HS Code:
Wheel hub units (HS Code: 8708.70) are critical automotive components that connect the wheel to the vehicle's suspension system, allowing for smooth rotation and bearing the vehicle's weight. These units typically include bearings, seals, and sometimes integrated sensors for anti-lock braking systems (ABS). They are essential for vehicle safety and performance, widely used in passenger cars, commercial vehicles, and other automotive applications. The global trade of wheel hub units is driven by the automotive industry's demand, influenced by factors such as vehicle production rates, aftermarket replacement needs, and advancements in automotive technology.
Total Trade Volume
USD 5.2 billion
Data from 2022
Source
United Nations Comtrade Database & International Trade Centre (ITC)
USD 1.3 billion
25% of total trade of total trade
Increasing
USD 850 million
16% of total trade of total trade
Stable
USD 700 million
13% of total trade of total trade
Stable
USD 600 million
12% of total trade of total trade
Increasing
USD 450 million
9% of total trade of total trade
Increasing
Average Rate
5.5% ad valorem
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for electric vehicles (EVs)
Increased need for lightweight and high-efficiency wheel hub units to enhance EV range and performance
2021-2023
Growth in aftermarket sales
Aging vehicle fleets in developed markets drive replacement demand for wheel hub units
2020-2022
Integration of advanced sensors
Growing adoption of smart wheel hub units with ABS and stability control sensors, increasing production costs but improving safety
2019-2023
The United States imposed additional tariffs on Chinese automotive parts, including wheel hub units, as part of ongoing trade tensions.
May 2023
Increased costs for US importers, potential shift to alternative suppliers in South Korea and Japan
New EU regulations under the Green Deal mandate stricter emissions standards, pushing manufacturers to develop eco-friendly wheel hub units.
January 2023
Higher R&D costs but long-term market growth for sustainable products
Ongoing conflicts and trade disputes have disrupted the supply of raw materials like steel, affecting wheel hub unit production.
March 2022
Price volatility and delays in delivery for manufacturers worldwide