Asia-Pacific Automotive Bearings Market to Grow with a CAGR of 7.1% through 2030
The
Asia-Pacific automotive bearings market is experiencing growth due to
increasing vehicle production, a shift towards electric vehicles, and
advancements in bearing technology. Government policies supporting clean
transportation and sustainability are also contributing to this growth. Rising
demand for high-performance and fuel-efficient vehicles is expected to further
propel market expansion. These factors are driving the market in the forecast
period 2026-2030.
According
to TechSci Research report, “Asia-Pacific Automotive Bearings Market
– By Country, Competition, Opportunities and Forecast, 2020-2030F”,
The Asia-Pacific Automotive Bearings Market was valued at USD 38.2 Billion in
2024 and is expected to reach USD 61.2 Billion by 2030 with a CAGR of 7.1%
during the forecast period. The automotive bearings market in
Asia-Pacific is set for significant growth due to various factors. Vehicle
production across the region has increased substantially, driven by rising
demand in both commercial and passenger vehicles. The need for high-performance
bearings is expanding as more vehicles are produced to meet both traditional
and evolving consumer needs. Alongside this, bearing manufacturers are working
to improve their technologies to accommodate the rising shift to electric
vehicles (EVs), which require advanced bearings for higher efficiency and power
transmission.
In response to growing environmental concerns and stringent
regulations, the automotive sector is embracing sustainability. This trend is
accelerating the adoption of electric and hybrid vehicles, creating a need for
specialized bearings that can handle the unique demands of EVs, including
increased torque and power management. Consequently, bearing manufacturers are
focusing on innovation to meet the requirements of this growing sector, with
many investing in durable, energy-efficient products. Despite the market's
growth potential, there are challenges to overcome, including rising raw
material prices and the pressure to maintain high manufacturing standards.
Companies are under constant pressure to innovate while managing these
challenges, ensuring they can supply the high-quality bearings needed for
today’s advanced vehicles. Nonetheless, the increasing focus on green
technology, along with support for electric vehicle adoption, continues to
create substantial growth opportunities for the automotive bearings market in
the Asia-Pacific region in the coming years.
Browse over
Asia-Pacific Automotive Bearings Market Data Figures spread through XX Pages
and an in-depth TOC on " Asia-Pacific Automotive Bearings Market"
Asia-Pacific Automotive Bearings Market Is
Segmented By Vehicle Type, Product Type, and By Country.
The Asia-Pacific automotive bearings market is segmented by
vehicle type into passenger cars and commercial vehicles. Passenger cars
constitute a large portion of the automotive market in the region. The
increasing urbanization, along with rising disposable income in countries like
China, India, and Southeast Asia, is driving the demand for passenger vehicles.
As consumer preferences shift towards fuel-efficient, performance-oriented
cars, there is a growing need for high-quality automotive bearings. These bearings
are critical in ensuring smooth and efficient operations of essential vehicle
components such as engines, wheel hubs, and transmissions. Passenger vehicles
require bearings that offer high durability, reduced friction, and improved
fuel efficiency. The commercial vehicle segment includes vehicles like trucks,
buses, and delivery vans, which are vital for transportation and logistics. The
growth of e-commerce, urbanization, and infrastructure development in
Asia-Pacific has resulted in a steady demand for commercial vehicles. Bearings
used in commercial vehicles are designed to handle more demanding conditions
such as higher loads and prolonged usage. These bearings are crucial in
ensuring the longevity and efficiency of commercial vehicles, especially for
long-haul operations and heavy-duty performance. As industries like logistics,
construction, and public transportation continue to expand, the need for
reliable, high-performance bearings in commercial vehicles is set to rise. The
evolving demands of both vehicle types highlight the importance of advanced
bearing technologies, with tailored solutions to improve vehicle performance
and efficiency in different operational contexts.
India is expected to be the fastest-growing country in the
Asia-Pacific automotive bearings market in 2024. The country's automotive
sector is expanding rapidly, driven by increasing vehicle production and a
growing middle-class population. As more people gain access to personal
transportation, the demand for passenger cars has seen a significant rise. In
parallel, the demand for commercial vehicles, including trucks and buses, is
also growing due to the rapid expansion of e-commerce and transportation networks
across the country. This surge in vehicle production and sales directly
contributes to the increasing demand for automotive bearings. India's
automotive market is witnessing a shift towards electric and hybrid vehicles,
further accelerating the demand for specialized bearings. These vehicles
require high-performance bearings to meet the demands of improved energy
efficiency, higher torque, and optimized power transmission. The Indian
government’s initiatives to promote electric vehicles and reduce carbon
emissions align with the growing adoption of cleaner technologies in the
automotive sector. The country’s focus on infrastructure development and the
expansion of manufacturing facilities is supporting the automotive industry’s
growth, further boosting the bearings market. As India's automotive production
increases and evolves towards more energy-efficient and eco-friendly vehicles,
the demand for advanced bearing solutions continues to grow, positioning India
as a key player in the automotive bearings market in the coming years.
Major
Market Players Operating in Asia-Pacific Automotive Bearings Market Are:
- SKF
AB
- NSK
Ltd.
- NTN
Corporation
- Schaeffler
AG
- JTEKT
Corporation
- Timken
Company
- MinebeaMitsumi
Inc.
- RBC
Bearings Incorporated
- C&U
Group Co., Ltd.
- Iljin
Global Co., Ltd.
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
The Asia-Pacific automotive bearings market is experiencing
steady growth as vehicle manufacturers and operators focus on enhancing vehicle
efficiency, improving performance, and meeting the increasing demand for
advanced, durable components. Automotive bearings are essential for optimizing
the performance and longevity of vehicles, supporting smooth operations in
engines, wheel hubs, and transmissions. Technological advancements in bearing
design, materials, and manufacturing processes are driving this growth,
offering improved durability, reduced friction, and higher energy efficiency.
These trends, fueled by the growing demand for electric and fuel-efficient
vehicles, are expected to significantly expand the market in the coming years,
according to Mr. Karan Chechi, Research Director at TechSci Research, an
Global-based research management consulting firm.
“Asia-Pacific Automotive Bearings Market By Vehicle Type (Passenger Cars and Commercial Vehicles), By Product Type (Plain Bearings, Rolling Element Bearings, and Ball Bearings), By Country, Competition, Opportunities and Forecast, 2020-2030F”, assesses the market's future growth potential and provides data on
market size, trends, and forecasts. It aims to offer comprehensive market
insights, helping decision-makers make informed investment choices. The report
also highlights emerging trends, key drivers, challenges, and opportunities in
the Asia-Pacific Automotive Bearings Market.
Contact
Us-
TechSci Research
LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
M: +13322586602
Email: [email protected]
Website: www.techsciresearch.com