Automotive Bearings Market
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
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $17.11 BN |
|
Projected Year Value (2030) |
US $29.02 BN |
|
CAGR (2024 - 2030) |
9.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automotive Bearings Market, By Bearing Type
5.1 Introduction
5.2 Plain Bearings
5.3 Ball Bearings
5.4 Rolling Element Bearings
6 Global Automotive Bearings Market, By Vehicle Type
6.1 Introduction
6.2 Commercial Vehicle
6.3 Passenger Vehicle
7 Global Automotive Bearings Market, By Distribution Channel
7.1 Introduction
7.2 Aftermarket
7.3 Original Equipment Manufacturer
8 Global Automotive Bearings Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Bharat Heavy Electricals Limited
10.2 FAG Bearings India Ltd
10.3 Federal-Mogul Holdings LLC
10.4 Harbin Bearing Manufacturing Co., Ltd
10.5 Koyo Bearings India Pvt. Ltd
10.6 Minebea Co. Ltd
10.7 Nachi Fujikoski
10.8 Nippon Thompson Co., Ltd
10.9 NTN Corporation
10.10 RBC Bearings Incorporated
10.11 Rheinmetall Automotive
10.12 Schaeffler AG
10.13 SNL Bearings Ltd
10.14 Timken Co.
List of Tables
1 Global Automotive Bearings Market Outlook, By Region (2022-2030) ($MN)
2 Global Automotive Bearings Market Outlook, By Bearing Type (2022-2030) ($MN)
3 Global Automotive Bearings Market Outlook, By Plain Bearings (2022-2030) ($MN)
4 Global Automotive Bearings Market Outlook, By Ball Bearings (2022-2030) ($MN)
5 Global Automotive Bearings Market Outlook, By Rolling Element Bearings (2022-2030) ($MN)
6 Global Automotive Bearings Market Outlook, By Vehicle Type (2022-2030) ($MN)
7 Global Automotive Bearings Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
8 Global Automotive Bearings Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
9 Global Automotive Bearings Market Outlook, By Distribution Channel (2022-2030) ($MN)
10 Global Automotive Bearings Market Outlook, By Aftermarket (2022-2030) ($MN)
11 Global Automotive Bearings Market Outlook, By Original Equipment Manufacturer (2022-2030) ($MN)
12 North America Automotive Bearings Market Outlook, By Country (2022-2030) ($MN)
13 North America Automotive Bearings Market Outlook, By Bearing Type (2022-2030) ($MN)
14 North America Automotive Bearings Market Outlook, By Plain Bearings (2022-2030) ($MN)
15 North America Automotive Bearings Market Outlook, By Ball Bearings (2022-2030) ($MN)
16 North America Automotive Bearings Market Outlook, By Rolling Element Bearings (2022-2030) ($MN)
17 North America Automotive Bearings Market Outlook, By Vehicle Type (2022-2030) ($MN)
18 North America Automotive Bearings Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
19 North America Automotive Bearings Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
20 North America Automotive Bearings Market Outlook, By Distribution Channel (2022-2030) ($MN)
21 North America Automotive Bearings Market Outlook, By Aftermarket (2022-2030) ($MN)
22 North America Automotive Bearings Market Outlook, By Original Equipment Manufacturer (2022-2030) ($MN)
23 Europe Automotive Bearings Market Outlook, By Country (2022-2030) ($MN)
24 Europe Automotive Bearings Market Outlook, By Bearing Type (2022-2030) ($MN)
25 Europe Automotive Bearings Market Outlook, By Plain Bearings (2022-2030) ($MN)
26 Europe Automotive Bearings Market Outlook, By Ball Bearings (2022-2030) ($MN)
27 Europe Automotive Bearings Market Outlook, By Rolling Element Bearings (2022-2030) ($MN)
28 Europe Automotive Bearings Market Outlook, By Vehicle Type (2022-2030) ($MN)
29 Europe Automotive Bearings Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
30 Europe Automotive Bearings Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
31 Europe Automotive Bearings Market Outlook, By Distribution Channel (2022-2030) ($MN)
32 Europe Automotive Bearings Market Outlook, By Aftermarket (2022-2030) ($MN)
33 Europe Automotive Bearings Market Outlook, By Original Equipment Manufacturer (2022-2030) ($MN)
34 Asia Pacific Automotive Bearings Market Outlook, By Country (2022-2030) ($MN)
35 Asia Pacific Automotive Bearings Market Outlook, By Bearing Type (2022-2030) ($MN)
36 Asia Pacific Automotive Bearings Market Outlook, By Plain Bearings (2022-2030) ($MN)
37 Asia Pacific Automotive Bearings Market Outlook, By Ball Bearings (2022-2030) ($MN)
38 Asia Pacific Automotive Bearings Market Outlook, By Rolling Element Bearings (2022-2030) ($MN)
39 Asia Pacific Automotive Bearings Market Outlook, By Vehicle Type (2022-2030) ($MN)
40 Asia Pacific Automotive Bearings Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
41 Asia Pacific Automotive Bearings Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
42 Asia Pacific Automotive Bearings Market Outlook, By Distribution Channel (2022-2030) ($MN)
43 Asia Pacific Automotive Bearings Market Outlook, By Aftermarket (2022-2030) ($MN)
44 Asia Pacific Automotive Bearings Market Outlook, By Original Equipment Manufacturer (2022-2030) ($MN)
45 South America Automotive Bearings Market Outlook, By Country (2022-2030) ($MN)
46 South America Automotive Bearings Market Outlook, By Bearing Type (2022-2030) ($MN)
47 South America Automotive Bearings Market Outlook, By Plain Bearings (2022-2030) ($MN)
48 South America Automotive Bearings Market Outlook, By Ball Bearings (2022-2030) ($MN)
49 South America Automotive Bearings Market Outlook, By Rolling Element Bearings (2022-2030) ($MN)
50 South America Automotive Bearings Market Outlook, By Vehicle Type (2022-2030) ($MN)
51 South America Automotive Bearings Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
52 South America Automotive Bearings Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
53 South America Automotive Bearings Market Outlook, By Distribution Channel (2022-2030) ($MN)
54 South America Automotive Bearings Market Outlook, By Aftermarket (2022-2030) ($MN)
55 South America Automotive Bearings Market Outlook, By Original Equipment Manufacturer (2022-2030) ($MN)
56 Middle East & Africa Automotive Bearings Market Outlook, By Country (2022-2030) ($MN)
57 Middle East & Africa Automotive Bearings Market Outlook, By Bearing Type (2022-2030) ($MN)
58 Middle East & Africa Automotive Bearings Market Outlook, By Plain Bearings (2022-2030) ($MN)
59 Middle East & Africa Automotive Bearings Market Outlook, By Ball Bearings (2022-2030) ($MN)
60 Middle East & Africa Automotive Bearings Market Outlook, By Rolling Element Bearings (2022-2030) ($MN)
61 Middle East & Africa Automotive Bearings Market Outlook, By Vehicle Type (2022-2030) ($MN)
62 Middle East & Africa Automotive Bearings Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
63 Middle East & Africa Automotive Bearings Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
64 Middle East & Africa Automotive Bearings Market Outlook, By Distribution Channel (2022-2030) ($MN)
65 Middle East & Africa Automotive Bearings Market Outlook, By Aftermarket (2022-2030) ($MN)
66 Middle East & Africa Automotive Bearings Market Outlook, By Original Equipment Manufacturer (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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