Automotive Hub Bearing Market Worth $24.5 Billion By 2030: IndustryARC

Automotive hub bearing market size is expected to reach $53 billion by 2030 after growing at a CAGR of 4.8% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Growth in vehicle production, rising demand for commercial and passenger cars, the shift to electric vehicles and advancements in automotive technology leads to rise in demand for hub bearing, finds IndustryARC in its recent report, titled “Automotive Hub Bearing Market - By Type: (Ball Bearings, Roller Bearings and Others) By Material: (Steel, Ceramic, Composite Material and Others), By Vehicle type: (Passenger Cars, LCV and HCV) By Application: (Powertrain, Chassis, Drivetrain, Suspension System, Transmission, Others)By Distribution Channel: (OEM (Original Equipment Manufacturer), Aftermarket), By Geography: By Geography Analysis - Global Opportunity Analysis & Industry Forecast, 2024-2030

Advanced Materials and Manufacturing Techniques in Automotive Hub Bearings have significantly enhanced the performance, durability, and efficiency of these critical components which leads to improve automobile efficiency and people user experience. Materials made from silicon nitride, offer exceptional performance advantages. Their lower friction, higher load capacity, and superior corrosion resistance make them ideal for high-performance applications, including electric vehicles and racing cars. In November 2023, SKF bought 2C Composites a German fiber composite supplier through which SKF gains unique composite layer technology and this strengthens SKF's magnetic bearings. Additionally, advanced manufacturing techniques such as powder metallurgy techniques to produce hub bearings with complex geometries and improved properties. This process involves compressing powdered metal into the desired shape and sintering it to create a solid component.

• Ball Bearings

• Roller Bearings

• Others

• Steel

• Ceramic

• Composite Material

• Others

• Passenger Cars

• Light Commercial Vehicle (LCV)

• Heavy Commercial Vehicle (HCV)

• Powertrain

• Chassis

• Drivetrain

• Suspension System

• Transmission

• Others

• OEM (Original Equipment Manufacturer)

• Aftermarket

• North America

• South America

• Europe

• Asia-Pacific

• Rest of the World

Asia Pacific leads the automotive hub market with a 38% market share. As per the International Organization of Motor Vehicle Manufacturers (OICA), in India 4.8 million cars were sold in 2023 compared to 4.4 million cars in 2022. Also, the electric vehicles segment is doing well in this region. According to the Global EV outlook 2024 by the International Energy Agency (IEA), in China, the number of new electric car registrations reached 8.1 million in 2023, increasing by 35% relative to 2022. Additionally, governments in the region are promoting the automotive industry through policies and subsidies, such as initiatives by the Indian government- production linked incentive scheme and Make in India initiative are creating an ideal environment for industry setup. 

Passenger Vehicle represent largest segment in terms of vehicle type because it gives diverse range of option by offering a wide variety of choices to suit different lifestyles, budgets and preferences from compact city cars to spacious SUVs and luxury sedans. The growing trend towards urbanization and increased personal mobility has further fueled demand for passenger vehicles, solidifying their position as the dominant force in the automotive hub bearing market. According to Marklines Data Center, passenger car sales in the US were up 8.1% to 3,227,425 units for 2023. According to a CareEdge Rating report in June 2024, the PV segment in India is expected to witness moderate volume growth of around 3-5% in FY25.

EV adoption is primarily driven by a combination of factors. Environmental concerns, government policies, technological advancements, and economic considerations have collectively accelerated the transition to electric vehicles. According to the Global EV Outlook 2024, in 2023, just under 60% of new electric car registrations were in China, 25% in Europe and 10% in the United States – corresponding to nearly 95% of global electric car sales combined. In these countries, electric cars account for a large share of local car markets: more than one in three new car registrations in China was electric in 2023, over one in five in Europe, and one in ten in the United States. Thus the adoption of EVs drives the demand for hub bearings.

Integrating wheel speed sensors directly into hub bearings offers a significant opportunity in the automotive market. These sensors play a critical role in modern vehicles enabling advanced control systems such as ABS (Anti-lock Brake System), TCS (Traction Control System) and ESC (Electronic Stability Control). By accurately measuring wheel rotation speed these sensors provide essential data that enhances vehicle safety, performance and driver confidence. Integrating them into hub bearings can streamline the design, reduce weight and improve reliability by eliminating the need for external sensors.

Innovation is a fundamental part of automotive hub bearing. The automotive hub bearing industry is rapidly advancing with innovations in materials, manufacturing, sensor technology, and design. These improvements are leading to more durable, efficient, and intelligent bearings, supporting the automotive industry's transition to electric and autonomous and sustainable vehicles. In July 2024, SKF and voestalpine Wire Technology successfully produced the first prototype bearing made from steel that contains hydrogen direct reduced iron (H-DRI). This represents a breakthrough in the efforts to decarbonize bearing production as H-DRI is a low emission alternative to conventional iron ore-based steelmaking and one of the important methods to make steel sustainable in the future. Such innovations will lead to the development of higher-performing, more reliable and energy-efficient hub bearings catalyzing the automotive industry's shift towards sustainability.    

• Automotive Hub Bearing Market size and Forecast 

• Automotive Hub Bearing Market trends

• Automotive Hub Bearing Market analysis by Application

• CAGR of the market during the forecast period 2024-2030

• Value Chain analysis of key stake holders

• Detailed analysis of market drivers and opportunities during the forecast period

• Automotive Hub Bearing market size estimation and forecast

• Analysis and predictions on end user behavior and upcoming trends 

• Competitive landscape and Vendor market analysis including offerings, developments, and financials

• Comprehensive analysis of challenges and constraints in the Automotive Hub Bearing Market

• JTEKT Corporation     

• SKF   

• Schaeffler AG 

• NSK Ltd  

• NTN Corporation     

• TIMKEN     

• Nippon Thompson     

• RBC Incorporation     

• NACHI-Fujikoshi Corporation   

• RHEINMETALL AG

Automotive Wheel Bearing Market: The Automotive Wheel Bearing Market is estimated to surpass $46.5 billion mark by 2026 growing at an estimated CAGR of more than 4.2% during the forecast period 2021 to 2026.

Tapered Roller Bearing Market: The Tapered Roller Bearing Market is forecast to reach $112.45 billion by 2025 and is estimated to grow at a CAGR of 5.42% during the forecast period 2019-2025.

Polymer Bearing Market: Polymer Bearing Market size is forecast to reach $12 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. This growth is mainly due to the rising demand in the Asia-Pacific region for polymer bearings.

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Mr. Venkat Reddy

IndustryARC

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