Automotive Bearing Market Size & Share, by Product Type (Ball Bearing, Ball Thrust Bearings, Cylindrical Roller Bearing, Tapered Roller Bearing); Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles); Application (Axle, Engine, Motors, Steering) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Automotive Bearing Market Definition

Automotive bearings are one of the key components used in automobile parts. Various automotive operations at varying levels such as steering and transmission to wheels are supported by bearing. Bearings are something that can’t be missed as every part of machinery within a car, truck or bus requires bearings to function heavy-duty parts. They improve performance by bearing heavy loads and reducing friction pressure. They are used in passenger cars, commercial vehicles, two-wheelers, and off-highway equipment.

Global Automotive Bearing Market: Key Insights

Global Automotive Bearing Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global 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% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 32 Billion in the year 2022. The growth of the market can primarily be attributed to the growing demand for automotive bearings owing to the rising sale of vehicles along with the increasing production of cars worldwide, and increasing vehicle electrification. For instance, globally, more than 55,800,000 passenger cars were produced in 2020.

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With the recent advancements in bearing design to accommodate new-age solutions as well as a surge in the demand for electric vehicles, the demand for the automotive bearing is on the rise amongst vehicle manufacturers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive bearing market during the forecast period. For instance, the global sale of electric cars was estimated over 16 million in 2021.

Global Automotive Bearing Market: Growth Drivers and Challenges

Growth Drivers

• Growing Number of Wheels Used in the Automotive Industry – is expected to escalate the automotive bearing market in the forecasted period as they have bearings at a large scale. Bearings make the axle and wheels operate smoothly while reducing friction. With the rising number of wheels on road, the demand for automotive bearings will also rise. For instance, as of 2022, there are an estimated of 8.5 billion, over 2 billion, and around 38 billion wheels of cars, bicycles, and motorcycles, and other vehicles in the world respectively.

• Rising Number of Heavy Vehicles that are Being Purchased - bearings support load-bearing capacity in vehicles. It was found that there were over 15 million trucks in the United States, in 2021.

• Growing Demand for Bearings Across the World - on average approximately 100 to 150 bearings are used in a vehicle, which is crucial for ensuring safe operation, and reducing friction, and energy expenditure.

• Increasing Production of Commercial Vehicles with Increasing Transport - which in 2021, reached ~23 million units worldwide.

• Increasing Middle-Class Population and Growing Purchases of Vehicles – As per the estimations, the production of passenger vehicles in 2019 were over 65 million across the world.

Challenges

• Fluctuating Cost of Raw Materials

• High Maintenance Cost

The maintenance cost of these bearings is very high as they are made of high-grade steel and alloy steel. These require constant monitoring and regular service to prevent failure and improve the shelf life of the product. The cost of the new bearings is also high due to the raw materials used. All these are estimated to hinder the market growth.

• Shift towards Electrification of Vehicles Requiring a Lesser Number of Bearings

The global automotive bearing market is segmented and analyzed for demand and supply by vehicle type into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Amongst these segments, the light commercial vehicle segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing demand for commercial vehicles along with the surge in the sale of light commercial vehicles worldwide, growing focus on fuel efficiency, and increasing developments for enhanced fitness, load carrying capacity and prolonged operating life. For instance, out of the total sales volume of commercial vehicles in India, the light commercial vehicles segment accounted for about 68% in 2020.

Global Automotive Bearing Market Regional Synopsis

The Asia Pacific region automotive bearing market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The presence of a strong transport network in the region, growing production of vehicles, increasing disposable income, and as well as the rising penetration of vehicles. For instance, as per an estimation 3^rd of all vehicles in the world are in the Asia-Pacific region.

Market Segmentation

Our in-depth analysis of the global automotive bearing market includes the following segments:

Top Featured Companies Dominating the Global Automotive Bearing Market

• NTN Corporation

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Schaeffler Group
• Timken Company
• MinebeaMitsumi Inc.
• NTN-SNR Roulements
• NSK Ltd.
• SNL Bearings Ltd.
• JTEKT Corporation
• Nippon Thompson Co., Ltd.
• Aktiebolaget Svenska Kullagerfabriken