Wheel hub assembly is a mechanical component that transmits the power of the driveshaft to the wheels. The wheel hub enables the wheels to steer and rotate freely on the axle.
Rising consumer affordability in Asia Pacific and Latin America is driving the production of vehicles and boosting the wheel hub assembly market. Rise in demand for safety features, such as traction control and antilock braking system, is driving the demand for wheel hub assemblies embedded with sensors. Companies such as NSK Ltd. have introduced the wheel hub assembly with integrated active and passive sensors. Increased demand for sensor integrated wheel hub assembly is expected to boost the global market. Increase in trend of light weighting of vehicles in order to minimize carbon emissions has led to the development of lightweight wheel hub assembly.
The global wheel hub assembly market can be segmented based on bearing type, drive, technology, vehicle type, sales channel, and region. Based on bearing type, the wheel hub assembly market can be classified into ball bearings, roller bearing, and one other segment. Ball bearings are widely utilized in driven wheels and hence, the ball bearing segment held a dominant share of the market. Rise in demand for all wheel drive and four wheel drive vehicles is further expected to boost the ball bearing segment of the wheel hub assembly market in the near future.
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In terms of drive, the global wheel hub assembly market can be divided into driven and un-driven wheel hub assembly. The driven wheel hub assembly transmits power as well as steers the front drive vehicles and hence, they have splines to incorporate drive shafts and this assembly is mounted with ball joints to the suspension. The driven wheel hub assembly segment is expected to expand significantly owing to an increased demand for all-wheel drive vehicles.
In terms of technology, the global wheel hub assembly market can be segregated into sensor embedded wheel hub assembly, in wheel motor hub assembly, and one other segment. The wheel motor hub assembly segment is expected to expand at a high growth rate owing to its implementation in electric vehicles. The sensor embedded wheel hub assembly segment is projected to account for a prominent share due to the mounting of ABS sensor and other active and passive safety sensors on the wheel hubs.
In terms of vehicle type, the global wheel hub assembly market can be classified into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment is estimated to hold a major share of the market due to higher production volume of passenger vehicles.
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Based on sales channel, the global wheel hub assembly market can be bifurcated into OEM and aftermarket. The bearings and rotor of the wheel hub assembly undergo wear and tear due to the continuous friction and hence, have high demand in the aftermarket.
In terms of region, the global wheel hub assembly market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to hold highest market share during the forecast period due to high vehicle production volume in China & India.
Key players operating in the global wheel hub assembly market are NSK Ltd., NTN Corporation, Schaeffler AG, and Federal- Mogul Corporation.