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 –Industry Size, Share, Trends, Opportunity, 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.
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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.
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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 India-based research
management consulting firm, these trends are poised to drive significant market
growth.
The report
titled “Asia-Pacific Automotive Bearings Market – Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Vehicle Type (Passenger Cars and
Commercial Vehicles), By Product Type (Plain Bearings, Rolling Element
Bearings, and Ball Bearings), By Country, By Competition, 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.
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