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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Automotive Bearings Market Outlook
The global automotive bearings market stood at a value of around USD 43625.70 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.90% to reach USD 79531.97 million by 2032.
Growing Utilisation of Roller Bearings to Aid the Global Automotive Bearings Industry
Roller bearings in wheels are used to evenly distribute the load of a vehicle during acceleration. In roller bearings, less quantity of lubricant is required due to low friction and wear, which is a major advantage of this type. In addition to this, tapered rolling bearings are used for heavy loads or in a situation where the load can greatly change during cornering, such as in cars and trucks. This is anticipated to propel the product demand in the forecast period.
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The Asia Pacific Accounts for a Significant Share in the Market
The automotive bearings industry in the Asia Pacific is driven by the increasing demand for automobiles owing to the rising disposable incomes, rising population, and rapid urbanisation across the region. The increasing demand for passenger cars in countries such as India, China, and others is likely to boost the demand for automotive bearings in the forecast period. Moreover, the expansion of the key automotive players, including Hyundai, Kia, Mitsubishi, Tata, and Toyota, among others, in various parts of the continent is likely to aid the market.
Automotive Bearings: Market Segmentation
Automotive bearings are defined as antifriction devices which are placed between two moving parts. Grease lubrication is often required for these devices. Further, automotive bearings are found in various automobile systems including transmission, wheel hub, and engine, among others.
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Based on bearing type, the market can be segmented into:
- Roller Bearing
- Ball Bearing
- Others
By vehicle type, the market is divided into:
- Two-wheeler
- Passenger Car
- Commercial Vehicle
On the basis of distribution channel, the market is divided into:
- After Market
- OEM
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Thriving Automotive Industry to Boost the Growth of the Automotive Bearings Industry
The thriving automotive industry is driving the market growth of automotive bearings. The rising demand for passenger and commercial vehicles is also supporting the automotive bearings industry growth. Over the forecast period, the flourishing transportation industry and the rising trading activities are anticipated to propel the demand for heavy commercial vehicles, thereby bolstering the growth of the automotive bearings industry. Moreover, the increasing inclination of passengers towards automobiles with high mechanical performance and heavy load capacity is likely to provide impetus to the market in the forecast period.
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Key Industry Players in the Global Automotive Bearings Market
The report gives a detailed analysis of the following key players in the global automotive bearings market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- The Timken Company
- SKF
- THK CO., LTD
- RBC Bearings Incorporated
- Schaeffler AG
- NTN Corporation
- ILJIN co., ltd.
- Nippon Thompson Co., Ltd. (IKO International, Inc.)
- JTEKT Corporation
- NSK Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Bearing Type |
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| Breakup by Vehicle Type |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global automotive bearings market attained a value of nearly USD 43625.70 million.
The market is estimated to grow at a CAGR of 6.90% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 79531.97 million by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the industry, such as the growing automotive industry, rapid urbanisation, growing innovations, and the expansion of the major automobile companies, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the technological advancements in passenger cars to bolster the driving experience.
Roller bearing, ball bearing, and others are the major bearing types in the market.
Two-wheeler, passenger car, and commercial vehicle are the different vehicle types considered in the market report.
After market and OEM are the significant distribution channels of the product.
The major players in the industry are The Timken Company, SKF, THK CO., LTD, RBC Bearings Incorporated, Schaeffler AG, NTN Corporation, ILJIN co., ltd., Nippon Thompson Co., Ltd. (IKO International, Inc.), JTEKT Corporation, and NSK Ltd., among others.
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