Dublin, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The "Electric Vehicle Bearings Market - A Global and Regional Analysis: Focus on Propulsion, Application, Vehicle, Sales Channel, Product, Material, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle bearings market is projected to reach $41,127.0 million by 2031 from $2,261.5 million in 2021, growing at a CAGR of 34.1% during the forecast period 2022-2031
The growth in the global electric vehicle bearings market is expected to be driven by rising demand for electric vehicles and demand for high-speed electric vehicle bearings. Also, the rising focus on vehicle weight reduction is helping the electric vehicle bearings market grow considerably.
With the rapidly evolving electric vehicle market, the bearings used in electric vehicles are subjected to base on various performance parameters, including a wider operating temperature range and increased speed range.
Market Lifecycle Stage
Bearings are used in electric vehicles primarily for supporting axial and radial loads and reducing friction. The growth of the global electric vehicle bearings market is majorly attributed to the growing inclination toward vehicle weight reduction.
Growing investment in research and development activities by various manufacturers of electric vehicle bearings is expected to propel the market. Additionally, electric vehicle bearings players have tended toward new product launches to expand their innovative capabilities.
Furthermore, favorable government policies supporting the adoption of electric vehicles across the globe, advancements in bearing material and lubrication technologies, and increase in competition in the electric vehicle are projected to offer new avenues for the electric vehicle bearings market. There are some challenges in the market, such as designing bearing size optimization without compromising motor power and challenges associated with cage design of electric vehicle bearings. The ongoing vital developments in the market are expected to overcome them in the forecast period.
Impact of COVID-19
The impact of COVID-19 on the electric vehicle bearings industry has been moderately severe compared to the impact on the general automotive industry. Furthermore, due to variables like the increasing demand and annual sales of electric cars, there is a considerable increase in the need for electric vehicle parts and components.
Additionally, the COVID-19 pandemic had a negative impact on the exploitation of resources such as steel, copper, and aluminum. On the other hand, prominent EV manufacturers have expanded their EV sales substantially during the previous two years.
Market Segmentation
Based on propulsion, battery electric vehicle (BEV) accounted for the largest share of 63.4% in the global electric vehicle bearings market in 2021 and is expected to witness growth at a CAGR of 35.1% between 2022 and 2031. The growth of BEV is anticipated by the support of various government agencies enforcing quota systems and strict fuel economy rules, especially in developing nations.
Based on application, E-Axle accounted for the largest share of 30.2% in the global electric vehicle bearings market in 2021, and the motor application is expected to witness growth at a CAGR of 35.6% between 2022 and 2031. With the growing popularity of EVs in terms of performance, range, and features globally, the sale of E-Axle has grown tremendously. Other reasons that contribute to rising E-Axle sales include better EV performance standards, increased rideability, and an overall receptive environment for EV and hybrid class cars.
Based on vehicle, passenger vehicle accounted for the largest share of 61.0% in the global electric vehicle bearings market in 2021, and commercial vehicle is expected to witness growth at a CAGR of 35.3% between 2022 and 2031. The growth of passenger vehicles is attributed mainly due to the rapidly growing adoption of electric variants and the increase in production and sales of passenger vehicles globally.
Based on sales channel, OEM accounted for the largest share of 100.0 % in the global electric vehicle bearings market in 2021, and aftermarket is expected to witness growth at a CAGR of 35.0% between 2022 and 2031. The rebounds in the production of automobiles, trucks, buses, and other motor vehicles (e.g., vans) are major factors boosting the OEM in the electric vehicle bearings market.
Based on product, ball bearing accounted for the largest share of 59.1% in the global electric vehicle bearings market in 2021 and is expected to witness growth at a CAGR of 34.8% between 2022 and 2031. With the rapid adoption of electric vehicle variants globally, the market for ball bearings segments is boosting.
Based on material, steel accounted for the largest share of 50.6% in the global electric vehicle bearings market in 2021, and polymer is expected to witness growth at a CAGR of 35.1% between 2022 and 2031. Steel is used as the main roller bearing and ball bearing material for both the rolling component and the rings, thereby boosting the market.
The China region holds a significant market share among different regions such as North America and Europe. Rising electrification demand, along with shifting raw material prices, is propelling the industry forward. Furthermore, the rise of sensor bearing units, along with increased technological development by producers, is contributing to the expansion of the China electric vehicle bearings market.
Recent Developments in Global Electric Vehicle Bearings Market
- In May 2022, NTN achieved high-speed rotation supporting DmN value*1 of 2.2 million under oil lubrication with high speed deep groove ball bearings for E-Axle drive systems for EVs and motors and transmissions for HEVs.
- In February 2022, Schaeffler Technologies AG & Co. KG developed the TriFinity triple-row bearing. Its design enables the downsizing of system solutions, resulting in optimized bearing weight and reduced noise emission levels in electric vehicle operations.
- In April 2021, NSK Ltd. announced that it had developed a third-gen (Gen 3) high-speed ball bearing for electric vehicle motors, capable of delivering high bearing rotational performance while operating at more than 1.8 million dmN.
- In December 2020, NTN Corporation announced that it had established a new sales company NTN Middle East FZE, in Dubai, U.A.E. The establishment of this sales company is aimed toward building technical service and sales system for expansion of sales in the Middle East and Africa regional markets.
- In September 2020, AB SKF invested nearly $61.7 million (SEK 550 million) to strengthen its competitiveness and manufacturing footprint in the North America region.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some prominent names established in this market are:
- NSK Ltd.
- AB SKF
- NTN Corporation
- JTEKT Corporation
- The Timken Company
- Schaeffler Technologies AG & Co. KG
- NBC Bearings (NEI Ltd.)
- NRB Bearings Limited
- ILJIN Co., Ltd.
- Fersa Bearings S.A.
- Wafangdian Bearing Group Corp., Ltd. (ZWZ)
- C&U GROUP CO., LTD.
- Zhejiang XCC Group Co., Ltd.
- Nachi-Fujikoshi Corp.
- NMB Technologies Corporation
Business Dynamics
Business Drivers
- Growing Demand for Electric Vehicles
- Increasing Need for High-Speed Electric Vehicle Bearings
- Growing Demand for Power Density Improvement in Electric Vehicle Powertrains
- Rising Focus on Vehicle Weight Reduction
Business Challenges
- Bearing Size Optimization without Compromising Motor Power
- Challenges Associated with Cage Design of Electric Vehicle Bearings
- Heat Generation in Bearings at High Rotational Speed
- Counterfeit Bearings
Business Strategies
- Product Development
- Market Development
Corporate Strategies
- Mergers and Acquisitions
- Partnership and Collaboration
Business Opportunities
- Weight Reduction of Bearings in Electric Vehicles
- Advancements in Bearing Material and Lubrication Technologies
Industry Outlook
Key Trends in the Electric Vehicle Bearings Market
- Low-Friction Electric Vehicle Bearings
- High-Speed Bearings
- Hybrid Bearings for Electric Pitting Prevention
- Low-Friction Lubricants
Technology Roadmap
Supply Chain Analysis/MAP
Ecosystem/Ongoing Programs
- Consortiums, Associations, and Regulatory Bodies
- Government Programs and Initiatives (Electric Vehicles)
For more information about this report visit https://www.researchandmarkets.com/r/5zh5bv
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