Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Automotive Bearing Market size was valued at USD 45.6 billion in 2024 and is estimated to account for USD 96 billion by the end of 2037, witnessing around 6.4% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of automotive bearing is evaluated at USD 47.9 billion.
The rapid growth in the demand for electric vehicles (EVs) is the cornerstone of the automotive bearings market, as EVs need automotive bearings that can minimize energy loss and wear. Advanced automotive bearings can further optimize a vehicle's performance, positioning them as vital components in the automotive manufacturing industry. The amalgamation of AI into bearing monitoring systems is expected to reduce overall repair costs by streamlining maintenance schedules beforehand. With the advent of smart bearing systems, manufacturers have the opportunity to keep pace with the evolving requirements in autonomous vehicles.
The automotive bearing market is characterized by a complex supply chain spanning multiple regions. High-grade steel and specialized alloys are critical components in production. Additionally, the global trade has a major bearing on the supply trade with Asia Pacific, North America, and Europe as key destinations for the import and export activities. An essential marker for the trade of automotive bearings was highlighted by the U.S. International Trade Commission (ITC), reporting imports worth over USD 2.0 billion by the U.S. in 2023. With the U.S. already establishing itself as a lucrative market for EV proliferation, the surge in imports of automotive bearings augurs well for the sector's sustained growth potential.
Two significant economic indicators of the market are the Producer Price Index (PPI) and the Consumer Price Index (CPI). Both of these indices are influenced by fluctuations in the cost of raw materials. As per the U.S. Bureau of Labor Statistics (BLS), the PPI for automotive components experienced a 6% surge in 2023 due to the direct impact of the rise in steel prices. Moreover, the rising costs of production have caused upward pressure in CPI, reflected in manufacturers having to navigate cost-push inflationary pressures. The analysis of CPI and PPI indicates that the rise in demand for high-performance bearings is slated to contribute to higher prices for consumers by the end of this decade.
