Automotive Bearing Market Trends

Automotive Bearing Market Overview:

The Automotive Bearing Market size was valued at USD 33.16 Billion in 2023. The Automotive Bearing industry is projected to grow from USD 35.24 Billion in 2024 to USD 54.06 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.49% during the forecast period (2024 - 2032). The growing utility of heavy-weight vehicles, increasing demand for vehicles, and technological advancement are the key market drivers contributing to the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Automotive Bearing Market Trends

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  The growing adoption of advanced bearing technologies is driving market growth

  
  

The rising adoption of advanced bearing technologies drives Market CAGR for weight loss supplements. The automotive industry continually seeks innovative bearing solutions to enhance performance, safety, and durability. Sensors embedded within bearings enable real-time monitoring of critical parameters such as temperature, speed, vibration, and load. This data is invaluable for predictive maintenance and condition monitoring, helping to prevent failures and improve vehicle reliability. Traditional bearings require regular lubrication to minimize friction and wear. However, self-lubricating bearings are gaining popularity due to their ability to operate without external lubrication. These bearings are equipped with solid lubricant reservoirs, ensuring continuous lubrication throughout their lifespan.

The automotive industry's ongoing drive towards lightweight and sustainable solutions is also impacting the automotive bearing market. Automakers are increasingly emphasizing weight reduction to improve fuel efficiency and lower emissions. Consequently, the demand for lightweight bearings made from advanced materials, such as composites and alloys, is increasing. Furthermore, sustainability concerns are influencing bearing manufacturing processes. Manufacturers are adopting environmentally friendly practices, including using recyclable materials and reducing energy consumption during production. This sustainable approach aligns with the automotive industry's broader goals of reducing carbon footprint and promoting eco-friendly technologies.

The rising popularity of electric vehicles is transforming the automotive landscape and significantly impacting the automotive bearing market. Electric powertrains operate differently than traditional internal combustion engines, creating unique bearing requirements. EVs have higher torque levels, resulting in increased loads on bearings. Furthermore, electric powertrains demand greater efficiency and reduced noise levels, necessitating advancements in bearing technologies. These bearings employ advanced materials, such as ceramic or hybrid options, offering superior performance. Optimized bearing designs and lubrication systems are also being developed to enhance efficiency and minimize noise. As the demand for electric vehicles surges, the automotive bearing market adapts to these evolving requirements.

For instance, the Automotive Bearing Market is witnessing significant changes driven by emerging trends within the automotive industry. The electric vehicle revolution, the adoption of advanced bearing technologies, and the focus on lightweight and sustainable bearings are reshaping the market landscape. Companies are investing in research and development programs to enhance specialized bearings that meet the unique requirements of electric vehicles. They also incorporate sensors into bearings for real-time monitoring and embrace self-lubricating technologies to enhance performance. Furthermore, lightweight and sustainable bearing solutions are gaining prominence due to their positive impact on fuel efficiency and the environment driving the Automotive Bearing market revenue.

Automotive Bearing Market Segment Insights:

Automotive Bearings Type Insights

The Automotive Bearing Market segmentation, based on type, includes ball bearings, roller bearings, plain bearings, thrust bearings, and others. The ball bearings segment dominated the market due to their versatility and ability to handle radial and thrust loads. They consist of steel balls housed within a ring, allowing smooth rotation and reduced friction. Ball bearings are extensively used in various vehicle components such as wheels, transmissions, and engines.

Automotive Bearing Vehicle Type Insights

The Automotive Bearing Market segmentation, based on vehicle type, includes 2-wheeler, passenger, and commercial. The 2-wheeler category generated the most income. It includes motorcycles and scooters and represents another significant market for automotive bearings. Bearings used in two-wheelers are compact and lightweight, designed to provide efficient performance while ensuring rider safety. They are used in wheel hubs, engines, and transmissions of two-wheeler vehicles.

