Automotive Bearing Market Value to Reach US$ 51.8 Billion by 2031, Transparency Market Research, Inc.

WILMINGTON, DE / ACCESSWIRE / January 31, 2023 / Transparency Market Research Inc. - According to a TMR study, the global automotive bearing market is expected to grow at a CAGR of 6.2% during the forecast period from 2022 to 2031.

Automotive bearings are components used to transport heavy loads. Product features such as ability to rotate at high speeds at reduced noise and vibration, dependability, high precision, and longevity have fueled the demand for automotive bearings over other products. The different automotive bearings used in end-use industries are ball bearings, plain bearings, and thrust bearings.

Launch of new bearings are helping prominent players in generating higher revenue and in gaining a competitive edge over other players. In October 2021, NSK Limited announced the launch of the first ever 100% bioplastic rolling bearings with a heat resistant cage. The cage can withstand operating temperatures as high as 120 degrees Celsius.

Additionally, well-established players are collaborating with other companies to expand presence and increase revenue share.

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Key Findings of Market Study

Growing Need to Reduce Carbon Emissions: Governments and authorities across the world focus on reducing carbon emissions and implementing stringent energy regulations toward achieving this goal. The regulations imposed by governments have induced leading automotive manufacturers to increase power and fuel efficiency in automobiles, which is triggering the demand for automotive bearings and propelling the market.

Rise in Passenger Vehicle Production and Sales: Based on vehicle type, the global market has been classified into passenger vehicles, light commercial vehicles, buses & coaches, and heavy trucks. The passenger vehicles segment is projected to account for dominant market share during the forecast period. Increase in production and sales of passenger vehicles globally is expected to fuel the demand for automotive bearings and augment business growth.

Increase in Demand in Engine and Transmission Segments: In terms of application, the global market has been segregated into engine, gearbox, wheel, transmission, and steering. The engine and transmission segments are expected to account for significant share in the next few years. Engine and transmission components are in continuous motion for long periods and undergo wear & tear under heavy load. This is expected to fuel demand for automotive bearings and expand market size.

Automotive Bearing Market - Key Drivers

Continuous expansion in the automotive industry is driving the global automotive bearing market

Increase in adoption of sensor bearings is likely to create business opportunities for prominent players during the forecast period

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Automotive Bearing Market - Regional Landscape

Asia Pacific is projected to account for dominant market share during the forecast period. Rise in adoption of electric vehicles and the growing automotive industry in countries such as India and China are likely to propel market development in the region in the near future.

Automotive Bearing Market - Key Players

The global market is competitive and has several international and local players. Entry of new players during the forecast period is likely to intensify competition.

Leading market players are investing in R&D to manufacture lightweight automotive bearings. Increase in demand for lightweight bearings in different application is likely to present lucrative business opportunities for companies during the forecast period.

Key players operating in the market are Nippon Thompson Company Limited, NTN Corporation, Federal-Mogul Holdings Limited, The Timken Company, and SNL Bearings Limited.

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The global automotive bearings market has been segmented as follows:

Bearing Type

Ball Bearings

Plain Bearings

Thrust Bearings

Others

Vehicle Type

Passenger Vehicles

Light Commercial Vehicles

Buses and Coaches

Heavy Trucks

Application

Engine

Gearbox

Wheel

Transmission

Steering

Distribution Channel

OEMs

Aftermarket

Regions Covered

North America

Asia Pacific

Europe

Middle East and Africa

Latin America

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

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