Global automotive bearing market is projected to witness a CAGR of 6.98% during the forecast period 2024-2031, growing from USD 40.67 billion in 2023 to USD 69.77 billion in 2031. The market has grown in present years and is expected to maintain expansion in the forecast years due to growing sales of vehicles, rapid trend of customization, increasing demand for enhanced vehicles, and significant technological advancements. The demand for automotive bearings is rising as bearings are efficiently helpful for reducing friction and enabling rotational or linear motion while supporting loads in an automotive. In addition, technological advancements in bearing designs and materials have resulted in enhanced performance, durability, reliability, and decreased maintenance demands. Governments across the globe are implementing different standards and regulatory reforms for controlling carbon emissions and introducing fuel-efficient vehicles, driving the global automotive bearing market demand in the forecast period.
Companies in the global market are significantly operating on enhancing the effectiveness and performance of automotive bearings that help reduce energy consumption and emissions by reducing frictional losses in automotive drivetrains. Also, key participants in the market are establishing new manufacturing facilities to address the rising demand from car manufacturers for automotive bearings. For instance, in October 2023, AB SKF (publ.) announced the inauguration of its new facility in Monterrey, Mexico, a greenfield factor investment totaling USD 65.4 million. In the facility, SKF will develop and manufacture deep groove ball bearings for North American automakers coupled with tapered roller bearings for industrial customers, including commercial vehicles and agri-market applications.
Technological Advancements to Drive the Global Automotive Bearing Market Demand
In the automotive industry, technological advancements are playing an important role, witnessing a constant innovation, coupled with the development of advanced bearing coatings, materials, and designs. These technological advancements resulting in improved durability, performance, and effectiveness of automotive bearings. The integration of advanced technologies, including smart bearings that helps in communication and monitoring their operating conditions, further drive the global automotive bearing market demand in the forecast period. Market participants in the global market are significantly advancing the functioning of automotive bearings to address the evolving requirements of automakers and contributing to decreased maintenance costs coupled with advancing the overall vehicle performance and producing less noise.
For instance, in September 2023, CK Birla Group announced the development of a range of low-noise bearings that offer the special requirements of the EV industry. These advanced and low-noise automotive bearings offer durable performance at higher resolutions.
Production of Electric Vehicles Pushes Global Automotive Bearings Market Growth
An increase in the production of electric vehicles drives the demand for automotive bearings as they are efficiently utilized in electric motors, especially for applications where thermal expansion of the main shaft is possible. Bearings in electric vehicles offer high performance as they are engineered to function according to the required conditions and provide different benefits that can help enhance the vehicle’s effectiveness, and durability, accelerating the global automotive bearings market demand. Also, the global automotive bearing market growth is driven by the growing sale and purchase of EVs as bearings are used in electric motors owing to their ability to handle high loads and high speeds. Manufacturers in the global market designed bearings for usage in EVs, comprising tapered roller bearings, low-friction hubs, and ultra-high-speed ball bearings to reduce energy, improve battery life, increase effectiveness, and travel further on a single charge.
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For instance, in March 2023, NSK Ltd. announced an expansion of a range of options in anti-electrical-erosion technologies for bearing utilized in eAxles in hybrid and electric vehicles to enhance reliability and longer range of electric vehicles.
Government Carbon Emission Control Regulations and Standards Drive the Global Market Growth
Governments in emerging countries are framing policies to control carbon emissions and encourage the sale and purchase of electric vehicles, driving the global automotive bearing market growth in the coming period. Governments in different countries have implemented policies, offering subsidies, and incentives to promote car manufacturing and sales, propelling the global automotive bearings market demand. In addition, automakers are compelled to produce advanced bearings as legal authorities’ regulations concerning zero carbon emissions become stricter. Furthermore, governments in different countries have significantly announced investments for market players to expand their presence globally, and for economic development.
For instance, in May 2024, the United States Government announced a grant of USD 100 million for small, medium-sized automotive components suppliers for EV transition coupled with retooling their production facilities.
Ball Bearing Dominates the Global Automotive Bearing Market Share
Ball bearing dominates the largest market share of the global market as it serves three main functions including carrying loads, reducing friction, and positioning moving machine parts. The demand for ball bearings in market is rising significantly to ensure smooth and efficient operation of vehicles. Ball bearings manufacturers are efficiently investing in different research and development activities to expand their product footprint and portfolio coupled with addressing the rising demand. Furthermore, automakers use ball bearings to improve vehicle performance and boost effectiveness by decreasing brake demand when the vehicle is on road. Key participants in the market have announced a collaboration to expand their product portfolio and address the rising demand from a wide range of industries.
For instance, in June 2023, Sinoma Advanced Nitride Ceramics Co., Ltd. announced a joint venture contract with SKF AB to deepen their corporation within hybrid ceramic ball bearings. The strategic collaboration offers high-quality ceramic ball bearing products and solutions to a wide range of industries.
Asia-Pacific Registers the Largest Global Automotive Bearing Market Size
Asia-Pacific registers the largest market size in the global automotive bearing market due to the great presence of market players, rapid trend of customization, significant economic development, and increase in per-capita income of middle-class individuals. In emerging countries, the production of electric and hybrid vehicles is rising significantly, propelling Asia-Pacific automotive bearing market growth. In addition, governments in different countries are implementing different policies concerning carbon emissions and the adoption of sustainable automotive components. Furthermore, companies in the Asia-Pacific market are compelled to produce sustainable products and launch new EVs, fostering the demand for automotive bearings in Asia-Pacific. Also, companies are planning to become investors to diversify their product range and expand their operations in emerging countries.
For instance, in January 2023, Fersa Bearings, S.A. announced an acquisition of a majority stake in Delux Bearings Pvt. Ltd. in India to manufacture bearing and electromechanical actuators for all types of vehicles while diversifying its product variety to accomplish an estimated turnover of over USD 224 million by 2023.
Future Market Scenario (2024 – 2031F)
1. European government regulations and standards including Environment Protection Agency regulations and Corporate Average Fuel Economy standards aims at lightweight vehicles and compel automakers to integrate safety components and features in vehicles, driving the demand for the automotive bearing market.
2. Technological advancement and rising demand for lightweight vehicles, propelling the global automotive bearing market demand in the forecast period.
3. Advancement in vehicle types and development of different types of bearings including transmission system bearings, engine bearings, and others propelling the global automotive bearing market growth.
4. The significant emergence of bearing units and the establishment of manufacturing facilities are projected to offer lucrative growth opportunities for market players.
Report Scope
“Automotive Bearing Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global automotive bearing market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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