Automotive Bearings Market Forecasts to 2030 – Global Analysis By Bearing Type (Plain Bearings, Ball Bearings and Rolling Element Bearings), Vehicle Type (Commercial Vehicle and Passenger Vehicle), Distribution Channel (Aftermarket and Original Equipment

Automotive Bearings Market Forecasts to 2030 – Global Analysis By Bearing Type (Plain Bearings, Ball Bearings and Rolling Element Bearings), Vehicle Type (Commercial Vehicle and Passenger Vehicle), Distribution Channel (Aftermarket and Original Equipment Manufacturer) and By Geography

According to Stratistics MRC, the Global Automotive Bearings Market is accounted for $17.11 billion in 2024 and is expected to reach $29.02 billion by 2030 growing at a CAGR of 9.2% during the forecast period. Automotive bearings are crucial components in vehicles, designed to reduce friction and support rotating parts for smooth, efficient operation. They enable various automotive parts to move with minimal resistance and wear, enhancing performance and longevity. They are primarily used to reduce friction and support rotational or linear movements in critical parts like the engine, transmission, and wheels.

According to the data by the International Organization of Motor Vehicle Manufacturers (OICA), global production of passenger vehicles stood at 67 million units in 2019. The sale of commercial vehicles 27 million units in 2019, registering a growth of 3.8% as compared to the 2018.

Market Dynamics:

Driver:

Rising focus on fuel efficiency

With stricter emission regulations and increasing consumer demand for vehicles with better mileage, automakers are striving to reduce friction and improve overall efficiency. Bearings, being crucial components that minimize friction between moving parts, play a pivotal role in this effort. Advanced bearing technologies, such as low-friction and lightweight bearings, are being developed to support these goals. These innovations help reduce energy loss and improve the efficiency of engines and drivetrains.

Restraint:

Volatility in raw material prices

Fluctuations in the prices of materials such as steel, aluminum, and various alloys directly impact production costs for bearings, affecting profit margins and pricing strategies for manufacturers. Unpredictable raw material costs can disrupt supply chains, leading to delays in production and delivery schedules. To mitigate these challenges, companies often resort to strategies such as long-term contracts with suppliers, hedging against price fluctuations, or exploring alternative materials.

Opportunity:

Rising demand for electric vehicles

As EVs require highly efficient and reliable components to optimize performance and extend vehicle lifespan, the demand for advanced bearings has surged. Bearings are critical in EVs for ensuring smooth operation of electric motors, transmission systems, and other moving parts, which need to withstand high speeds and diverse load conditions. The emphasis on energy efficiency and reduction of frictional losses in EVs drives the need for precision-engineered bearings.

Threat:

Complexity in aftermarket sales

With a myriad of vehicle models and parts suppliers, maintaining an efficient aftermarket sales system becomes challenging. Compatibility issues between bearings and various vehicle models further exacerbate the problem, leading to delays in replacements and increased downtime for vehicles. The lack of standardized processes and documentation complicates the identification and procurement of suitable bearings, resulting in frustration for both suppliers and customers.

Covid-19 Impact:

As automotive production halted or slowed down due to lockdowns and restrictions, the demand for bearings significantly declined. Many manufacturers faced challenges in sourcing raw materials and components, leading to delays in production and delivery. The decrease in vehicle sales further exacerbated the situation, as automakers reduced their orders for bearings to align with reduced production targets. However, with the gradual reopening of economies and resumption of automotive manufacturing activities, the market has shown signs of recovery.

The Plain Bearings segment is expected to be the largest during the forecast period

Plain Bearings segment is expected to be the largest during the forecast period. These bearings, also known as bushings or sleeve bearings, provide essential functions in vehicles, supporting rotating or sliding movements with reduced friction. Their enhancement is primarily attributed to advancements in material technologies, leading to improved durability, reliability, and efficiency in automotive applications. Additionally, manufacturers are focusing on developing plain bearings with enhanced self-lubricating properties, reducing the need for external lubrication and maintenance.

The Original Equipment Manufacturer segment is expected to have the highest CAGR during the forecast period

Original Equipment Manufacturer segment is expected to have the highest CAGR during the forecast period. OEMs collaborate closely with bearing manufacturers to develop customized solutions that meet the stringent requirements of modern automotive applications. This partnership fosters the integration of advanced materials, precision engineering, and cutting-edge technologies, resulting in bearings that offer superior reliability, reduced friction, and enhanced performance. Moreover, OEMs' global reach and extensive distribution networks ensure widespread adoption of these high-quality bearings across diverse automotive platforms, further solidifying their impact on the market's growth and development

Region with largest share:

As consumer demands evolve, automakers are increasingly prioritizing advanced bearing technologies to enhance vehicle performance, safety, and overall driving experience, North America region commanded the largest share of the market over the projection period. With a focus on innovation and technological advancements, manufacturers in the region are developing bearings that offer improved durability, reliability, and noise reduction, contributing to enhanced safety and comfort for drivers and passengers alike. This trend is not only reshaping the automotive landscape in North America but also fostering opportunities for collaboration and investment among industry players to meet the evolving demands of the market effectively.

Region with highest CAGR:

Europe region is estimated to witness profitable growth during the extrapolated period. Government regulations are pushing automotive manufacturers to adopt advanced technologies and materials for their vehicles, including high-quality bearings that enhance efficiency and durability across the region. Additionally, regulations promoting electric and hybrid vehicles are driving the regional demand for bearings suited to these alternative propulsion systems. The European Union's commitment to reducing carbon emissions and promoting sustainable transportation aligns with the automotive industry's shift towards greener technologies, further stimulating growth in the bearings market.

Key players in the market

Some of the key players in Automotive Bearings market include Bharat Heavy Electricals Limited, FAG Bearings India Ltd, Federal-Mogul Holdings LLC, Harbin Bearing Manufacturing Co., Ltd, Koyo Bearings India Pvt. Ltd, Minebea Co. Ltd, Nachi Fujikoski, Nippon Thompson Co., Ltd, NTN Corporation, RBC Bearings Incorporated, Rheinmetall Automotive, Schaeffler AG, SNL Bearings Ltd and Timken Co..

Key Developments:

In March 2023, NSK Ltd. developed the world’s first highly accurate bearing life prediction method, which uses ultrasonic testing.

In January 2023, TIMKEN announced that its packaged wheel bearings are being supplied to the Ford Motor Company's F-150 Lightning, electric light-duty pickup truck.

In January 2023, SKF introduced a new app for Ansys mechanical design engineers to provide access to accurate stiffness data on more than 10,000 bearing designations.

Bearing Types Covered:
• Plain Bearings
• Ball Bearings
• Rolling Element Bearings

Vehicle Types Covered:
• Commercial Vehicle
• Passenger Vehicle

Distribution Channels Covered:
• Aftermarket
• Original Equipment Manufacturer

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