Hub Bearing Market Outlook - 2027
Rise in disposable income and rapidly growing urbanization is supporting the growth of the automotive and automotive component industries. The hub bearing is one of the most important component of vehicle’s wheel assembly. Moreover, the hub bearing enables the wheel of the vehicle to turn freely and enhances the handling characteristics of the vehicle. Besides, the hub bearing plays a vital role in safety of the vehicle. Additionally, optimized precisely manufactured bearing in vehicle’s wheel assembly is critical to performance and fuel efficiency of the vehicle. In case of malfunctioning of hub bearing during manufacturing or working, the internal and external sensors could lead to failure of ABS.
Market scope and structure analysis:
Market size available for years
Base year considered
Type, vehicle type
North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa
SKF, Schaeffer, NSK, GMB Corporation, Nachi-Fujikoshi, FKG Bearing, Shuanglin NTP, Harbin Bearing, JTEKT, ILJIN GROUP.
COVID-19 scenario analysis:
- Since the outbreak of novel coronavirus, the automotive and automotive component manufacturing industries are facing enormous challenge.
- Besides, most automotive and component manufacturing following just-in-time production would face inventory issues due to disrupted supply chains.
- Additionally, rising number of cases of COVID-19 is creating uncertainty on resuming the normal production of industries.
- Moreover, the decreased production capabilities are further restraining the market of hub bearing.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Rise in production and sales of vehicles is primarily driving the hub bearing market. Besides, rising demand for fuel efficiency and safety needs in a vehicle is proliferating the market of hub bearing. Additionally, regular maintenance of hub bearing ensures smooth running of vehicle, which in turn, propels the market growth. Moreover, advancement in technologies provides better quality of hub bearing to consumers. However, increasing raw material cost of automotive components is anticipated to hamper the market growth.
The hub bearingmarket trends are as follows:
Rise in investments to surge the market
With rising automotive demand across the world, the automotive and automotive component manufacturers are investing heavily in research and development activities to increase the customer base. Additionally, the growing competition in the automotive hub bearing market is provoking the manufacturers to improve their product range and quality. Besides, the expansion of production facilities hasgained heavy momentum in recent years. For instance, in 2020, SKF has invested SEK 400 million in expansion of ball bearing manufacturing in China. Moreover, the company had invested SEK 370 million in a new factory in Xinchang.
Innovation to drive the growth
The demands from modern vehicle have increased significantly with the launch of newer technologies. The vehicles nowadays are designed to be highly performing along with better emission control. Moreover, the rising innovation and increasing investment in research and development have fulfilled the requirements for modern vehicles. The hub bearing market have also witnessed numerous developments to improve the durability and quality of the product. For instance, in 2018, NSK developed high performance tapered roller hub bearing with high operational reliability and low friction performance.
Key segments covered:
Key benefits of the report:
- This study presents the analytical depiction of the hub bearing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Hub Bearingmarket analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the hub bearing market research report:
- Which are the leading market players active in the Hub Bearingmarket?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Hub Bearing Market Report Highlights
By Vehicle type
Key Market Players
Schaeffer, FKG Bearing, GMB Corporation, Shuanglin NTP, NSK, ILJIN GROUP, Harbin Bearing, Nachi-Fujikoshi, JTEKT, SKF