The global Automotive Bearing Market is set to thrive, driven by the automotive sector's expansion. Asia Pacific leads with the highest market share in automotive bearings, underscoring its substantial impact on market growth
New York, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Market Size and Overview:
The global automotive bearing market witnessed a valuation of USD 18.47 billion in 2023, with projections indicating growth from to USD 27.02 billion by 2030, showcasing a Compound Annual Growth Rate (CAGR) of 4.0% throughout the forecast period.
The Automotive bearings market contribute to enhanced vehicle performance by efficiently bearing heavy loads and reducing friction. They find primary applications in gearboxes, engines, wheels, transmissions, steering systems, pumps, electrical motors, and various other vehicle components. Moreover, they play a vital role in ensuring the smooth operation of features like wipers, rearview mirrors, doors, and bonnet hinges.
Bearings, essential mechanical components, play a crucial role in minimizing friction between moving rotating parts and providing support for rotary components to achieve specified motion. Noteworthy end-users of bearings include the automotive and aerospace & defense sectors, among various other industrial segments.
Additionally, automotive bearings are integral components in a wide range of vehicles, encompassing passenger cars, commercial vehicles, off-highway equipment, and two-wheelers.
Automotive bearings significantly contribute to optimizing vehicle performance by effectively supporting heavy loads and mitigating friction. Their primary applications include gearboxes, engines, wheels, transmissions, steering systems, pumps, electrical motors, and various other vehicle components. Furthermore, they play a pivotal role in ensuring the seamless operation of features such as wipers, rearview mirrors, doors, and bonnet hinges.
Additionally, automotive bearings serve as integral components in a diverse array of vehicles, including passenger cars, commercial vehicles, off-highway equipment, and two-wheelers.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | USD 18.47 billion | |
| Projected Market Value (2030F) | USD 27.02 billion | |
| Global Market Growth Rate (CAGR 2023 to 2030) | 4.0% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 341 Pages | |
| Market Segmentation | Product type, vehicle type, application, sales distribution channel. | |
| Regions Covered | North America, Europe, East Asia, South ,Asia & Oceania, Latin America, Middle East & Africa | |
| Key Companies Profiled | AB SKF, JTEKT Corp., Schaeffler AG Federal-Mogul Corp., NSK Ltd., NTN Bearing Corporation, Rheinmetall AG (KSPG AG) Wafangdian Bearing Group Corp | |
Market Key Growth Drivers:
Increasing Vehicle Production: The rising demand for automobiles worldwide is a significant driver, as higher vehicle production leads to a proportional increase in the demand for automotive bearings.
Technological Advancements: Ongoing advancements in bearing technologies, such as the development of smart bearings and lightweight materials, contribute to increased efficiency, reduced friction, and improved overall vehicle performance.
Growing Automotive Aftermarket: The aftermarket for automotive bearings is expanding due to the need for replacements and maintenance, driven by the aging vehicle population and the emphasis on prolonging the operational life of vehicles.
Expansion of Electric Vehicles (EVs): The growing adoption of electric vehicles presents new opportunities for automotive bearings, as EVs have specific bearing requirements and are becoming increasingly prevalent in the automotive market.
Focus on Fuel Efficiency: With a global emphasis on environmental sustainability, automotive manufacturers are prioritizing fuel efficiency. Bearings play a crucial role in achieving this objective by reducing friction and enhancing overall energy efficiency in vehicle components.
Increasing Demand for Advanced Safety Features: The integration of advanced safety features in vehicles, such as advanced driver-assistance systems (ADAS), requires high-performance bearings for smooth and reliable operation, driving demand in the market.
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Market Restraints:
Fluctuating Raw Material Prices: The automotive bearing industry is sensitive to changes in raw material prices, and fluctuations can impact production costs, potentially affecting profit margins for manufacturers.
Stringent Regulatory Standards: Increasing regulatory standards and environmental regulations may require manufacturers to meet specific criteria, adding compliance costs and potentially affecting the production processes and materials used in bearings.
Impact of COVID-19: The ongoing global pandemic has disrupted supply chains, manufacturing operations, and overall market dynamics, leading to uncertainties and challenges for the automotive bearing industry.
Market Saturation in Developed Regions: Mature markets in developed regions may experience saturation, limiting the potential for significant growth. Manufacturers may need to explore emerging markets to offset this limitation.
Rapid Technological Changes: While technological advancements drive growth, they also pose challenges as rapid changes may require continuous investments in research and development, and manufacturers must stay agile to keep up with evolving trends.
Highly Competitive Landscape: The automotive bearing market is highly competitive, leading to price wars among manufacturers. Intense competition can potentially impact profit margins and hinder sustainable growth.
Market Opportunities:
Rising Electric Vehicle Adoption: The increasing adoption of electric vehicles (EVs) presents a significant opportunity for automotive bearing manufacturers, as EVs have specific bearing requirements, including those related to electric motors and drivetrain components.
Integration of IoT and Smart Bearings: The incorporation of Internet of Things (IoT) technology into bearings can lead to the development of smart bearings. These bearings can provide real-time data on performance, enabling predictive maintenance and enhancing overall system efficiency.