Figure 1: Automotive Bearings Market by Vehicle Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Automotive Bearings Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Automotive Bearing market area will have significant growth. The region is home to several major automobile manufacturers and suppliers, contributing to the high demand for bearings. The market in America is driven by technological advancements, increasing vehicle production, and the growing focus on lightweight and fuel-efficient vehicles. Additionally, stringent emissions and vehicle safety regulations further boost the demand for advanced automotive bearings in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Automotive Bearings Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Automotive Bearing market accounts for the second-largest market share. Additionally, the emphasis on reducing carbon emissions and promoting electric vehicles (EVs) stimulates the market growth for specialized bearings used in EV drivetrains. Europe is also witnessing significant investments in research and development activities related to automotive-bearing technologies, further driving the market growth. Further, the German Automotive Bearings Industry held the largest market share, and the UK Automotive Bearing market was the rapid-growing market in the European region.

The Asia-Pacific Automotive Bearing Market will dominate the CAGR from 2024 to 2032. The increasing disposable income, urbanization, and infrastructure development in these countries drive the demand for automobiles, creating a favorable market for automotive bearings. Moreover, the continuous expansion of the electric vehicle market in the Asia Pacific presents immense opportunities for specialized bearings used in EV applications. Moreover, China’s Automotive Bearing Industry held the largest market share, and the Indian Automotive Bearings Industry was the rapid-growing market in the Asia-Pacific region.

Automotive Bearings Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Automotive Bearing market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Automotive Bearings industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Automotive Bearings industry to benefit clients and increase the market sector. In recent years, the Automotive Bearing industry has offered some of the most significant advantages to medicine. Major players in the Automotive Bearings Industry, including Schaeffler AG., JTEKT Corporation, NTN Corporation, Iljin Bearing Co. Ltd., Timken Company, Svenska Kullagerfabriken AB, RKB Bearings, Timken Company, ORS Bearings, CW Bearing, and others, are attempting to increase market demand by investing in research and development operations.

NSK Ltd., also known as NSK Automation, was founded in 1916 in Osaki, Shinagawa-ku, Tokyo, Japan. It is a larger manufacturer of bearings globally and the largest company in Japan. It produces industrial machinery bearings, precision machinery and parts, automotive bearings, and components. In October 2021, NSK Ltd. (NSK) announced that it had developed the world's first 100% bioplastic heat-resistant cage for rolling bearings. This product addresses the low heat resistance of previous bioplastics, with the new cage able to withstand high operating temperatures of 120°C. Using NSK's material technologies expertise, the company selected and validated DSM N.V's EcoPaXX bioplastic as a rolling bearing cage material.

AB SKF, founded in 1907, and located in Gothenburg, Sweden, is a Swedish bearing and manufacturing company that manufactures and supplies bearings, seals, lubrication and its systems, maintenance products, condition monitoring systems, and related services globally. In November 2019, SKF acquired Form Automation Solution (FAS), a software development startup company. This acquisition will improve consumers' inspection abilities and task management and turn the manual knowledge collection procedure into ready-to-use information for the operator.

Key Companies in the Automotive Bearing market include:

• Schaeffler AG.


• Jtekt Corporation


• NTN Corporation


• Iljin Bearing Co. Ltd.


• Timken Company


• Svenska Kullagerfabriken AB


• RKB Bearings


• Timken Company


• ORS Bearings


• CW Bearing

Automotive Bearing Industry Developments

October 2021: JTEKT Corporation (JTEKT) announced that it would merge three subsidiaries that manufacture and sells bearings. Utsunomiya Kiki Co., Ltd. will be the surviving company. Nippon Needle Roller Manufacturing Co., Ltd. (Nippon Roller) and Tokyo Seiko will be merged, and the company name will be changed to "JTEKT FINETECH Co., Ltd.

December 2021: SKF developed a hybrid Deep Grove Ball Bearing (DGBB), which includes ceramic rolling elements and steel rings. It offers improved high-speed performance and the best electrical insulation characteristics, making it the premium choice for high-performance EV powertrains. SKF is also developing custom solutions to reduce current leakage at the system level and protect the entire EV transmission.

March 2020: NSK developed ultra-high-speed ball bearing for EV motors. This product helps electric motors operate at higher speeds, improve fuel economy (reducing power consumption per unit distance), increase maximum vehicle range, and enhance user comfort.

Automotive Bearing Market Segmentation:

Automotive Bearing Type Outlook

• Ball Bearings


• Roller Bearings


• Plain Bearings


• Thrust Bearings


• Others

Automotive Bearing Vehicle Type Outlook

• 2-Wheeler


• Passenger


• Commercial

Automotive Bearing Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America