The Europe Automotive Bearings Market would witness market growth of 6.0% CAGR during the forecast period (2023-2030).
A bearing is a machine component that limits relative motion to the intended movement and reduces friction between moving parts. Automobile bearings are essential for the vehicle's efficient and seamless operation. Their primary function is to facilitate linear or rotational motion and to withstand extreme stress. In the automotive industry, various varieties of bearings are utilized, including engine bearings, steering system bearings, transmission system bearings, and air conditioner bearings. Bearings are used in two-wheeled vehicles, personal automobiles, three-wheeled vehicles, and heavy-duty commercial vehicles.
The development of the market is fueled by the increasing emphasis on reducing vehicle weight, the increase in automobile production, and the rise in automobile sales. Moreover, the emergence of sensor bearing units and the adoption of additive manufacturing technologies and materials for the production of bearings are anticipated to create lucrative growth opportunities for market participants operating in the automotive bearings industry.
Integrating sensors into automotive bearings will likely create lucrative prospects for industry suppliers. Intelligent tires rely on sensor bearings to operate smoothly. Bearing performance, durability, and dependability are monitored by sensors. Vendors employ simulation software to enhance and alter the design of vehicle bearings to the operating environment.
The expansion of the automotive industry is vital to the European economy. The automotive industry in the European Union employs 2.6 million individuals or 8.5% of all manufacturing employment. In addition, the EU is one of the world's leading manufacturers, and the automotive industry is the largest private investor in research and development (R&D). Consequently, the European Commission encourages technical harmony and finances R&D to increase competitiveness and maintain the technological leadership of the automotive sector. The expansion of the automotive industry is anticipated to contribute to the development of the regional market.
The Germany market dominated the Europe Automotive Bearings Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3.2 billion by 2030. The UK market is poised to grow at a CAGR of 5.1% during (2023 - 2030). Additionally, The France market would witness a CAGR of 6.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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