Analysis by Product Type (Ball Bearing, Ball Thrust Bearings, Cylindrical Roller Bearing, and Tapered Roller Bearing); by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles); and by Application (Axle, Engine, Motors, and Steering) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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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.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 32 Billion |
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Forecast Year Market Size (2033) |
~ USD 52 Billion |
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Regional Scope |
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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.
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.
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.
Our in-depth analysis of the global automotive bearing market includes the following segments:
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By Product Type |
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By Vehicle Type |
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By Application |
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NTN Corporation
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing number of vehicles as well as rising demand for electric vehicles along with surge in the penetration of heavy vehicles are some of the major factors anticipated to drive the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: The fluctuating cost of raw materials as well as high maintenance cost are some of the factors estimated to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are NTN Corporation, Timken Company, Schaeffler Group, NSK Ltd., SNL Bearings Ltd., JTEKT Corporation, Nippon Thompson Co., Ltd., MinebeaMitsumi Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, vehicle type, application, and by region.
Ans: The light commercial vehicle segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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