Pune, June 14, 2023 (GLOBE NEWSWIRE) -- A recent report published by Quince Market Insights suggests that the global Automotive Wheel Hub Market size could reach USD 80.34 Billion in 2023 and is anticipated to account for USD 135.73 Billion over 2023-2032.
The industry growth is driven by the demand for replacement parts due to wear and tear, accidents, or the desire to upgrade to better-quality or performance-enhancing hubs. It includes both original equipment manufacturers (OEMs) that supply wheel hubs to vehicle manufacturers and aftermarket suppliers that provide replacement hubs to vehicle owners.
Moreover, automotive manufacturers and consumers place significant emphasis on vehicle safety, performance, and efficiency. Wheel hubs play a crucial role in ensuring smooth and reliable operation, supporting the vehicle's handling, stability, and braking performance. As automotive companies and consumers prioritize these factors, the demand for high-quality wheel hubs with advanced features and improved durability increases.
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Advancements in wheel hub technology, such as the development of lightweight or high-performance hubs, can influence the demand. Innovative features or improvements that enhance durability, efficiency, or overall performance may drive demand as manufacturers and consumers seek upgraded products, further creating positive growth prospects for the wheel hub business space.
However, the rise of ride-sharing services and shared mobility solutions has impacted the demand for wheel hubs. As more people rely on shared transportation options, individual vehicle ownership has decreased, resulting in reduced demand for wheel hubs. As per an article published in Harvard Economics Review in 2020, ride-sharing passengers in Uber increased by 120% from 2016 to 2019. Such trends could hinder the automotive wheel hub industry dynamics.
What Does the Report Provide?
- A summary of the global automotive wheel hub market and associated technologies.
- Analysis of global industry dynamics, yearly projections, and annual compound growth rate predictions (CAGRs).
- Identification of new market opportunities and targeted consumer marketing strategies for the global fuel additives market.
- Analysis of R&D and demand for new technologies and new applications
- Extensive company profiles of key players in the industry.
Demand for Steel Wheel Hubs to Increase Driven by Their Strength and Durability
In terms of type, the market is segmented into steel and alloy. Steel wheel hubs market size is anticipated to grow significantly as they offer more resistance to impact cracks.
Steel is known for its exceptional strength and durability. Steel wheel hubs can withstand heavy loads, impacts, and harsh road conditions without deforming or failing. They are designed to handle the weight of the vehicle and provide long-lasting performance.
Along with that, steel wheel hubs are generally more cost-effective compared to other materials, such as aluminum or carbon fiber. Steel is widely available, and the manufacturing processes for steel wheel hubs are well-established, contributing to their affordability.
Moreover, steel wheel hubs are compatible with a wide range of vehicles. They are commonly used in various types of vehicles, including passenger cars, trucks, SUVs, and commercial vehicles. Their versatility and compatibility make them readily available for replacement or upgrade purposes.
It's worth noting that steel wheel hubs may be heavier than alternatives like aluminum, which can affect the overall weight of the vehicle. However, for many applications, the benefits of strength, durability, and cost-effectiveness make steel wheel hubs a preferred choice.
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Adoption of Wheel Hubs to Rise in Commercial Vehicles
Based on application, the market is segmented into commercial vehicles and passenger vehicles. Automotive wheel hub market share is poised to grow at a significant CAGR from commercial vehicles owing to rising demand for aftermarket parts in these vehicles.
The commercial vehicle industry has been expanding globally, driven by factors such as e-commerce growth, urbanization, and increased transportation needs. In fact, as per CareEdge Ratings, the volume of commercial vehicles could grow by 22% in 2023. As the number of commercial vehicles on the road increases, the demand for wheel hubs also rises.
Commercial vehicles typically cover longer distances and endure more demanding operating conditions compared to passenger vehicles. As a result, the wheel hubs in commercial vehicles experience higher mileage and wear, requiring more frequent replacements and contributing to increased demand.
Furthermore, many commercial fleet operators regularly update and expand their vehicle fleets to meet the growing demand for transportation services. This fleet expansion and replacement process often involve the installation of new wheel hubs, driving the demand for these components.
Increasing Aging Vehicle Fleet to Drive North America Automotive Wheel Hub Market Growth
Geographically, the automotive wheel hub market is segmented across North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a significant market share through 2032 owing to the increasing number of aging vehicle fleets.
The average age of vehicles in North America has been increasing over the years. Older vehicles tend to require more frequent maintenance and repair, including wheel hub replacements. As the vehicle fleet ages, the demand for wheel hubs rises due to the need for replacements in both commercial and passenger vehicles.
The region has stringent vehicle safety regulations and standards aimed at ensuring road safety. Compliance with these regulations requires regular maintenance and replacement of critical components, including wheel hubs. The need to meet safety requirements contributes to the rising demand for wheel hubs.
Along with the aforementioned factors, it is pivotal to note that the automotive industry is constantly evolving with advancements in technology. Modern vehicles are equipped with more sophisticated features and systems, often requiring specialized wheel hubs to support these advancements. The demand for technologically advanced wheel hubs, such as those used in electric vehicles or vehicles with advanced driver assistance systems (ADAS), has increased in North America.
Meanwhile, the Asia Pacific wheel hub market is poised to gain traction owing to the expanding electric vehicle industry.
Similarly, Europe is expected to capture a significant market share owing to the presence of prominent automotive manufacturers.
Middle East & Africa automotive wheel hub market outlook is driven by constant infrastructural developments happening in the region.
Rapid urbanization and economic growth are anticipated to play a key role in the wheel hun market expansion in South America.
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Major automotive wheel hub market players include:
- Dicastal
- Maxion
- CMW
- Enkei
- Ronal
- Borbet
- Faway Zenix
- Superior
- Alcoa
- Accuride
- Lioho
- Uniwheel
FAQs
What is the size of the automotive wheel hub market?
The overall market revenue is expected to reach USD 80.34 Billion in 2023 and could account for USD 135.73 Billion through 2032.
Why will steel wheel hub market gain traction?
The overall market share from steel wheel hubs is anticipated to grow significantly owing to their exceptional strength and durability
What factors are driving the demand for wheel hubs across commercial vehicles?
Automotive wheel hubs industry revenue from commercial vehicles is poised to grow at a notable rate driven by rising demand for aftermarket parts in these vehicles.
How will North America automotive wheel hub market gain traction?
The overall market size from North America is anticipated to grow considerably owing to stringent vehicle safety regulations and standards.
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