New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Bearing Market Information by Type, by Vehicle Type, and by Region - Forecast to 2030”, Throughout the forecast period, the automotive bearing market is anticipated to increase by USD 51,480 Million at a CAGR of roughly 6.28%.
Automotive Bearing Market Overview
Automotive bearing systems are utilised in automobiles to provide rotational and linear motion while also lowering friction. As an example, big vehicles require bearings to be stiff enough to carry heavy weight and provide trouble-free and smooth operations. The bearing's specialisation varies depending on the vehicle it is utilised in. According to the current trend, ceramic and white metal alloy ball bearings are anticipated to dominate the automotive bearing market because they are lightweight and will improve product quality by lowering friction and energy usage during operations.
Moreover, rising vehicle demand and technological innovation are propelling the automotive bearing market. From 2022 to 2030, the automotive bearing market is anticipated to develop at a CAGR of roughly 6.28%.
Key Players:
- Schaeffler AG.,
- Jtekt Corporation,
- NTN Corporation,
- Iljin Bearing Co., Ltd.,
- Timken Company,
- Svenska Kullagerfabriken AB,
- RKB Bearings,
- Timken Company,
- ORS Bearings,
- CW Bearing
- Among others.
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Automotive bearings are essential parts of automobiles and are in charge of the smooth and effective operation of the vehicle. Its primary purpose is to handle high stress while allowing for linear or rotational movement. They play a key role in allowing desired mobility and requiring relative motion in various autos. They keep the vehicle balanced while ensuring increased efficiency and speed. Automobile bearings consist of a ball with a frictionless metal surface on both the exterior and interior, supporting the bearings' gliding motion.
The automobile bearing industry will experience static growth in developed regions like North America and Europe. The implementation of strict Environmental Protection Agency (EPA) regulations and Corporate Average Fuel Economy (CAFÉ) standards, the focus on lightweight vehicles, the rise in commercial vehicle demand and sales in the European region, and the rise in automobile production and sales, particularly in Asia-Pacific, are some of the key factors boosting the market. However, the price increase for aluminium, particularly in the United States, could impede the market's expansion there.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 51,480 Million |
| CAGR during 2022-2030 | 6.28% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increasing individual’s disposable income & purchasing power |
| Key Market Drivers | Growing utility of heavy weight vehicles Increasing demand for the vehicles and technological advancement |
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Regionally, Asia-Pacific dominated the market under study in 2019 and constituted more than 47% of the whole market. The region's increased vehicle manufacturing and sales, particularly in India, Japan, and Southeast Asian nations, were the main cause of this.
The market for automobile bearings is developed in North America. The region's original equipment manufacturers are concentrating their efforts on raising manufacturing quality in order to provide high-quality products. The construction of many OEM manufacturing facilities in Canada and Mexico is raising demand for automotive bearings.
Automotive Bearing Market Segmentation analysis:
Segmentation by Type - Ball Bearings, Roller Bearings, Plain Bearings, Thrust Bearings, and Others
Segmentation by Vehicle Type - 2-Wheeler, Passenger, and Commercial
Segmentation by Regions: North America, Europe, APAC and Rest of the World.
Further, the North America segment is divided into U.S., Canada, and Rest of North America.
Europe is segmented into U.K., Germany, France, Sweden, Italy, and Rest of Europe.
Asia-Pacific is sub-segmented into China, India, Japan, and Rest of Asia-Pacific.
Rest of World is sub-divided into Brazil, Saudi Arabia, and Others.
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Due to the presence of developing nations like China and India, where the automobile sector is expanding more quickly, the Asia-Pacific region is predicted to dominate the global Automotive Bearing Market. Due to reasons like an increase in vehicle manufacturing facilities because of low production costs, an increase in production capacity, and a rise in demand for both light and heavy vehicles, the market in the Asia Pacific area is also expanding.
The largest market for automobile bearings is in Asia-Pacific. The automotive bearing market is anticipated to increase significantly in Asia-Pacific. Due to rising demand for automobiles and rising individual disposable income and purchasing power, emerging economies like China and India are anticipated to lead the automotive market.
In order to gain a deeper understanding of the market and industry performance, Market Research Future's report on the global automotive bearing market includes extensive primary research as well as a thorough analysis of both qualitative and quantitative aspects by a variety of industry experts and key opinion leaders. The study provides a thorough picture of the current state of the market, including historical and projected market size in terms of value and volume, technological development, macroeconomic factors, and market-governing factors. The research offers comprehensive data and business plans for the leading market participants. The research also provides a thorough analysis of the various market segments and geographical areas.
The market is already experiencing more competition, which is only going to get worse over the coming years. To obtain a competitive edge in this industry and to preserve their market position, the players in the market combine acquisition, collaboration, partnership, and expansion.
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The level of competition in the automotive bearing market is anticipated to rise as a result of technological developments in the production of automotive test equipment and rising key competitors' R&D spending.
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