Global Automotive Steering Bearings Market Overview:
As per MRFR analysis, the automotive steering bearings market Size was estimated at 6.17 (USD Billion) in 2022. The automotive steering bearings market is expected to grow from 6.37 (USD Billion) in 2023 to 8.5 (USD Billion) by 2032. The automotive steering bearings market CAGR (growth rate) is expected to be around 3.26% during the forecast period (2024 - 2032).
Key Automotive Steering Bearings Market Trends Highlighted
The automotive steering bearings market is anticipated to witness significant growth in the coming years, driven by the increasing demand for vehicles with advanced safety features and improved driving dynamics.
The rising popularity of electric vehicles and autonomous driving systems is further propelling the need for high-performance steering bearings.
Recent market trends indicate a shift towards lightweight and durable materials, such as aluminum and composite polymers, to reduce vehicle weight and improve fuel efficiency.
Additionally, the implementation of sensors and electronic controls in steering bearings is enhancing vehicle safety and providing real-time data for autonomous driving systems.
Opportunities for market expansion lie in the development of innovative steering bearing designs that minimize friction and enhance steering precision.
The growing demand for personalized and customizable driving experiences is also presenting opportunities for manufacturers to offer tailored steering solutions.
Furthermore, the expansion of the aftermarket sector, particularly in emerging markets, is expected to create significant growth potential for automotive steering bearings.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Bearings Market Drivers
Growing Demand for Automotive Steering Bearings from Emerging Markets
The automotive steering bearings market is being propelled by the increasing demand for passenger vehicles in emerging economies worldwide. Moreover, governments in these regions are encouraging the adoption of stricter automotive emission norms, which is bolstering the sales of vehicles with advanced steering systems that are more fuel-efficient.
In addition, the growing disposable income of the consumers in these countries is contributing to the demand for premium vehicles, which are equipped with high-quality steering bearings.
For instance, in 2023, China became the leader in the passenger vehicle market, accounting for more than 26 million units of sold vehicles. Given burgeoning urbanization, improving the standard of living of the consumers, and support from the government to the manufacturers of electric and hybrid vehicles, the trend is going to persist and intensify in the future.
Hence, the increasing sales of passenger vehicles in emerging markets are likely to drive demand for automotive steering bearings and, therefore, accelerate the expansion of the automotive steering bearings market in the years to come.
Technological Advancements and Innovation in Automotive Steering Systems
The automotive industry is undergoing a period of rapid technological transformation, with the development of advanced driver-assistance systems (ADAS) and autonomous vehicles. These advancements are driving the demand for more sophisticated and reliable steering bearings.
Automakers are investing heavily in research and development to improve the performance, safety, and efficiency of their steering systems. For instance, in 2023, several major automakers announced plans to invest billions of dollars in the development of self-driving cars.
These investments are expected to drive the demand for advanced steering bearings that can meet the unique requirements of autonomous vehicles.
The technological advancements and innovation in automotive steering systems are expected to create new opportunities for growth in the automotive steering bearings market.
Increasing Adoption of Electric Vehicles
One more crucial market driver which is likely to grow the automotive steering bearings market is the proliferation of electric vehicles. Such kind of vehicle requires specific steering bearings that can cope with the challenges associated with electric power trains, such as high torque and the braking power that is generated by the regenerative systems.
Also, more and more EV manufacturers appear on the market and the number of amateur and professional consumers of such vehicles is increasing.
As to the statistics from the International Energy Agency the total stock of electric cars exceeded ten million all over the world in 2023, and a dramatic surge of this number is predicted in the near future. Of course, this anticipated progress will generate numerous opportunities for the developers, producers, and sellers of automotive steering bearings that are non-compatible with EVs.
Automotive Steering Bearings Market Segment Insights:
Automotive Steering Bearings Market Bearing Type Insights
The bearing type segment of the automotive steering bearings market is bifurcated into tapered roller bearings, ball bearings, cylindrical roller bearings, needle roller bearings, and thrust bearings.
As for the tapered roller bearings segment, it was responsible for over 35% market share in 2023, with these bearings being able to withstand heavy axial and radial loads. As a result, they are mostly used in heavy vehicles, such as trucks and busses, with this area of application being expected to exhibit the fastest growth in the context of the market.
The ball bearings segment is anticipated to experience the fastest growth within any other segment over the forecast period, as these bearings provide low-friction and high-speed performance, being most commonly used within the passenger cars and light commercial vehicles sectors.
The cylindrical roller bearings have a high radial load capacity and are most often used for applications that require high precision, such as machine tools and industrial machinery. As for the needle roller bearings, they are known for their high capacity and the fact that they are relatively small, being thus used in vast quantities within the automotive steering systems and the transmission systems.
