Dublin, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The "Electric Vehicle Bearings Market - A Global and Regional Analysis: Focus on Application, Product, and Country-wise Analysis - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.
Electric Vehicle Bearings Market is projected to reach a value of $32.4 billion by 2034 from $8.96 billion in 2024, growing at a CAGR of 13.7%
The electric vehicle bearings market comprises key players who have established themselves thoroughly and have the proper understanding of the market, accompanied by start-ups looking forward to establishing themselves in this highly competitive market. In 2023, the electric vehicle bearings market was dominated by established players, accounting for 68% of the market share, whereas start-ups managed to capture 32% of the market. With the increasing adoption of electric vehicle bearings across various industries, more players are expected to enter the global electric vehicle bearings market with each passing year.
In the past, the electric bearings market was mostly based on inventions from the conventional auto industry, with an emphasis on customizing pre-existing bearing solutions to satisfy the unique requirements of electric vehicles. In the past, roller and ball bearings were gradually replaced by more specialized varieties made to withstand the high rotation speed and low noise demands of electric motors.
There were fewer major players, mostly concentrated around conventional auto bearing producers. As the electric vehicle sector was still in its infancy, market growth was steady but constrained. Durability and affordability were prioritized to appeal to a market that was still in the early adopter stage.
Due to the current global upsurge in electric vehicle production and usage, the market for electric vehicle bearings is expanding and changing quickly. Specialized, high-performance electric vehicle bearings designed for electric motors, which run faster and require more precision than their combustion engine counterparts, are becoming more and more of a priority for manufacturers.
North America was the highest-growing market among all the regions, registering a significant CAGR. Europe is anticipated to gain traction in terms of electric vehicle bearings adoption owing to the growth of adoption of electric vehicles in the commercial and passenger segment in the automotive industry, along with the biggest automotive companies residing in the European region focusing on a shift toward EVs, the usage of electric vehicle bearings will drive the market forward.
In Europe, the U.K. is anticipated to show the highest growth in the electric vehicle (EV) bearings market among other countries in the region, growing at a CAGR of 16.7%. The growth of the U.K. in the electric vehicle bearings market is mainly because it benefits from extensive government support, higher EV adoption, investors investing in EVs heavily, and innovative companies and start-ups coming up with newer technologies.
Market Segmentation:
Battery Electric Vehicle (BEV) to Dominate the Global Electric Vehicle Bearings Market (by Propulsion)
The market for electric vehicle bearings has been dominated by the battery electric vehicle (BEV) segment, mainly because of the growing demand for zero-emission vehicles among consumers and the stricter environmental restrictions driving the adoption of BEVs in major automotive markets. BEVs require a variety of specialist bearings that can withstand high rotating speeds, increased load capacities, and the requirement for energy efficiency to improve range.
Government subsidies for BEV purchases and expenditures on infrastructure for charging them also contribute to the expansion of the BEV market. The demand for EV-specific bearings is subsequently increased, leading manufacturers to broaden their product offerings to include items that are specially designed for use in electric vehicle applications. For example, some manufacturers offer bearings with cutting-edge sealing and lubrication technologies that lower friction and improve durability in electric powertrain scenarios. Consequently, the BEV segment's significant market share keeps stimulating innovation and expansion in the EV bearings industry, thereby solidifying its leadership.
Motor to Dominate the Global Electric Vehicle Bearings Market (by Application)
The electric vehicle bearings market was led by the motor segment in 2023. The market for electric vehicle (EV) bearings has been dominated by the motor segment, mainly because electric motors are essential to the efficiency of EV operation. These motors' bearings are crucial for lowering friction, guaranteeing smooth operation, and sustaining the high rotational speeds that are characteristic of electric motors.
The efficiency, range, and dependability of the vehicle are directly impacted by the motor's performance, which is the primary element that transforms electrical energy into mechanical energy. Advanced, high-precision bearings are required as a result of the move toward more potent and efficient electric motors in response to consumer demand for vehicles with more performance and range. These bearings are made expressly to withstand increased loads and speeds, as well as the extremes of temperature and environmental conditions that come with running an electric motor.
