Automotive wheel bearing comprises a bunch of steel balls that are designed and premeditated in the wheel hub assembly to ensure proper rotation of the automotive wheel. Automotive wheel bearings are bound together by means of a metal ring known as race. Automotive wheel bearings are used in a wide range of vehicle wheels from cars to trucks and buses. They are mounted on the metal axle shafts and incorporated compactly within the wheel hub, i.e., a hollow metal piece at the wheel center.
Rise in vehicle sales across the globe supplemented with a rise in demand for cars are key factors that is expected to drive the automotive wheel bearings market during the forecast period. Wheels an important component of any vehicle and a rise in vehicle production across the globe is projected to boost the automotive wheel bearing market during the forecast period. Automotive wheel bearings are integrated in all wheels of the vehicle, from front wheels to rear wheels. Moreover, bearings offer numerous advantages such as they are durability, cost-effective, corrosion-resistant, temperature resistant, require minimum lubrication and maintenance, and offer low friction, high performance, and reliability. This in turn, is likely to propel the automotive wheel bearing market in the near future. However, wear of the automotive wheel bearing damages the wheel and wheel axles and leads to loud noise. This is projected to hamper the market during the forecast period.
The automotive wheel bearing market can be segmented based on integration, bearing type, vehicle type, and region. Based on integration, the automotive wheel bearing market can be divided into front wheel and rear wheel. The rear wheel segment accounts for a prominent share of the market. This is majorly due to high rate of wear & tear of the rear wheel.
In terms of bearing type, the automotive wheel bearing market can be segregated into ball bearing, roller bearing, plain bearing, and tapered roller bearing. Ball type bearings are extensively utilized and versatile type of automotive wheel bearings, which are able to bear radial and thrust loads. Ball bearings are designed for various automotive wheel sizes. The segment is likely to expand and remain prominent during the forecast period owing to its high performance.
In terms of vehicle type, the automotive wheel bearing market can be bifurcated into passenger vehicle and commercial vehicle. Passenger vehicle is the leading segment of the automotive wheel bearing market. This is primarily attributed to higher production of passenger vehicles as compared to commercial vehicles. Surge in standard of living, decline in car loan rates, and improved interest rates across the globe are boosting the passenger vehicle segment of the market. The segment is projected to maintain its leading position in the market during the forecast period.
Based on region, the global automotive wheel bearing market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominates the global automotive wheel bearing market, primarily due to rise in vehicle production in the region and the presence of key global automotive vehicle manufacturers in China, Japan, India, and South Korea. Furthermore, mature and established component base in the region coupled with a rise in foreign direct investment is a major factor that is projected to boost the automotive wheel bearing market in Asia Pacific during the forecast period.
Prominent manufacturers operating in the global automotive wheel bearing market include Schaeffler AG, NTN Corporation, THE TIMKEN COMPANY, ORS - Ortado?u Rulman Sanayi ve Tic. A.?., SKF, ILJIN co., ltd., Cixing Group Co., Ltd., and JTEKT Corporation.
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