According to the report by Expert Market Research (EMR), the global automotive bearings market size is projected to grow at a CAGR of 6.90% between 2024 and 2032. Aided by the burgeoning automotive industry and technological advancements in bearing design, the market is expected to grow significantly by 2032.
Automotive bearings are critical components in vehicles, facilitating smooth motion and reducing friction between moving parts. These bearings find extensive application in various automotive parts such as wheels, transmissions, and engines. They are pivotal in enhancing vehicle performance, ensuring durability, and contributing to fuel efficiency.
The principal driver of the automotive bearings market demand is the exponential growth of the global automotive industry. As consumer preference shifts towards more efficient and high-performance vehicles, the demand for advanced automotive bearings has seen a substantial uptick. This trend is further fuelled by the increasing production of electric and hybrid vehicles, which necessitate specialised bearings for optimal functioning.
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Another significant factor contributing to market growth is the rapid technological advancement in bearing manufacturing. Innovations such as sensor-bearing units and magnetic bearings have revolutionised the automotive bearing landscape, offering enhanced performance and longevity. These advancements not only improve vehicle efficiency but also align with the growing environmental concerns by reducing emissions through improved fuel efficiency.
Geographically, the Asia-Pacific region, led by China and India, accounts for a significant portion of the automotive bearings market share, driven by the substantial automotive manufacturing base and growing vehicle sales in the region.
Looking ahead, the market is set to continue its growth trajectory, buoyed by the ongoing advancements in automotive technologies and the rising demand for vehicles worldwide. The shift towards electric and autonomous vehicles is expected to open new avenues for growth, with bearings playing a crucial role in these next-generation vehicles.
Moreover, sustainability and environmental concerns are likely to influence the automotive bearings market outlook. Manufacturers are increasingly focusing on developing eco-friendly bearings that offer enhanced performance while reducing environmental impact. This move towards greener alternatives is expected to gain significant traction in the coming years, aligning with global sustainability goals.
Automotive Bearings Market Segmentation
The market can be divided based on bearing type, vehicle type, distribution channel, and region.
Market Breakup by Bearing Type
- Roller Bearing
- Ball Bearing
- Others
Market Breakup by Vehicle Type
- Two-wheeler
- Passenger Car
- Commercial Vehicle
Market Breakup by Distribution Channel
- After Market
- OEM
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Automotive Bearings Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive bearings market. Some of the major players explored in the report by Expert Market Research are as follows:
- The Timken Company
- SKF
- THK CO., LTD
- RBC Bearings Incorporated
- Schaeffler AG
- NTN Corporation
- ILJIN co., ltd.
- Nippon Thompson Co., Ltd. (IKO International, Inc.)
- JTEKT Corporation
- NSK Ltd.
- Others
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