Automotive Bearing Market size is expected to cross USD 52 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive bearing was around USD 32 Billion. 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.
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 market during the forecast period. For instance, the global sale of electric cars was estimated over 16 million in 2021.
Growth Drivers
Challenges
Base Year |
2022 |
Forecast Year |
2023-2033 |
CAGR |
6% |
Base Year Market Size (2022) |
USD 32 Billion |
Forecast Year Market Size (2033) |
USD 52 Billion |
Regional Scope |
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Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles)
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.
Our in-depth analysis of the global market includes the following segments:
By Product Type |
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By Vehicle Type |
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By Application |
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Asia Pacific Market Forecast
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 3rd of all vehicles in the world are in the Asia-Pacific region.
NTN Corporation – announced that, under oil lubrication with high-speed deep groove ball bearings, it has achieved high-speed rotation supporting dmn value*1 of 2.2 million for e-Axle drive systems for EVs, and motors and transmissions for HEVs.
Schaeffler Group – introduced TriFinity triple-row bearing that offers greater rigidity and longer service life than standard bearings with two ball bearing rows, strengthening the company’s bearings business with the development of bearings for electromobility.
Author Credits: Harshita Srivastava, Saima Khursheed
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