Automotive Wheel Bearing Market

Automotive Wheel Bearing Market Size & Overview – Key Insights & Forecast

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-13085
  • Published Date: Nov, 2022
  • Pages: 236
  • Category: Automotive & Transportation
  • Format: PDF
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Market Introduction

The automotive wheel bearing market was estimated at around USD 39.5 billion in 2021, growing at a CAGR of nearly 3.4% during 2022-2030. The market is projected to reach approximately USD 53.6 billion by 2030.

A wheel bearing is a collection of steel balls held together by a metal ring known as a race that allows the wheel to spin quickly and with the least amount of resistance possible. Generally speaking, they are applied to a variety of vehicles, including bicycles, cars, and aero planes. To create a smooth ride while driving along the road, wheel bearings of an automobile work with the tire, hub, and wheel. The wheel bearings that make up an automobile's wheel hub assembly primarily come in two varieties: ball bearings and roller bearings. In addition to having a high load carrying capacity, they have little friction between moving elements. The market is expanding as a result of the rising demand for automobiles in developing nations brought on by the rapid expansion of emerging economies. Over the past several years, the need for commercial vehicles has significantly expanded, which has also raised demand for automobile wheel bearings. The average vehicle age is expected to raise the need for automotive component maintenance, repair, and replacement, which will increase the need for automotive bearings. In addition, it is anticipated that increased demand would result from the incorporation of sensors into bearings for rotating applications that monitor speed, acceleration, and direction characteristics.

Automotive Wheel Bearing Market Size

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Automotive Wheel Bearing Market: COVID – 19 Impact Analysis

Bearings are mechanical components that are mostly used to reduce friction between rotating parts that are in motion and to support the rotating parts so that the motion is what is wanted. In industries like automotive and aerospace & military, they are extensively used. Globally, COVID-19 has become a pandemic. Following the proclamation of COVID-19 as a pandemic in March 2020, commercial operations were shut down and statewide lockdowns were enacted, which had an impact on the world economy. Due to revenue losses brought on by the lockdowns, production facilities have been forced to shut down entirely, which has greatly decreased the adoption of bearing solutions and hampered the expansion of the wheel bearings industry. The COVID-19 virus outbreak has had a severe impact on the automobile sector, which is currently making a full recovery.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Type
          4.3.2. Market Attractiveness Analysis By Vehicle Type
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing demand of thrust bearings to accelerate the market’s growth
          5.2.2. Increased automotive production
    5.3. Restrains
          5.3.1. Fluctuating raw materials price would hamper the market
    5.4. Opportunities
          5.4.1. New Advancements

6. Global Automotive Wheel Bearing Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Ball Bearing
    6.3. Roller Bearing
    6.4. Plain Bearing
    6.5. Others

7. Global Automotive Wheel Bearing Market Analysis and Forecast, By Vehicle Type
    7.1. Segment Overview
    7.2. Passenger Cars
    7.3. LCVs
    7.4. HCVs
    7.5. Others

8. Global Automotive Wheel Bearing Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
          8.3.6. Rest of Europe
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
          8.4.4. Australia
          8.4.5. South Korea
          8.4.6. Rest of Asia-Pacific
    8.5. South America
          8.5.1. Brazil
          8.5.2. Argentina
          8.5.3. Rest of South America
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa
          8.6.3. Egypt
          8.6.4. Kuwait
          8.6.5. Saudi Arabia
          8.6.6. Rest of Middle East & Africa

9. Global Automotive Wheel Bearing Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Automotive Wheel Bearing Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Type Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. SKF, Schaeffler AG.
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Vehicle Type Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Jtekt Corporation
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Vehicle Type Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. NTN Corporation
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Vehicle Type Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Iljin Bearing Co., Ltd
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Vehicle Type Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. NEI
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Vehicle Type Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Cixing Group Co., Ltd.
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Vehicle Type Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. American Axle and Manufacturing
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Vehicle Type Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Koyo Bearings
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Vehicle Type Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. NSK Ltd.
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Vehicle Type Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. ABC Bearings
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Vehicle Type Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis
 

List of Table

1. Global Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

2. Global Ball Bearing Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion) 

3. Global Roller Bearing Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion) 

4. Global Plain Bearing Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion) 

5. Global Others Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion) 

6. Global Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

7. Global Passenger Cars Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion) 

8. Global LCVs Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion) 

9. Global HCVs Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion)

10. Global Others Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion)

11. Global Automotive Wheel Bearing Market, By Region, 2022-2030(USD Billion) 

12. Global Automotive Wheel Bearing Market, By North America, 2022-2030(USD Billion) 

13. North America Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

14. North America Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

15. U.S. Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

16. U.S. Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion)  

17. Canada Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

18. Canada Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

19. Mexico Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

20. Mexico Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

21. Europe Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

22. Europe Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

23. Germany Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

24. Germany Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

25. France Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

26. France Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

27. U.K. Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

28. U.K. Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion)  

29. Italy Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

30. Italy Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

31. Spain Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

32. Spain Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion)

33. Rest of Europe Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

34. Rest of Europe Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion)

35. Asia Pacific Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

36. Asia Pacific Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

37. Japan Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

38. Japan Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

39. China Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

40. China Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

41. India Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

42. India Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

43. Australia Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

44. Australia Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

45. South Korea Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

46. South Korea Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

47. Rest of Asia-Pacific Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

48. Rest of Asia-Pacific Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

49. South America Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

50. South America Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion)  

51. Brazil Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

52. Brazil Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

53. Argentina Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

54. Argentina Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

55. Rest of Latin America Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

56. Rest of Latin America Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

57. Middle East and Africa Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

58. Middle East and Africa Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

59. UAE Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

60. UAE Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

61. South Africa Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

62. South Africa Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

63. Egypt Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

64. Egypt Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

65. Kuwait Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

66. Kuwait Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

67. Saudi Arabia Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

68. Saudi Arabia Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

69. Rest of Middle East Automotive Wheel Bearing Market, By Type, 2022-2030(USD Billion) 

70. Rest of Middle East Automotive Wheel Bearing Market, By Vehicle Type, 2022-2030(USD Billion) 

List of Figures 

1. Global Automotive Wheel Bearing Market Segmentation

2. Automotive Wheel Bearing Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Automotive Wheel Bearing Market Attractiveness Analysis By Type

9. Global Automotive Wheel Bearing Market Attractiveness Analysis By Vehicle Type

10. Global Automotive Wheel Bearing Market Attractiveness Analysis By Region

11. Global Automotive Wheel Bearing Market: Dynamics

12. Global Automotive Wheel Bearing Market Share By Type(2022 & 2030)

13. Global Automotive Wheel Bearing Market Share By Vehicle Type(2022 & 2030)

14. Global Automotive Wheel Bearing Market Share by Regions (2022 & 2030)

15. Global Automotive Wheel Bearing Market Share by Company (2021)

By Type

  • Ball Bearing
  • Roller Bearing
  • Plain Bearing
  • Others

By Vehicle Type

  • Passenger Cars
  • LCVs
  • HCVs
  • Others

By Region/Geography

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
  • The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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