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2024 Automotive Bearing and Clutch Component Market Report : Market Size, Growth Drivers, And Key Trends
Automotive Bearing and Clutch Component Aftermarket Global Market Report 2024
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According to The Business Research Company's, The automotive bearing and clutch component aftermarket market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased availability and variety of aftermarket parts, the expansion of the global automotive industry, cost-effective manufacturing, maintaining older vehicles to save money, and the growing need to reduce worn or damaged parts.
The automotive bearing and clutch component aftermarket market size is expected to see strong growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to frequent replacement of wear-and-tear parts, changes in emissions regulations or safety standards, commercial vehicle boom, the efficiency and reach of aftermarket distribution channels, and changes in vehicle maintenance intervals or practices. Major trends in the forecast period include increasing demand for electric vehicles, technological advancements, a shift towards online sales channels, a focus on performance and efficiency, and the rise of hybrid vehicles.
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Market Drivers and Trends:
Increasing vehicle ownership rates are expected to propel the growth of the automotive bearing and clutch component aftermarket market going forward. Vehicle ownership refers to the legal possession and control of a vehicle by an individual or an entity. The rise in vehicle adoption is driven by increased urbanization, improved economic conditions, and technological advancements in automotive engineering. Vehicles utilize aftermarket automotive bearing and clutch components to replace worn-out parts, enhance performance, and extend lifespan, offering cost-effective maintenance solutions for drivers and mechanics alike. For instance, in November 2023, according to Statistics Canada, a Canada-based government agency, In 2022, the total number of road motor vehicles registered in Canada reached 26.3 million, a slight increase of 0.3% from the previous year. Electric vehicles comprised 3.0% of light-duty vehicle registrations in 2022, rising from 2.3% in 2021. Therefore, the increasing vehicle ownership rates are driving the growth of the automotive bearing and clutch component aftermarket market.
Major companies operating in the automotive bearing and clutch component aftermarket are focused on developing innovative products, such as performance grease, to offer superior lubrication and reduce friction. Performance grease is a specialized lubricant designed for high-stress applications, reducing friction, wear, and corrosion while extending the lifespan of mechanical components. For instance, in March 2022, Apec Automotive, a US-based company specializing in braking systems and components, launched a new range of wheel bearing kits, providing a complete solution for wheel bearings. It provides comprehensive solutions for wheel bearings. These kits come sealed for life with high-performance grease, ensuring durability and optimal performance. Each kit includes all necessary accessories, such as nuts, bolts, and circlips, offering a complete and convenient package.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
ZF Friedrichshafen AG, Aisin Seiki Co. Ltd., Eaton Corporation plc, Valeo Clutch Private Limited, Schaeffler AG, Marelli Holdings SpA, BorgWarner Inc., JTEKT Corporation, Svenska Kullagerfabriken group, Nippon Seiko Kabushiki-gaisha (NSK) Ltd., Federal-Mogul Motorparts Ltd., New Technology Network (NTN) Corporation, Timken India Limited, RBC Bearings Inc., ILJIN Holdings Co. Ltd., Mahle GmbH, Nachi America Inc., Luoyang LYC Bearing Co. Ltd., Fábricas Europeo de Rodamientos SA (FERSA), ACDelco, C&U Americas Group
Automotive Bearing and Clutch Component Aftermarket Market 2024 Key Insights:
• The automotive bearing and clutch component aftermarket market size is expected to see strong growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Vehicle Ownership Rates Propel Growth Of The Automotive Bearing And Clutch Component Aftermarket Market
• Innovative Products Transforming Automotive Bearing And Clutch Component Aftermarket
• North America was the largest region in the automotive bearing and clutch component aftermarket market in 2023
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