Automotive Bearing Market

Global Automotive Bearing Market (2023 to 2028)

The global automotive bearing market is expected to be valued at USD 45.63 billion in 2023 and is anticipated to reach a valuation of USD 63.72 billion by 2028, growing at a CAGR of 6.90% during the forecast period from 2023 to 2028.

Automotive bearings are components that can carry heavy loads with ease and efficiency. The desired properties of automotive bearings are high precision, reliability, longevity, and the ability to rotate at high speeds with minimal noise and vibration. The bearings reduce the friction between the moving parts of the vehicle. It is forecasted that the global market for motor vehicle bearings will increase in value to $ 186.4 billion an annual growth of 5.8%.

Over the next few years, it is estimated that demand for automotive warehouses in the Asia-Pacific countries, mainly China, India, and Japan, will increase. In addition, with one-third of the world's population in China and India, demand for vehicles, particularly passenger cars and two-wheelers, is increasing, which in turn increases demand for passenger cars. Countries in the Asia and Pacific region are expected to have a CAGR of 6.4% and will grow. In mature markets, such as Europe and North America, automotive bearings are expected to grow at a CAGR of 5.8% during the forecast period. Developing countries, such as Brazil and South Africa, are expected to show high growth rates.

It is expected that the rapid growth of the automotive industry worldwide in recent years will stimulate the market for automotive bearings in the forecast period. It is likely that the increase in average vehicle life due to the inclusion of low-fuel consumption technologies will further boost the market for automotive storage machinery over the forecast period. Greater efforts are expected to be made in the development of lightweight materials in high-performance bearings to boost the automotive warehouse market in the near future. It is expected that the development and integration of new gasket technologies by OEMs to seal up bearing contaminants to increase the average life of automotive warehouses will further boost the automotive warehouse market in the automotive industry in the next few years.

REPORT COVERAGE:

This research report on the global automotive bearing market has been segmented & sub-segmented based on the product type, type, and region. 

Global Automotive Bearing Market – By Bearing Type:

• Ball Bearings
• Plain Bearings
• Others (Roller Bearings, Journal Bearings, Sleeve Bearings, Composite Bearings, and Rifle Bearings)

Global Automotive Bearing Market – By Outer Diameter:

• Below 5mm
• 6mm-10mm
• 10mm-21mm
• 22mm
• 23mm-32mm
• 33mm-40mm
• 41mm-45mm
• Others (>45mm)

Global Automotive Bearing Market – By Applications:

• Automotive
• Electrical
• Agriculture
• Mining & Construction
• Railway & Aerospace

Global Automotive Bearing Market – By Region:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa

The market for automobile storage in the Asia-Pacific region is expected to grow significantly during the planned period. This is mainly due to the fact that China, which is the world leader in vehicle production, is making enormous efforts to boost the growth of the automotive industry. The automotive industry in the Asia-Pacific region is growing rapidly, with well-established manufacturing facilities from leading OEMs such as China, Japan, and South Korea in some countries in the Asia-Pacific region.

MARKET KEY PLAYERS:

Timken Co. (U.S.), SKF (Sweden), Schaeffler AG (Germany), JTEKT Corp. (Japan), NTN Corp. (Japan), Jtekt Corporation, Iljin Bearing Co. Ltd, Svenska Kullagerfabriken AB, RKB Bearings, ORS Bearings, CW Bearing. Some of the major market players are involved in this global automotive-bearing market.

RECENT HAPPENINGS IN THIS MARKET:

• In 2017-2018, major bearing manufacturers such as SKF, NSK, Schaeffer, and JTEKT announced their investment plans to expand their bearings to meet growing demand in the automotive industry, the aforementioned manufacturers have expanded their rolling element production, especially in the Asia-Pacific region, and especially in countries such as Japan, India, Korea, Vietnam, Malaysia, and China. Cone and needle bearings are identified as the main production plans of the above players.