OEM to Dominate the Global Electric Vehicle Bearings Market (by Sales Channel)
The electric vehicle bearings market was led by the OEM segment in 2023. This is because cutting-edge bearing solutions were directly incorporated into the design and production of the vehicle. Manufacturers incorporate specialized bearings that have been tuned to meet the high-performance needs of electric vehicles, such as improved durability under electric torque circumstances, higher speeds, and larger load capacities. Maintaining system effectiveness and vehicle dependability, two critical competitive considerations in the rapidly expanding electric car market, requires this integration.
Additionally, OEMs and electric vehicle bearing manufacturers can collaborate to create custom solutions for unique EV designs, which fosters creativity and advances technology. The necessity for warranty compliance and strict quality control standards, which are better controlled through OEM channels and guarantee that all components meet the precise specifications for optimum vehicle performance, support this supremacy.
Ball Bearing Segment to Witness the Highest Growth between 2023 and 2033
The ball bearing category leads the global market for electric vehicle bearings. The smooth operation of electric vehicles depends on ball bearings' high-speed capabilities to handle both radial and axial loads. Given its straightforward construction, electric cars use less energy and have less friction overall. In addition, compared to other bearing types, ball bearings may be produced more cheaply and with relative ease of manufacturing. Because of their affordability, they are a desirable choice for extensive applications in the automobile sector, where cutting costs is a top priority. Furthermore, its adaptability can be used in other electric vehicle components, such as wheel hubs and motors, reinforcing their market-leading status.
Steel Segment to Witness the Highest Growth between 2023 and 2033
Steel's superior strength, durability, and affordability are the main reasons why the steel segment leads the global market for electric vehicle bearings. Because of their superior wear resistance and great load-bearing capacity, steel bearings are a popular choice for electric vehicle applications requiring high rotational speeds and torque handling.
Additionally, steel is a dependable material for EV makers due to its capacity to endure difficult operating circumstances without sacrificing performance integrity. Steel is still the preferred material because of its track record in automotive applications and its cheaper cost as compared to newer, high-performance materials, even if interest in alternative materials such as ceramics is growing. This guarantees that steel will maintain a significant market share, particularly in the mass production of electric vehicles, where cost-effectiveness is essential.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 272 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value (USD) in 2024 | $8.96 Billion |
| Forecasted Market Value (USD) by 2034 | $32.4 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
Market Dynamics Overview
Business Drivers
- Increasing Adoption of Electric Vehicles
- Technological Advancements in Bearing Material and Design
- Rising Investment in EV Infrastructure
Trends: Current and Future Impact Assessment
- Low-Friction Electric Vehicle Bearings
- High-Speed Bearings
- Hybrid Bearings for Electric Pitting Prevention
- Low-Friction Lubricants
Business Challenges
- High Cost of Advanced Materials
- Technological Complexity and Manufacturing Challenges
- Dependence on EV Market Growth
Business Opportunities
- Expansion into Commercial and Industrial EV Segments
- Integration of Smart Technologies
Technology Roadmap
Supply Chain Overview
- Supply Chain and Identifying Risks within the Supply Chain
- Value Chain Analysis
- Market Map
Ecosystem/Ongoing Programs
- Consortiums and Associations
- Government Programs and Initiatives (Electric Vehicles)
Comparative Analysis of Bearing Material Selection
- Pricing Analysis
- OEM Preference
Key Market Players and Competition Synopsis
- NSK Ltd.
- SKF
- NTN Corporation
- JTEKT Corporation
- THE TIMKEN CORPORATION
- Schaeffler AG
- NEI Ltd.
- NRB Bearings
- ILJIN co., ltd.
- Fersa Bearings
- Saint-Gobain Performance Plastics Pampus Gmbh
- C&U Company Limited
- Zhejiang XCC Group Co., Ltd.
- NACHI-FUJIKOSHI CORP
- NMB Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/5mwzh6
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
