Future Market Insights
The purpose of bearings is to enable rotational or linear movement and to reduce unnecessary friction between two mating parts. Bearings are used in various assemblies in automobiles. Wheel bearings are specifically used in the Wheel Hub Assembly. The main function of automotive wheel bearings is to guide and support shafts and axles. Automotive wheel bearings are also used to guide wheels and absorb axial and radial forces. There are mainly two types of automotive wheel bearings – roller bearings and ball bearings. Ball bearings are hardened spherical balls that decrease friction between moving parts. However, they offer low load carrying capacity as the area of contact is point only. On the other hand, roller bearings offer high load carrying capacity as the area of contact is of line type and the load is thus distributed on a larger area. Due to advancements in area such as the advent of lubrication technology, seal technology and lightweight materials, the automotive wheel bearings market has become very competitive and is creating enormous opportunities for companies which are in automotive wheel bearings business.
Key Trends, Drivers and restraints
Growing demand for automobile and automobile components in the world have fueled the growth of automotive wheel bearings market. The rising demand for two wheelers in the developing countries has also facilitated the growth of the global automotive wheel bearings market.
The demand for commercial vehicles has significantly increased over the past few years. Due to this, the global automotive wheel bearings market is experiencing substantial growth opportunities. Also, the production of passenger vehicles has increased worldwide due to high demand. This has also fueled the demand for global automotive wheel bearings. Furthermore, rapid industrialization in developing and under-developed economies is also boosting the market for global automotive wheel bearings.
As vehicle performance is greatly dependent on the performance of bearings, it has become necessary for the manufacturers to design technologically advanced automotive wheel bearings. Going by the latest trends, manufacturers are incorporating automotive wheel bearings with various sensors that monitor the performance of the bearings. This trend has become one of the important driving force for the global automotive wheel bearings market.
Nowadays, most of the automotive companies are focused on cost reduction. This has led the automotive wheel bearings industry to produce integrated bearings which do not only improve the efficiency of the vehicle but also reduce the cost of production.
Rising availability of counterfeit products is a threat to the global automotive wheel bearings industry. It has become important for assembly line engineers to verify and identify low quality automotive wheel bearings. The automotive wheel bearings industry is fragmented due to the presence of large number of players in the market. Market is characterized by high competition; the rising prices of steel is another concern for global automotive wheel bearings market.
Due to various challenges such as counterfeit products, rising prices of steel and other raw materials, competitors, etc., manufacturers of automotive wheel bearings are focused to come up with new technological advancements to sustain themselves in the market.
The global automotive wheel bearings market can be segmented by bearing type, vehicle type, and Channel type.
Based on bearing type, the global automotive wheel bearings market is segmented into:
Based on vehicle type, the global automotive wheel bearings market is segmented into:
Based on channel type, the global automotive wheel bearings market is segmented into:
Examples of some of the market participants in the global automotive wheel bearings market identified across the value chain include:
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