Wheel Hub Assembly Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

A wheel hub assembly is a automotive component that connects a vehicle's wheels to its suspension system. It serves as a central component that allows the wheel to rotate smoothly while supporting the vehicle's weight and facilitating safe and efficient driving.

Sizing and Forecast
The wheel hub assembly market size has grown rapidly in recent years. It will grow from $4.93 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%.  The  growth in the historic period can be attributed to automotive industry growth, safety and regulations, globalization of supply chains, consumer preferences and trends, maintenance and replacement demand.

The wheel hub assembly market size is expected to see rapid growth in the next few years. It will grow to $8.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.  The growth in the forecast period can be attributed to electrification of vehicles, advanced materials and manufacturing techniques, autonomous vehicle development, environmental regulations, rise of e-commerce in automotive aftermarket. Major trends in the forecast period include urbanization and mobility solutions, connected vehicle technologies, technological advancements, demand for lightweight materials, focus on sustainability.

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Segmentation & Regional Insights
The wheel hub assembly market covered in this report is segmented –
1) By Bearing Type: Ball Bearings, Roller Bearings, Angular Contact Bearings
2) By Material: Aluminum Alloy, Carbon Steel, Stainless Steel
3) By Technology: Wheel Motor Hub Assembly, Sensor Embedded Wheel Hub Assembly, Splined Wheel Hub Assembly
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Application: Passenger Vehicle, Commercial Vehicle, Heavy-Duty Vehicle

Asia-Pacific was the largest region in the wheel hub assembly market in 2023. The regions covered in the wheel hub assembly market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing automotive industry is expected to propel the growth of the wheel hub assembly market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. The wheel hub assembly is an essential component of the automotive industry, providing several benefits that improve the safety, handling, and performance of vehicles. For instance, in May 2023, according to a report published by the European Automobile Manufacturers' Association (ACEA), a Belgium-based association, in 2022, the worldwide production of motor vehicles reached 85.4 million, which is a 5.7% increase compared to 2021. Further, according to the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the total production of cars and commercial vehicles increased from 80,145,988 in 2021 to 85,016,728 in 2022, representing a 5.7% increase. Therefore, the growing automotive industry is driving the growth of the wheel hub assembly market.

Key Industry Players
Major companies operating in the wheel hub assembly market report are Compagnie de Saint-Gobain S.A., Aisin Seiki Co. Ltd., Schaeffler Technologies AG & Co. KG, AB SKF, NSK Ltd., Federal-Mogul Corporation, GKN Automotive, HL Mando Corporation, The Timken Company, JTEKT Corporation, Nachi-Fujikoshi Corp., Wafangdian Bearing Group Co. Ltd., ILJIN Holdings Co. Ltd., RBC Bearings Incorporated, Maxion Wheels U.S.A. LLC, NTN Corporation, GMB Corporation, Xiangyang Automobile Bearing Co. Ltd., Barden Corporation, Nachi America Inc., Mevotech LP, Jiangsu Nanfang Bearing Co. Ltd., Fersa Bearings S.A., Wanxiang Group Corporation, C&U Company Limited</b

The wheel hub assembly market report table of contents includes:
1. Executive Summary

2. Wheel Hub Assembly Market Characteristics

3. Wheel Hub Assembly Market Trends And Strategies

4. Wheel Hub Assembly Market - Macro Economic Scenario

5. Global Wheel Hub Assembly Market Size and Growth

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32. Global Wheel Hub Assembly Market Competitive Benchmarking

33. Global Wheel Hub Assembly Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Wheel Hub Assembly Market

35. Wheel Hub Assembly Market Future Outlook and Potential Analysis

36. Appendix

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