caused a decline in demand and disrupted supply chains, but recovery is expected by 2022.
East Asia is expected to remain a dominant region in the automotive wheel bearing aftermarket.
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