Rolling Ahead: The Thriving Automotive Bearing Market 2023-2033

The US$ 18.47 Bn global automotive bearing market is apprehended to experience moderate growth over 2018-2026 at a CAGR of 4.4% and attain a value worth US$ 27.02 Bn by the end of an eight-year forecast period.

The global automotive bearing market is anticipated to expand moderately between 2018 and 2026, growing at a CAGR of 4.4%. A recent research report by Persistence Market Research estimates that the global market for automotive bearings had a value of US$ 18.47 billion in 2017 and is expected to grow to US$ 27.02 billion by the end of 2026. While Persistence Market Research has identified a number of additional crucial factors and recently observed trends that are anticipated to favourably impact the performance of the global automotive bearing market, the exploding growth of the automotive industry is still thought to be the primary factor driving the demand for automotive bearings.

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Amplified Investments in R&D to Support Market Growth

Increasing average lifespan of vehicles is expected to raise substantial demand for vehicular component repairing, replacement, and maintenance, eventually pushing the bearing market up in near future. Rapidly expanding fleet is generating decent aftermarket demand for automotive bearings, which is another key factor responsible for market growth. Manufacturers are increasingly investing in the expansion of production capacity of automotive bearings; moreover, a majority players are focusing more on R&D in order to bring in innovation to the marketplace.

Technological Advances Poised to Bring in Innovation

With advent of technology including IoT and emergence of cyber-physical systems, manufacturers are inclining more towards sensorised automotive components and mechatronic products, which enable digital service integration. This strategy is anticipated to help them prepare for the future manufacturing, i.e. Industry 4.0. Persistence Market Research identifies this as a significant development in shaping the future of automotive bearings market. The global market for automotive bearings is currently trending with the growing use of ceramic ball bearings in a bid to open up new doors to several innovative application areas, such as in electric vehicles. The market for automotive bearings is observed to be polarized towards a limited number of companies operating globally, which is estimated to fuel the market growth in next few years.

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By Product Type

Ball Bearings
Deep groove ball bearings
Angular contact ball bearings
Thrust ball bearings
Self-alignment ball bearings
Roller Bearings
Tapered roller bearings
Cylindrical roller bearings
Spherical roller bearings
Needle roller bearings
Thrust roller bearings
Plain Bearings

Roller bearings are likely to maintain a major market value share over ball bearings and plain bearings throughout the forecast period.

By Vehicle Type

Two Wheeler
Passenger Car (PC)
Commercial Vehicle (CV)

Passenger cars will continue to generate the maximum demand for bearings compared to commercial vehicles and two wheelers. However, two wheelers segment is expected to witness robust growth in coming years, exhibiting a promising CAGR over the assessment period.

By Application

Engine
Transmission System
Wheel Hub
Steering System
Suspension & Others (interior & exterior)

Highest applications are apprehended to exist in the transmission system segment, followed by wheel hub and steering system. Engine is also identified to be a steadily growing application segment.

By Sales Channel

Original equipment manufacturer (OEM)
Original equipment supplier (OES)
Independent Aftermarket (IAM)

While OEMs are expected to continue their dominance through to 2026, IAM segment will reportedly witness the highest growth at a CAGR of over 5%.

By Region

North America
Latin America
Europe
South East Asia & Pacific (SEAP)
China
Japan
Middle East and Africa (MEA)

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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.

This release was published on openPR.