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Automotive Bearing and Clutch Component Aftermarket Market Analysis: $6.62 Billion by 2029 With a CAGR of 4.8%
Automotive Bearing and Clutch Component Aftermarket
Automotive Bearing and Clutch Component Aftermarket Market Value Projection: How Much Will the Market Size by 2025?
There has been steady growth in the size of the automotive bearing and clutch component aftermarket market in the past few years. From $5.24 billion in 2024, it is predicted to escalate to $5.48 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.5%. The increment during the historical period was due to the enhanced availability and diversity of aftermarket parts, the expansion in the global automobile industry, the affordability of manufacturing, the trend of maintaining older vehicles to economize, and the increasing necessity to replace worn or damaged parts.
What Will Be the Market Growth Forecat for Automotive Bearing and Clutch Component Aftermarket in 2029?
There's anticipated to be a consistent expansion in the size of the automotive bearing and clutch component aftermarket market in the upcoming years. The market is projected to increase to $6.62 billion in 2029 at a 4.8% compound annual growth rate (CAGR). The growth within this forecast period may be credited to the regular replacement of parts suffering from wear and tear, adaptations in emission regulations or safety standards, growth in commercial vehicles, the effectiveness and accessibility of aftermarket distribution channels, and alterations in vehicle maintenance schedules or methods. In the forecast duration, prominent trends comprise a surge in demand for electric cars, technological progress, online sales channels becoming more popular, an emphasis on performance and efficiency, and the emergence of hybrid vehicles.
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What Are the Core Competitive Drivers in the Automotive Bearing and Clutch Component Aftermarket Industry?
The surge in the number of vehicle owners is projected to fuel the expansion of the automotive bearing and clutch component aftermarket. Vehicle ownership refers to an individual or entity's lawful possession and oversight of a vehicle. The rise in automotive adoption is fueled by urbanization, improved economic conditions, and advancements in vehicle technology. Aftermarket automotive bearing and clutch components are utilized in vehicles to replace worn-out parts, enhance vehicle performance, and prolong vehicle lifespan, providing an affordable maintenance solution for both drivers and mechanics. For example, Statistics Canada, a government agency from Canada, revealed that in 2022, the total number of registered road motor vehicles in Canada hit 26.3 million, marking a slight growth of 0.3% from the previous year. Also, the percentage of electric vehicles among light-duty vehicle registrations rose to 3.0% in 2022, up from 2.3% the year before. Hence, the rising rates of vehicle ownership are fuelling the growth of the automotive bearing and clutch component aftermarket.
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Which Automotive Bearing and Clutch Component Aftermarket Market Segment Is Projected to See the Fastest Growth?
The automotive bearing and clutch component after market market covered in this report is segmented -
1) By Product Type: Wheel Bearing, Clutch Actuators, Clutch Kit Components, Transmission Bearings, Differential Bearings
2) By Vehicle Type: Vans, Minivans, Pickup Trucks, Trucks, Busses, Three-Wheelers, Other Vehicle Types
3) By Sales Channel: Authorized Dealerships, Automotive Parts Retailers, Online Retail, Auto Repair Shops, Distributors And Wholesalers
Subsegments:
1) By Wheel Bearing: Front Wheel Bearings, Rear Wheel Bearings, Hub Assemblies
2) By Clutch Actuators: Hydraulic Clutch Actuators, Electric Clutch Actuators
3) By Clutch Kit Components: Clutch Discs, Clutch Pressure Plates, Clutch Release Bearings, Flywheels
4) By Transmission Bearings: Input Shaft Bearings, Output Shaft Bearings, Bearing Kits
5) By Differential Bearings: Pinion Bearings, Carrier Bearings, Side Bearings
Which Trends Are Opening New Opportunities in the Automotive Bearing and Clutch Component Aftermarket Market?
Leading businesses in the automotive bearing and clutch component aftermarket are prioritizing the creation of novel products like performance grease, intended to offer enhanced lubrication and minimize friction. This specialized lubricant is devised for high-stress uses to diminish friction, wear, and rust, thereby prolonging the lifespan of mechanical parts. For instance, Apec Automotive, a company based in the United States that specializes in brake systems and components, unveiled a new line of wheel bearing kits in March 2022, offering an all-inclusive solution for wheel bearings. These kits, sealed for life with high-performance grease, guarantee durability and peak performance. Each kit is packaged with all the required accessories, such as nuts, bolts, and circlips, thus providing an all-round, easy solution.
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Who Are the Leaders in the Automotive Bearing and Clutch Component Aftermarket Market?
Major companies operating in the automotive bearing and clutch component afterMarket are 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
Which Regional Automotive Bearing and Clutch Component Aftermarket Markets Offer the Greatest Growth Potential?
North America was the largest region in the automotive bearing and clutch component afterMarket in 2024. The regions covered in the automotive bearing and clutch component afterMarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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