Focus on Lightweight Materials: As the automotive industry places a greater emphasis on reducing vehicle weight for improved fuel efficiency, there is an opportunity for bearing manufacturers to develop and supply lightweight yet durable materials for various components.
Expansion in Emerging Markets: Emerging markets, particularly in Asia-Pacific, Latin America, and Africa, present untapped opportunities for growth. Increased urbanization and infrastructure development in these regions can drive demand for vehicles and, subsequently, automotive bearings.
E-commerce and Aftermarket Sales: The growing trend of online sales and the increasing importance of the aftermarket offer opportunities for manufacturers to enhance their distribution channels and reach a broader customer base.
Collaborations for Research and Development: Collaborations and partnerships between automotive manufacturers, bearing suppliers, and technology companies can foster innovation. Joint research and development initiatives can lead to the creation of advanced bearing solutions.
Top Key Companies in the Automotive Bearing Market:
- AB SKF: AB SKF, commonly known as SKF, is a Swedish multinational manufacturing company that specializes in providing bearings, seals, lubrication systems, and related services globally. SKF is a leading player in the automotive bearing market and serves various industries, including automotive, industrial, and aerospace.
- JTEKT Corp.: JTEKT Corporation, based in Japan, is a global manufacturer of automotive steering systems, driveline components, bearings, and machine tools. JTEKT is a significant player in the automotive bearing market, offering a wide range of products and solutions to automotive manufacturers worldwide.
- Schaeffler AG: Schaeffler AG, headquartered in Germany, is a global automotive and industrial supplier. The company specializes in precision components, including bearings and solutions for engines, transmissions, and chassis systems. Schaeffler is known for its innovative technologies and plays a key role in the automotive bearing industry.
- Federal-Mogul Corp.: Federal-Mogul Corporation, now a part of Tenneco Inc., was a leading global supplier of automotive components, including bearings, pistons, and engine components. It has a history of providing a wide range of products to the automotive aftermarket.
- NSK Ltd.: NSK Ltd., based in Japan, is a global manufacturer of bearings, automotive components, and precision machinery. NSK is recognized for its high-quality bearings used in various applications, including automotive systems, industrial machinery, and electronic devices.
- NTN Bearing Corporation: NTN Bearing Corporation is a leading manufacturer of a wide range of bearings and related products. Headquartered in Japan, NTN serves various industries, including automotive, industrial, and aerospace. The company is known for its diverse product portfolio and commitment to quality.
- Rheinmetall AG (KSPG AG): Rheinmetall AG, formerly known as KSPG AG (Kolbenschmidt Pierburg), is a German automotive and defense company. In the automotive sector, it has been involved in the development and production of components, including bearings, for engines, exhaust systems, and other automotive applications.
- Wafangdian Bearing Group Corp: Wafangdian Bearing Group Corporation, based in China, is a large state-owned enterprise specializing in the production of bearings. It is one of the key players in the Chinese bearing industry and serves both domestic and international markets.
- Timken Company: The Timken Company is an American manufacturer of bearings and related products. Timken is known for its tapered roller bearings and other engineered bearings used in various industries, including automotive, aerospace, and industrial applications. The company has a global presence and is recognized for its focus on innovation and quality.
Automotive Bearing Market Segmentation:
By Type:
Ball: Ball bearings are rolling-element bearings that use balls to maintain separation between moving parts. They are widely used in various automotive applications due to their ability to handle radial and axial loads efficiently.
Roller: Roller bearings utilize cylindrical or tapered rollers to achieve separation between moving parts. They are suitable for heavier loads and offer different types, such as cylindrical roller bearings, tapered roller bearings, and needle roller bearings.
Others: This category may include specialized or less common types of bearings that are used in specific applications within the automotive industry. It could encompass various designs and configurations based on unique requirements.
By Application:
Powertrain: Bearings used in the powertrain system, which includes the transmission, engine, and other components responsible for generating and transmitting power within the vehicle.
Chassis: Chassis bearings are utilized in the vehicle's chassis system, providing support and facilitating movement in components such as suspension systems, steering mechanisms, and wheels.
Others: This category may cover bearings used in applications beyond powertrain and chassis, including those in various vehicle systems or components with specific functions.
By Vehicle Type:
Passenger Vehicle: Bearings designed and used specifically in passenger cars, catering to the diverse needs of personal transportation.
Light Commercial Vehicle: Bearings tailored for use in light commercial vehicles, which include a range of vehicles such as pickup trucks, vans, and small delivery vehicles.
Heavy Commercial Vehicle: Bearings intended for heavy-duty applications in commercial vehicles, including trucks, buses, and other large transport vehicles.
By Geography:
North America: Encompasses the automotive bearing market in North America, including the United States, Canada, and Mexico. The region is a significant market with a well-established automotive industry.
Europe: Encompasses the automotive bearing market in Europe. The region is home to major automotive manufacturers and suppliers, and it plays a crucial role in the global automotive industry.
Frequently Asked Questions:
- What is the projected value of the global automotive bearing market?
- Which is the leading region of the global market?
- What is the estimated CAGR of the automotive bearing market?
- What factors are predicted to drive the global market growth?
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