Automotive Wheel Bearing Market Size, Industry Trends, Competition Analysis and Growth Forecast to 2025

In a recent study by P&S Intelligence, the 2025 size of the automotive bearing market has been estimated as $53.3 billion. The expanding automotive industry and the increasing desire to make vehicles lightweight are resulting in the market progress. In a bid to reduce the vehicle weight, manufacturers are going for lightweight bearings that are also stiff and durable. The bearings are now being manufactured by utilizing enhanced forging techniques and low torque. This is how the demand for lightweight vehicles is pushing the demand for advanced bearings, which is, in turn, driving the market growth.

Roller bearing, ball bearing, and plain bearing are the various types of bearings available, among which the ball category is predicted to dominate the automotive bearings market in 2018 with over 50.0% sales volume share. This is attributed to the heavy use of ball bearings in two-wheelers and passenger cars. But, the share of roller bearings is expected to increase during the forecast period owing to a rise in heavy-duty vehicle production.

On segmenting the domain by vehicle type, passenger car, two-wheeler, electric vehicle, and commercial vehicle are the four subdivisions. Among these, the electric vehicle subdivision witnessed the highest automotive bearing market CAGR during the historical period. Alarming air pollution levels impelled governments to form stringent emission regulations and offer subsidies to encourage their adoption. Further, people also accepted electric vehicles with open arms, which resulted in an increased demand for these, which, in turn, drove the requirement for automotive bearings.

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Independent aftermarket (IAM), original equipment supplier (OES), and original equipment manufacturer (OEM) are the three main sales channels for such automotive bearings. The fastest growth in the automotive bearing market during the forecast period is expected to be witnessed by OEMs, as these are improving their products as well as manufacturing capacities to cater to the rising demand.

In 2018, Asia-Pacific (APAC) is estimated to purchase almost 45.0% of all the automotive bearings manufactured across the world, owing to the expanding automobile industry in countries, such as India, China, Indonesia, and Thailand. Here, the increasing living standards and affordability of vehicles are pushing the automotive industry, which is further driving the market for automotive bearings. China is slated to be the automotive bearing market leader due to an increasing regional demand for vehicles.

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To expand their product range and market share, the key players are actively taking part in mergers and acquisitions. For example, in 2018, Cone Drive Operations Inc., a manufacturer of gears and precision drives, and ABC Bearings Ltd., a bearing manufacturer based in India, were acquired by The Timken Company. Other automotive bearing market players, including MINEBEA MITSUMI Inc., JTEKT Corporation, NTN Corporation, NSK Ltd., Schaeffler AG, RBC Bearings Inc., AB SKF, C&U Group Ltd., and NACHI-FUJIKOSHI CORP., are taking similar steps.

Browse More Reports on Automotive Industry by P&S Intelligence:

Mobility as a Service (MaaS) Market Research Report:
https://www.psmarketresearch.com/market-analysis/maas-market

Electric Vehicle Component Market Research Report:
https://www.psmarketresearch.com/market-analysis/electric-vehicle-component-market

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This release was published on openPR.