Automotive Bearings Market to Grow at 7.18% CAGR Through 2029
Expansion of the automotive industry, rising vehicle
production, and increasing demand for fuel-efficient and technologically
advanced vehicles, growing trend toward electric and hybrid vehicles, surge in
automobile sales are the factors driving market in the forecast period 2025-2029.
According to TechSci Research report, “Automotive
Bearings Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the Global Automotive Bearings Market
stood at USD 49.77 Billion in 2023 and is anticipated to grow with a CAGR of 7.18%
in the forecast period, 2025-2029. The global automotive bearings market is a
crucial component of the automotive industry, playing a pivotal role in
ensuring smooth and efficient vehicle operation. Bearings are mechanical
elements designed to enable rotational or linear movement, reducing friction
and enhancing the overall performance of various automotive components. These
components find extensive applications in vehicles, ranging from passenger cars
to commercial vehicles and even off-road vehicles.
One of the primary functions of automotive bearings is
to support the rotating shafts within the vehicle's engine, transmission, and
wheels. The market is characterized by a wide variety of bearings, each
tailored to meet specific requirements based on their application within the
vehicle. These applications include wheel bearings, engine bearings,
transmission system bearings, and various others, each contributing to the
overall functionality and performance of the vehicle.
The global automotive bearings market has witnessed
significant growth in recent years, driven by several factors. One of the key
drivers is the burgeoning automotive industry itself. As the demand for
vehicles continues to rise globally, there is a proportional increase in the
need for high-quality components, including bearings. Additionally,
technological advancements in bearing materials, designs, and manufacturing
processes have played a crucial role in enhancing the performance and
durability of automotive bearings.
The market is also influenced by regulatory changes
and industry trends emphasizing fuel efficiency and sustainability. Automotive
manufacturers are increasingly focusing on developing vehicles with improved
fuel efficiency to meet stringent emission standards. Bearings, being integral
components in engines and drivetrain systems, play a vital role in achieving
these efficiency goals. This has led to a growing demand for advanced bearing
technologies that reduce energy losses and enhance overall vehicle efficiency.
Geographically, the global automotive bearings market
is distributed across various regions, with key players and manufacturing hubs
located in Asia-Pacific, Europe, North America, and other parts of the world.
Asia-Pacific, in particular, has emerged as a dominant player in the market,
owing to the presence of major automotive manufacturing countries such as
China, Japan, and South Korea. The region's robust automotive production has
propelled the demand for bearings, making it a significant contributor to the
overall market growth.
In terms of product types, the automotive bearings
market offers a diverse range of solutions, including ball bearings, roller
bearings, and others. Each type serves specific functions within the vehicle,
with manufacturers continuously innovating to meet evolving industry
requirements. Ball bearings, for instance, are commonly used in wheel hubs,
ensuring smooth rotation, while roller bearings find applications in heavy-duty
components like transmissions. The automotive bearings market is not only
influenced by traditional internal combustion engine (ICE) vehicles but also by
the growing penetration of electric and hybrid vehicles. As the automotive
industry undergoes a significant shift towards electrification, the demand for
bearings in electric vehicle (EV) drivetrains and components is witnessing a
notable uptick. This transition poses both challenges and opportunities for
bearing manufacturers, as electric vehicles require bearings with specific
characteristics such as high durability, low friction, and resistance to
extreme temperatures.
Browse over market data Figures spread through 180
Pages and an in-depth TOC on " Global Automotive Bearings Market.”
North America is a mature automotive market
characterized by technological advancements, stringent regulations, and a focus
on sustainability. In recent years, there has been a growing demand for
electric and hybrid vehicles, influencing the automotive bearings market. The
region is home to major automotive manufacturers, contributing to the increased
need for high-quality bearings. The United States, in particular, plays a
pivotal role in shaping the automotive bearings market. The country's strong
emphasis on innovation and research and development has led to the adoption of
advanced bearing technologies. Additionally, the region's focus on fuel
efficiency and reduced emissions has driven the demand for specialized
bearings.
Europe & CIS is a prominent player in the global
automotive bearings market, boasting a robust automotive industry with a strong
presence of key market players. The European market is characterized by a high
degree of technological sophistication, stringent quality standards, and a
shift towards electric mobility. Countries in the Commonwealth of Independent
States (CIS) are also contributing to the market growth, albeit to a lesser
extent. The automotive sector in these nations is undergoing modernization, and
as a result, there is an increasing demand for reliable and durable automotive
bearings.
Asia Pacific stands as a powerhouse in the global
automotive bearings market, driven by the rapid growth of the automotive
industry in countries like China and India. The region is a manufacturing hub
for automotive components, including bearings, owing to cost advantages and a
skilled labor force. China, in particular, has emerged as the largest
automotive market globally. The country's focus on electric vehicles, coupled
with its status as the world's largest automobile producer, has significantly
influenced the demand for automotive bearings. Other countries in the region,
such as Japan and South Korea, also play vital roles in shaping the market
dynamics.
South America has a growing automotive industry,
although it is not as mature as some other regions. Brazil, in particular, has
a substantial automotive market and is a key player in the South American
automotive bearings landscape. The region's market is influenced by factors
such as economic conditions, consumer preferences, and government policies.
Challenges such as economic instability and fluctuating demand can impact the
growth of the automotive bearings market in South America. However, as the automotive
sector continues to evolve, opportunities for market expansion and
technological advancements are expected.
The Middle East & Africa region is characterized
by a mix of developing and emerging automotive markets. While the automotive
industry is not as dominant as in some other regions, there is a gradual
increase in vehicle production and sales. The Middle East, with its affluent
consumer base, exhibits potential for luxury and high-performance vehicles,
influencing the demand for premium automotive bearings. Africa, on the other
hand, is witnessing infrastructural developments, leading to an upswing in the
automotive sector and subsequently, the automotive bearings market.
Major companies operating in Global Automotive
Bearings Market are:
- JTEKT
Corporation
- SKF AB
- Schaeffler
AG
- NSK
Ltd
- NTN
Corporation
- TIMKEN
- Nippon
Thompson Co., Ltd.
- RBC
Bearings Incorporated
- Iljin
Ilhwa Co., Ltd.
- CW Bearing Co., Ltd.
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“The global automotive bearings market is poised for
substantial growth, propelled by key drivers such as increasing vehicle
production, technological advancements, and a surge in demand for
fuel-efficient vehicles. With a rising emphasis on sustainability, the market
is witnessing a shift towards electric vehicles, further boosting the demand
for specialized bearings. Additionally, the aftermarket segment is thriving due
to the need for replacements and maintenance. Industry experts project a robust
forecast for the global automotive bearings market, driven by ongoing
innovation, expanding automotive fleets, and the evolving landscape of mobility
solutions.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Automotive Bearings
Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Bearing Type (Ball, Roller, Plain), By Application Type (Engine,
Transmission, Wheel, Steering, Others), By Vehicle Type (Two Wheelers, Passenger
Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles), By Region, Competition, 2019-2029”, has evaluated the future growth potential of Global Automotive
Bearings Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Automotive Bearings
Market.
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