Automotive Bearings Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Automotive Bearings Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Automotive Bearings Market

The Automotive Bearings Market size was valued at USD 14.35 billion in 2022, and the market is now projected to grow from USD 14.76 billion in 2023 to USD 19.46 billion by 2030, exhibiting a CAGR of 4.0% during the forecast period of 2023-2030.

COVID-19 has disrupted the supply chain market due to which multiple industries had to face a shortage of raw materials and manpower, and one of them was the automotive industry. With the shutdown of the market due to lockdown measures, particularly in China, the market faces various trade restrictions and closed borders, which led directly to various types of material and service shortages, and caused huge delays in fulfilling orders, impacting severely Automotive Bearing Market Growth. To overcome these challenges market was adapting The just-in-time strategy and reduced workforce OEMs to halt production to secure liquidity and reduce overproduction due to a decline in sales. With advanced technology-based automotive components market witnessed the demand for electric vehicles despite of initial downfall, and the release of the vaccine worked as a rain in draught for the key players, as the market started running at a slow pace but continued.

The growing population and urbanisation are the key drivers for the growth in the Automotive Bearing Market Share, as the need for vehicles has become a necessity and commodity as well. For automotive sales, bearings play the most important part and it is the crucial components of a vehicle to function, that are used for gearboxes, engines, wheels, transmission, electric motors, steering, and pumps.With the expanding market the need for transportation of goods is growing fast and driving the demand for commercial vehicles high, with this trend automotive breaking market is witnessing high market penetration and growth.

OEMs globally take initiatives to enhance fuel economy and reduce carbon emissions, reducing the gross weight of vehicles, as the usage of lightweight automotive bearings is very helpful to minimise the overall weight of the car or vehicle. To meet the changing standards and stay in competition, manufacturers are using tight tolerance forging techniques and improved forging techniques.

SKF is developing lightweight bearings, with compact and minimal bearings design, specially designed for ultra-high speed with high rigidity, better load-carrying, and longer service life. With the development initiative, modern automobiles and Sport Utility Vehicles (SUVs) need lightweight bearings and are starting to depend on the market for improved performance and minimum weight, contributing to the market growth.

Comprehensive Analysis of Automotive Bearings Market

The Automotive Bearings Market and Automotives industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the Automotives benefit management industry. These segmentations are methodically segregated By Type Analysis, By Application Analysis and By Vehicle Type Analysis. The types analysis include, Ball, Roller, & Others, by application includes Powertrain, Chassis, & Others, and by vehicle type include, Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle.

Asia Pacific is leading the automotive market with the value of 53.73% of market share and expecting to grow as forecasted, and it driven by increased production and sales of passenger cars, along with growing demand for personal mobility in the post pandemic period. With government initiatives, the region is witnessing the growing adoption of electric vehicles and driving the need for more bearings for lightweight EVs.

The top players in the market play a crucial role in the Automotives industry assuring industrial prospectus growth and setting market standards. These players include,JTEKT Corporation (Japan), SKF (Sweden), Schaeffler AG (Germany), NSK Ltd (Japan), NTN Corporation (Japan), TIMKEN (U.S.), Nippon Thompson (Japan), RBC Incorporation (U.S.), Iljin Co., Ltd. (South Korea), CW Bearing (Germany) these market players provide a level-playing competitive landscape.

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Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 4.0% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Type

Ball

Roller

Others

By Application

Powertrain

Chassis

Others

By Vehicle Type

Passenger Vehicle

Light Commercial Vehicle

Heavy Commercial Vehicle

By Geography

North America (By Type, By Application, By Vehicle Type)

- U.S. (By Vehicle Type)

- Canada (By Vehicle Type)

- Mexico (By Vehicle Type)

Europe (By Type, By Application, By Vehicle Type)

- Germany (By Vehicle Type)

- France (By Vehicle Type)

- UK (By Vehicle Type)

- Rest of Europe (By Vehicle Type)

Asia Pacific (By Type, By Application, By Vehicle Type)

- Japan (By Vehicle Type)

- China (By Vehicle Type)

- India (By Vehicle Type)

- South Korea (By Vehicle Type)

- Rest of APAC (By Vehicle Type)

Rest of the World (By Type, By Application, By Vehicle Type)


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