The Asia Pacific Automotive Bearings Market would witness market growth of 6.6% CAGR during the forecast period (2023-2030).
The advancement of materials has increased the bearings' service life. Bearings in the bearing industry comprise hard coatings, ceramics, and specialty steels. By introducing new materials, such as chrome steel, precision ball bearings can now have increased hardness, wear resistance, and fatigue life. In addition, tungsten carbide bearings resistant to high tension, high temperature, high impact, erosion, and corrosion are now manufactured. Currently, these bearings have minimal lubrication and are long-lasting ball bearings. Even plastic ball bearings are now manufactured, which was previously impossible. Plastic bearings are used in situations with modest loads and highly resist attrition.
In the last few years, there has been a significant increase in the demand for commercial vehicles, which has increased the demand for automotive wheel bearings. The average age of vehicles is anticipated to boost the demand for repair, maintenance, and replacement of automotive components, thereby increasing the sales of automotive bearings. In addition, incorporating sensors into bearings for measuring speed, acceleration, and direction parameters in rotating uses is anticipated to increase demand.
During the forecast period, the size of the automotive bearing market is anticipated to be driven by the expansion of the automotive industry. Automotive bearings play a crucial function in enhancing vehicle efficiency. In the near future, innovation in bearing materials and coatings will contribute to market expansion. Carbon steel bearings are gaining popularity in this sector due to their minimal noise levels.
The automobile industry is the primary pillar of the Indian economy. It is a significant growth engine with robust forward and reverse links. In recent years, deliberate government interventions and liberalization have contributed to the expansion of the automobile industry. These actions have resulted in a dynamic, competitive market and the formation of numerous new businesses. In addition, commercial vehicle sales surpassed 5.23 million units, a 20% increase over 2019. Additionally, rising auto sales and production are anticipated to increase demand for automotive bearings, contributing to market expansion.
The China market dominated the Asia Pacific Automotive Bearings Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.9 billion by 2030. The Japan market is estimated to grow at a CAGR of 5.9% during (2023 - 2030). Additionally, The India market would register a CAGR of 7.1% during (2023 - 2030).
Based on Bearing Type, the market is segmented into Ball Bearing, Roller Bearing, and Others. Based on Distribution Channel, the market is segmented into OEM, and Aftermarket. Based on Vehicle Type, the market is segmented into Passenger car, Commercial Vehicle, and Two-wheeler. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive Bearings Market is Projected to reach USD 52.7 Billion by 2030, at a CAGR of 6.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include JTEKT Corporation, AB SKF, Schaeffler AG, NSK Ltd., NTN Corporation, The Timken Company, Nippon Thompson Co., Ltd., RBC Bearings, Inc., Iljin Group, and Cixing Group Co., Ltd.
By Bearing Type
By Distribution Channel
By Vehicle Type
By Country
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