Finally, the thrust bearings are used for applications with axial loads, such as gearboxes and pumps. The demand for lightweight and compact cars and increased driving performance and safety of vehicles are the main factors that contribute to the expansion of the automotive steering bearings market.
Another reason for the growth of the market is the increasing number of electric vehicles, the use of which demands new types of bearings.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Bearings Market Application Insights
The Application segment is critical in defining the automotive steering bearings market. Among the core application segments, Passenger Cars lead in market share. This is because there has continually been a growth in the production and sale of passenger vehicles.
The percentage revenue share accounted for by the Passenger Cars application segment in the overall Automotive Steering Bearings Market was about 55% by 2023. Another significant application segment is commercial vehicles, which include trucks, buses, and vans, and they are expected to grow fast on the market.
Both on and off-highway vehicles will also positively contribute to the performance of the market. Off-Highway Vehicles include Construction, Mining, Other Equipment and Agricultural Equipment. The contributing Industrial Machinery relates to the application of the bearings on industrial machinery such as the industrial equipment and machinery.
The application segment will be growing due to the various driving factors. Some of these factors include the technological advancements in vehicles and machinery. The infrastructure development and increase in agriculture and industrial activities are also contributing factors.
Automotive Steering Bearings Market Material Insights
The automotive steering bearings market is segmented based on Material into Steel, Ceramic, and Composite. Among these segments, Steel holds the largest market share due to its high strength, durability, and cost-effectiveness.
Steel bearings are widely used in passenger cars, commercial vehicles, and off-highway vehicles. Ceramic bearings are gaining popularity in high-performance vehicles due to their low friction, high-temperature resistance, and corrosion resistance. Composite bearings offer a combination of strength, lightweight, and corrosion resistance, making them suitable for a variety of applications.
The market for Composite bearings is expected to grow at a significant rate in the coming years due to increasing demand for lightweight and fuel-efficient vehicles.
Automotive Steering Bearings Market Aftermarket Insights
The aftermarket segment of the automotive steering bearings market is expected to grow significantly over the next few years, driven by increasing demand for vehicle repairs and maintenance. The aftermarket segment is expected to account for over 60% of the total automotive steering bearings market revenue by 2024.
The growth of the aftermarket segment can be attributed to several factors, including the increasing number of vehicles on the road, the rising average age of vehicles, and the growing popularity of do-it-yourself (DIY) repairs.
The OEM segment of the automotive steering bearings market is expected to grow at a steady pace over the next few years, driven by the increasing production of new vehicles. The OEM segment is expected to account for over 35% of the total automotive steering bearings market revenue by 2024.
The growth of the OEM segment can be attributed to several factors, including the increasing demand for new vehicles, the growing popularity of luxury vehicles, and the increasing adoption of advanced safety features. The OES segment of the automotive steering bearings market is expected to grow at a moderate pace over the next few years, driven by the increasing demand for replacement parts.
The OES segment is expected to account for over 5% of the total automotive steering bearings market revenue by 2024. The growth of the OES segment can be attributed to several factors, including the increasing number of vehicles on the road, the rising average age of vehicles, and the growing popularity of do-it-yourself (DIY) repairs.
Automotive Steering Bearings Market Distribution Channel Insights
The distribution channel segment of the automotive steering bearings market plays a critical role in connecting manufacturers with end-users. Key distribution channels include OE manufacturers, aftermarket distributors, and online retailers.
OE manufacturers supply steering bearings directly to vehicle manufacturers for installation in new vehicles. They account for a significant share of the market revenue due to their strong relationships with automakers and control over the supply chain. Aftermarket distributors cater to the replacement market, providing steering bearings to repair shops, garages, and individual consumers.
They hold a substantial market share by offering a wide range of products from various manufacturers and providing technical support. Online retailers have emerged as a growing distribution channel, offering convenience and competitive pricing.
They are expected to gain market share in the coming years as consumers increasingly purchase auto parts online. In 2023, the automotive steering bearings market was valued at 6.37 billion USD. The growth is attributed to rising vehicle production, increasing demand for aftermarket parts, and technological advancements in steering systems.
Automotive Steering Bearings Market Regional Insights
Regional Overview and Insights Regionally, the automotive steering bearings market is segmented into North America, Europe, APAC, South America, and MEA.
Among these regions, North America and Europe are expected to hold a significant market share in 2023, with the market in these regions valued at USD 2.5 billion and USD 2.1 billion, respectively.
The growth in these regions can be attributed to factors such as the presence of major automotive manufacturing hubs and the growing adoption of advanced steering systems.
APAC is another key region in the automotive steering bearings market, with a market size of USD 1.6 billion in 2023. The market in this region is driven by the increasing demand for passenger vehicles and the growing automotive industry in countries such as China and India.
