Wheel Hub Assembly Market Scope
The wheel hub assembly includes wheel studs that attach the wheels of the vehicle to the car. It is mounted to the steering and suspension system on the front end and the rear axle on the rear end. The growth in the number of automobile sales coupled with changing technologies and the advent of an electric vehicle will drive the wheel hub assembly market globally. Moreover, the rising demand for two-wheelers in the developing countries has also facilitated the growth of the global Wheel Hub Assembly market.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that Japanese and Chinese Vendors will contribute to the maximum growth of Global Wheel Hub Assembly market throughout the predicted period.
NSK Ltd. (Japan), NTN Corporation (Japan), Schaeffler AG (Germany), AB SKF (Sweden), ILJIN co., ltd. (South Korea), JTEKT Corporation (Japan), Saint-Gobain (France), Hubei New Torch Technology Co. Ltd. (China), Wanxiang Group Corporation (China), Timken Company (United States), GMB Corporation (Japan), NACHI-FUJIKOSHI CORP. (Japan) and C&U GROUP LTD (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Harbin Bearing Group (China), Changjiang Bearing (China), GKN plc (United Kingdom), FKG Bearing (China), Wafangdian Bearing Group Co.Ltd. (China) and Xiangyang Bearing Auto Parts Co., Ltd. (China).
Segmentation Overview
The study have segmented the market of Global Wheel Hub Assembly market by Type (1st Generation Hub Bearing, 2nd Generation Hub Bearing, 3rd Generation Hub Bearing and Other Bearing), by Application (Passenger Vehicle (Car, Bike) and Commercial Vehicle (Light Commercial Vehicle, Heavy Commercial Vehicle)) and Region with country level break-up.
On the basis of geography, the market of Wheel Hub Assembly has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Exploration of Alternative Raw Materials with an Aim to Reduce the Weight
Market Growth Drivers:
Increasing Demand for Automobile and Automobile Components Globally and The Emergence of Innovative Technologies in Automobile Components Manufacturing
Challenges:
The Dominance of Local Players and Fluctuation in Prices of Raw Material
Restraints:
Availability of Counterfeit Products and Low Replacement Rate Owing to Longer Life-span
Opportunities:
Rising Sales of Automotive Across Developing Countries
Market Leaders and their Expansionary Development Strategies
The acquisition of Brüel & Kjaer Vibro (B&K Vibro), a global condition monitoring system (CMS) business, by NSK Ltd. from Spectris Plc. The acquisition helps NSK expand its business platform in the expanding CMS industry and strengthens its capacity to meet customer demands for solutions that are automated, labor-saving, technologically advanced, and environmentally friendly
In July 2019, NTN, the parent company of BCA Bearings, has released 24 new product SKUs. The new products cover BCA’s bearings line as well as it's differential kit offering. BCA Bearings, powered by NTN, is a long-time, trusted OE supplier to the automotive aftermarket. Additionally, BCA offers a full line of wheel hub assemblies, seals and loose bearings.
Analyst View
In recent year, key market players are focusing on the development of smaller, lightweight material. For instance, NTN, manufactured smaller, lighter bearings and CVJs that offer lower torque, and development of modular products for electrical vehicles. The goal of manufacturers is to address latest concerns of the auto industry include the need for low fuel consumption and reductions in CO2 emissions.
Key Target Audience
Wheel Hub Assembly Service Providers, Wheel Hub Component Manufacturers, Wheel Hub Component Distributors/Suppliers, End Users and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.