Wilmington, Delaware, United States, March 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Automotive bearings are machines used for constraining relative motion to the desired motion and help in reducing friction between the moving parts of an automobile. They form a key component in vehicles and help in the smooth and efficient running of the automobile.
The global Automotive Bearing Market is likely to register a CAGR of 6.2% between 2022 and 2031. Bearings can be used in personal cars, two- and three-wheelers, and heavy load-carrying commercial vehicles as well. The rise in automobile sales across the world is projected to promote market growth for automotive bearings.
The adoption of advanced technology-based bearings for multiple automotive applications or components is likely to favor the overall growth of this market during the forecast period. Additionally, the surge in demand for lightweight vehicles and electric vehicles is further projected to attract significant revenues for the overall Automotive Bearing Market.
However, the fluctuating prices of raw materials used for manufacturing automotive bearings and the lack of skilled labor in industries are estimated to create a challenging environment for this market. Nevertheless, the advent and increase in the adoption of sensor-bearing units and the development of additive manufacturing procedures are likely to create new business opportunities for this market during the forecast period.
According to the TMR report, the global Automotive Bearing Market value stood at US$ 28.4 Bn in 2021 and is anticipated to reach US$ 51.8 Bn by the end of 2031. An increase in R&D activities for bearing materials and coatings is expected to help augment this market during the forecast period.
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Key Findings of Study
- Expansion of the Automotive Sector: Government-imposed restrictions on carbon emissions are propelling automobile manufacturers to opt for eco-friendly automotive parts that would increase the fuel and engine efficiency of vehicles. This automatically propels the demand for automotive bearings, thereby promoting the market growth. Besides this, the demand for lightweight vehicles is also on the rise, which further boosts the demand for automotive bearings.
- Use of Advanced Materials in Manufacturing Technologies: Cutting-edge technology is used for manufacturing advanced materials that constitute automotive bearings. As high-carbon chromium steel is durable and cost-efficient at the same time, it is used for fabricating automotive bearings. However, other materials such as plastic, stainless steel, and ceramics are also used for making bearings. The integration of sensors in bearings helps in smooth operation, thereby resulting in high demand in the market. Also, the use of advanced sensor-based technologies that aid in software simulation and the dependability of bearings is further expected to aid in global market development.
Key Drivers
- Rise in adoption of passenger vehicles would aid in Automotive Bearing Market expansion
- Increase in adoption of electric vehicles (EVs) in the automotive sector is anticipated to be a significant market trend
- Rapid expansion of the automotive sector, especially post the COVID-19 pandemic, is projected to promote business in the near future
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Regional Growth Dynamics
- Asia Pacific held the highest market share in 2022 and emerged dominant. This is owing to the presence of large automobile manufacturing bases in countries such as Japan, China, and India.
- Expansion of the automotive sector and the rise in adoption of EVs worldwide augments the demand for automotive bearings, thereby contributing positively to regional market revenue
Key Players
Prominent players in the global Automotive Bearing Market include
- Schaeffler AG,
- Nachi-Fujikoski Corp.,
- Rheinmetall Automotive,
- RBC Bearings Incorporated,
- SNL Bearings Ltd.,
- Nippon Thompson Co., Ltd.,
- NTN Corporation,
- SKF,
- Minebea Co., Ltd.,
- Federal-Mogul Holdings LLC,
- NSK Ltd., and JTEKT Corp.
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Automotive Bearing Market Segmentation
Bearing Type
- Ball Bearings
- Roller Bearings
- Cylindrical & Needle Roller Bearings
- Tapered Roller Bearings
- Spherical Roller Bearings
- Plain Bearings
- Thrust Bearings
- Others
Vehicle Type
- Passenger Vehicles
- Sedans
- Hatchbacks
- SUVs
- Light Commercial Vehicles
- Heavy Trucks
- Buses and Coaches
Application
- Engine
- Gearbox
- Transmission
- Wheel
- Steering
- Others
Sales Channel
- OEMs
- Aftermarket
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Japan
- China
- India
- ASEAN
- GCC
- South Africa
- Brazil
- Mexico
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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