Automotive Bearing Market Forecasts to 2030 – Global Analysis By Product (Ball Bearings,Roller Bearings, Plain Bearings and Other Products), Vehicle Type, Material, Application and By Geography

Automotive Bearing Market Forecasts to 2030 – Global Analysis By Product (Ball Bearings,Roller Bearings, Plain Bearings and Other Products), Vehicle Type, Material, Application and By Geography

According to Stratistics MRC, the Global Automotive Bearings Market is accounted for $15.6 billion in 2024 and is expected to reach $22.5 billion by 2030 growing at a CAGR of 6.3% during the forecast period. Automotive bearings, which enable smooth rotation and lower friction between moving elements, are crucial parts of automobiles. They guarantee smooth performance under varied loads and speeds in a variety of systems, including the engine, gearbox, wheels, and suspension. Various kinds of bearings, such as tapered, roller, and ball, are made for certain uses. They increase vehicle performance, lessen wear and tear, and increase fuel efficiency. The need for lightweight, fuel-efficient cars as well as the development of electric vehicles is driving the innovation of automotive bearings.

According to the International Energy Agency (IEA), global electric car sales reached a record high of 3.24 million units in 2020, representing a 41% increase compared to 2019.

Market Dynamics:

Driver:

Continuous growth in global vehicle production

The market for automotive bearings is expanding as a result of rising car production and advances in technology. The need for bearings in a variety of components—including wheels, engines, and transmissions—is growing. Additionally, as the industry places a higher priority on reducing emissions and fuel consumption, manufacturers are investing in high-quality bearings that lower friction and boost overall efficiency. The industry's shift toward high-performance and more efficient cars is what's driving this trend.

Restraint:

High manufacturing costs

The employment of cutting-edge materials and technology in bearing production results in high manufacturing costs that lower profit margins. Because of this, it is challenging for businesses to maintain low price without sacrificing quality. Price wars can also result from price sensitivity, further compressing profit margins and possibly forcing some businesses out of the market. Manufacturers face severe competitive disadvantages as a result of these issues which hampers the market growth.

Opportunity:

Growing vehicle lifespan

Vehicles with long operating lives often more than ten to fifteen years—need sturdy and dependable bearing systems. Because of their durability, aftermarket replacement bearings are in high demand as parts deteriorate over time and need to be serviced or replaced. Additionaly the consumers' greater investment in maintenance and repairs fuels the thriving aftermarket for automobile parts, particularly bearings, which in turn drives up sales of replacement bearings for older vehicles.

Threat:

Competition from alternative technologies

Modern bearing solutions are under danger from emerging technologies that promise better performance and lower friction, such as solid-state lubrication systems and magnetic levitation. This can cause the market for traditional bearings to contract. Furthermore, increasing operational expenses and resource strain can be a result of the bearing manufacturing industry's constant demand for innovation, which also affects profitability.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the automotive bearings market, causing production shutdowns and supply chain disruptions. Lockdowns led to decreased vehicle sales and halted manufacturing operations, resulting in a decline in demand for bearings. However, as the automotive industry recovers and production ramps up, the market is expected to gradually rebound, driven by increased vehicle production and a rising demand for replacement parts. The long-term outlook remains positive as manufacturers adapt to new market conditions.

The ball bearings segment is expected to be the largest during the forecast period

The ball bearings segment is predicted to secure the largest market share throughout the forecast period because of their ability to handle both radial and axial stresses, ball bearings are the most used type in the automotive bearings market. Their continuous use in automotive applications is fueled by their low friction qualities, which improve vehicle efficiency and are essential for modern cars, particularly in terms of fuel economy and emissions reduction further encourage the market.

The commercial vehicles segment is expected to have the highest CAGR during the forecast period

During the projection period, the commercial vehicles segment is expected to grow at the highest CAGR owing to the expansion in the manufacture of commercial vehicles, since these vehicles need multiple bearings for different systems. This expansion supports the market for automobile bearings as a whole. Because commercial vehicles operate in harsher conditions than passenger automobiles, technological breakthroughs in materials and designs are also required to fulfill the demands of this industry.

Region with largest share:

During the projected timeframe, the North America region is expected to have the largest market share driven by the rising production of passenger and commercial vehicles. Specialized bearings made for electric drivetrains are seeing new prospects as the world moves more and more toward electric cars (EVs). Demand is being driven by technological developments that improve performance and dependability, such as improved lubricating systems, lightweight materials, and sophisticated designs led to the ongoing development of these bearings.

Region with highest CAGR:

The Asia Pacific region is anticipated to witness the lucrative growth during the forecast period owing to automakers in this region who are investing in high-performance bearings to improve fuel economy and cut emissions as a result of stricter environmental laws, which is fueling market expansion. The need for high-quality bearings in both the OEM and aftermarket segments is being driven by the growing automotive aftermarket in Asia Pacific and the growing consumer awareness of vehicle maintenance.

Key players in the market

Some of the key players in Automotive Bearings Market include CW Bearing, Federal-Mogul Holdings LLC, Iljin Co., Ltd, JTEKT Corporation, Minebea Co. Ltd, Nachi Fujikoski, Nippon Thompson Co., Ltd, NSK Ltd., NTN Corporation, RBC Bearings Incorporated, Rheinmetall Automotive, Schaeffler AG, SKF, SNL Bearings Ltd, THK CO., LTD and Timken Co.

Key Developments:

In October 2024, NTN has introduced on-site PPA to Wakayama Works . The Wakayama Works has reduced monthly CO2 emissions by approximately 85% compared to using normal electricity by using CO2-free electricity in the facility and its offices.

In February 2024, NTN supplies bearings launched“H3 Launch Vehicle” . In order for a rocket mounted with satellites or other objects to fly, it is necessary to burn liquid hydrogen and liquid oxygen at high pressure to inject a large amount of gas.

Products Covered:
• Ball Bearings
• Roller Bearings
• Plain Bearings
• Other Products

Vehicle Types Covered:
• Passenger Cars
• Commercial Vehicles
• Two-Wheelers
• Other Vehicle Types

Materials Covered:
• Metallic Bearings
• Non-Metallic Bearings
• Other Materials

Applications Covered:
• Engines
• Steering
• Suspension
• Brakes
• Electric Motors
• Chassis Systems
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements