Automotive Bearing Market to Expand at a CAGR of ~6%

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Automotive bearing market is estimated to garner a revenue of ~USD 52 Billion by the end of 2033 by growing at a CAGR of ~6% By 2033

NEW YORK, NEW YORK, UNITED STATE, January 26, 2023 /EINPresswire.com/ — Global Automotive Bearing Market Key Insights

During the forecast period of 2022-2023, the global automotive bearing market is expected to reach an estimated value of ~USD 52 billion by 2033, by expanding at a CAGR of ~6%. The market further generated a revenue of ~USD 32 billion in the year 2022. Major key factors propelling the growth of automotive bearing market worldwide are the increasing number of wheels and growing demand and production of commercial vehicle.

Market Definition of Automotive Bearing

A bearing is a component of a machine that limits relative motion to only that which is desired and lessens friction between moving elements. There are many different types of bearings, with ball bearings being the most widely utilized in daily uses as on bicycles. Often these bearings reduce friction in order to enable the movement to occur. These machines’ wheels, gears, turbines, rotors, and also other rotating components can rotate more smoothly because to bearing support for their rotational shafts. When a vehicle accelerates, the load is distributed evenly thanks to roller bearings in the wheels. Additionally, severe weights or situations where the load might significantly fluctuate while cornering, like in cars and trucks, are employed with tapered rolling bearings.

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Global Automotive Bearing Market: Growth Drivers

The growth of the global automotive bearing market can majorly be attributed to the launch of advanced bearing for better performance and better support for heavy loads. For instance, With the development of bearings for electro-mobility, Schaeffler Group strengthened its bearings business by introducing the TriFinity triple-row bearing, which provides more stiffness and a longer service life than conventional bearings with two ball bearing rows. On the other hand, the market growth can also be attributed to various mergers and acquisition among the key players is also projected to drive the market growth. For instance, NTN Corporation said that it has achieved a high speed rotation supporting dmn value*1 of 2.2 million for e-Axle drive systems for EVs and motors and transmissions for HEVs while using oil lubrication and high-speed deep groove ball bearings. Moreover, rise in the number of vehicles is to boost the market growth. According to estimates, there will be 8.5 billion, over 2 billion, and close to 38 billion wheels on cars, bicycles, motorbikes, and other vehicles by 2022.

The global automotive bearing market is also estimated to grow majorly on account of the following:

Higher number of vehicles deployed on the road

Count of heavy vehicle is rising

Rise in the demand of the bearings

New product launches by key market players

Propelled production of commercial vehicle

Global Automotive Bearing Market: Restraining Factor

The cost of the raw material used for making bearing keeps on fluctuating, the bearing requires high maintenance, and growing popularity of electric vehicle which requires less bearings. Hence this factor is expected to be the major hindrance for the growth of the global automotive bearing market during the forecast period.

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Global Automotive Bearing Market Segmentation

By Product Type (Ball Bearing, Ball Thrust Bearings, Cylindrical Roller Bearing and Tapered Roller Bearing)

By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles)

Out of al, the light commercial vehicle is expected to generate the highest revenue at the end of 2033. The segment growth is expected on the account of rising demand and sales of light commercial vehicle. In India, the light commercial vehicle market accounted for over 68% of all commercial vehicle sales in 2020.

By Application (Axle, Engine, Motor, and Steering)

By Region

The Asia Pacific automotive bearing market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. The Asia Pacific market growth is attributed to strengthening of transport network, rise in the demand and production of vehicle. According to estimates, the Asia-Pacific area is home to one third of all automobiles in the globe. In December 2021, Japan’s motor vehicle production was estimated at 0.7 million units.In addition, the rising production of the bearing and its export to other regions is expected to boost the growth of the market in the Asia Pacific. Over 40% of the 3 billion bearings that are reportedly produced in Japan each year are used in automobiles. 30% or so are exported.

The market research report on global automotive bearing also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Key Market Players Featured in the Global Automotive Bearing Market

Some of the key players of the global automotive bearing market areNTN Corporation, Timken Company, Schaeffler Group, NSK Ltd., SNL Bearings Ltd., JTEKT Corporation, Nippon Thompson Co., Ltd., MinebeaMitsumi Inc., NTN-SNR Roulements, and Aktiebolaget Svenska Kullagerfabriken,and others.

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