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

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

Growth Factors of Engine Bearings Market

The engine bearings market size was valued at USD 3.05 billion in 2023, and the market is now projected to grow from USD 3.18 billion in 2024 to USD 4.06 billion by 2032, exhibiting a CAGR of 3.1% during the forecast period of 2024-2032.

COVID- 19 pandemic has tremendously affected the complete world. Restrictions on cross-border trade and the shutting of borders interrupted supply chains expressively. The pandemic also led to a significant drop in showroom foot traffic as individuals redirected their investments to improve financial losses and emphasis on basic requirements. Thus, these factors hindered market growth.

The upsurge in disposable income has encouraged people's living standards, thus inspiring them to acquire new vehicles. Furthermore, the government specialist’s support for endorsing automobile sales and the growing trend for lightweight vehicles are therefore enhancing vehicle production dynamics. Prominent automobile firms are financing high capital in intensifying their business in evolving economies due to the growing demand for high-performance vehicles.

Automakers are consistently working to enhance product designs, targeting to boost performance and fuel efficiency. The mounting demand for high-performance bearings has impelled manufacturers to incorporate advanced sensor units into their products. These sensor units facilitate digital monitoring of axial movement, load capacity, acceleration, slowing down, and spin speed. Incorporating electromechanical features directly into the bearings contributes to enriched vehicle performance and complete efficiency. This is likely to have a positive influence on the engine bearings market growth.

Comprehensive Analysis of Engine Bearings Market

The market can be segmented in various ways depending on the focus of study such as by type, by vehicle type and by distribution channel. Based on the type, the market is segmented into main bearing, connected rod bearing, and others.By vehicle type, the market is segmented into light commercial vehicles, passenger cars, and heavy commercial vehicles.By distribution channel, the market is segmented into OEM and aftermarket

Asia Pacific region is dominating the engine bearings market share due to occurrence of main automotive suppliers as well as robust automotive production in this region. Moreover, high investments in investigation & growth activities in emerging highly durable and lightweight materials for vehicles therefore enhance the market growth in the region.

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and growing market share by merger, partnerships and others. These players include

MAHLE Aftermarket GmbH (Germany), Daido Metal Co., Ltd. (Japan), JTEKT Corporation (Japan), NSK Ltd. (Japan), King Engine Bearing, Inc. (U.S.), Hartford Technologies, Inc. (U.S.), KS Kolbenschmidt GmbH (Germany), Schaeffler Technologies AG & Co. KG (Germany), ACL (Australia), Menon Bearings Ltd. (India) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In March 2023, JTEKT Corporation merged all its business brands, comprising those for automotive components, bearings, machine tools, and other sectors, under the unified JTEKT brand.

Segmentation Table

TTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 3.1% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

Main Bearing

Connected Rod Bearing

Others

By Distribution Channel

OEM

Aftermarket

By Vehicle Type

Passenger Cars

Light Commercial Vehicles

Heavy Commercial Vehicles

By Geography

North America (By Type, By Distribution Channel, By Vehicle Type)

- U.S. (By Vehicle Type)

- Canada (By Vehicle Type)

- Mexico (By Vehicle Type)

Europe (By Type, By Distribution Channel, By Vehicle Type)

- Germany (By Vehicle Type)

- France (By Vehicle Type)

- U.K. (By Vehicle Type)

- Rest of Europe (By Vehicle Type)

Asia Pacific (By Type, By Distribution Channel, 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 Distribution Channel, By Vehicle Type)


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