South America and MEA are expected to witness steady growth in the coming years, with the market in these regions projected to reach USD 0.6 billion and USD 0.4 billion, respectively, by 2023.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Bearings Market Key Players and Competitive Insights:
Major players in the automotive steering bearings market, the industry is highly competitive, with a number of the automotive steering bearings market players vying for market share. Some of the key players in the market include NSK Ltd., JTEKT Corporation, Schaeffler AG, Timken Company, and NTN Corporation.
These companies have a strong presence and offer a wide range of steering bearings for various automotive applications.
NSK Ltd. is one of the automotive steering bearings market players, with a market share of around 20%. The company has a strong presence in both the OEM and aftermarket segments. NSK offers a comprehensive range of steering bearings, including ball bearings, roller bearings, and needle bearings. The company's products are known for their high quality and durability.
Schaeffler AG is another major player in the automotive steering bearings market. The company has a market share of around 15%. Schaeffler offers a wide range of steering bearings, including ball bearings, roller bearings, and plain bearings. The company's products are used by a number of leading automotive manufacturers, including Volkswagen, BMW, and Audi.
Key Companies in the automotive steering bearings market Include:
- JTEKT
- Tsubaki
- SKF
- NSK
- Nachi
- NTN
- Koyo Bearings
- Timken
- Rexnord
- FederalMogul
- THK
- Schaeffler
- IKO
- Dana
- ZF Friedrichshafen
- BorgWarner
Automotive Steering Bearings Market Developments
The growth of the market is attributed to the increasing demand for passenger cars and commercial vehicles, as well as the growing adoption of advanced safety features. The market is also driven by the increasing demand for electric vehicles, as these vehicles require more sophisticated steering systems.
In recent news, NSK Ltd. announced the development of a new electric power steering (EPS) system that is designed to improve fuel efficiency and reduce emissions. This new system is expected to be available in production vehicles in 2024.
Automotive Steering Bearings Market Segmentation Insights
- Automotive Steering Bearings Market Bearing Type Outlook
- Tapered Roller Bearings
- Ball Bearings
- Cylindrical Roller Bearings
- Needle Roller Bearings
- Thrust Bearings
- Automotive Steering Bearings Market Application Outlook
- Passenger Cars
- Commercial Vehicles
- Off-Highway Vehicles
- Industrial Machinery
- Automotive Steering Bearings Market Material Outlook
- Automotive Steering Bearings Market Aftermarket Outlook
- Automotive Steering Bearings Market Distribution Channel Outlook
- OE Manufacturers
- Aftermarket Distributors
- Online Retailers
- Automotive Steering Bearings Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
6.17(USD Billion) |
| Market Size 2023 |
6.37(USD Billion) |
| Market Size 2032 |
8.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.26% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
JTEKT, Tsubaki, SKF, NSK, Nachi, NTN, Koyo Bearings, Timken, Rexnord, FederalMogul, THK, Schaeffler, IKO, Dana, ZF Friedrichshafen, BorgWarner |
| Segments Covered |
Bearing Type, Application, Material, Aftermarket, Distribution Channel, Regional |
| Key Market Opportunities |
Electric power steering Advanced driver assistance systems Autonomous vehicles Emerging markets Premium and luxury vehicles |
| Key Market Dynamics |
Increasing EV penetration Growing demand for ADAS and safety features Rising consumer preference for comfort and convenience Technological advancements Expansion of the automotive industry in emerging markets |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The automotive steering bearings market reached 6.37 billion USD in 2023.
The automotive steering bearings market is expected to register a CAGR of approximately 3.26% during the forecast period (2024-2032).
Asia Pacific is anticipated to dominate the automotive steering bearings market by 2032 due to increasing vehicle production and rising demand for advanced safety features.
Growing demand for enhanced steering systems, increasing vehicle production, and stringent safety regulations are driving the growth of the automotive steering bearings market.
The passenger cars segment is expected to capture a significant revenue share in the automotive steering bearings market owing to the high volume of passenger car production and replacement demand.
Major players in the automotive steering bearings market include JTEKT, NSK, Schaeffler, Timken, and RBC Bearings.
The automotive steering bearings market is projected to reach 8.5 Billion USD by 2032.
The Asia Pacific region is expected to witness the highest growth rate in the automotive steering bearings market due to rapid urbanization and increasing disposable income.
Adoption of autonomous driving technologies, electrification of vehicles, and increasing focus on safety and efficiency are key trends shaping the automotive steering bearings market.
Technological advancements such as sensor integration, lightweight materials, and predictive maintenance solutions are driving innovation and improving the performance of automotive steering bearings.
