The Latin America, Middle East and Africa Automotive Bearings Market would witness market growth of 8.3% CAGR during the forecast period (2023-2030).
Friction causes wear and strain on bearing elements. This is compelling original equipment manufacturers to produce bearing devices that can withstand varying friction levels. Consequently, their participation in research and development activities is growing. The launch of ultra-low-friction sealed ball bearings has been recognized as one of the key trends that will fuel the development of the market over the forecast period.
Bearings for automobiles are produced via cutting-edge technologies and advanced materials. Due to its low price and sturdiness, high-carbon chromium steel is used to manufacture bearings. In addition to ceramics, stainless steel and plastic are used to manufacture bearings. Principal varieties of automotive rolling element bearings are tapered roller, needle roller, spherical roller, and cylindrical/straight roller. These bearings are extensively used in vehicle systems, particularly in the engine, transmission, and wheels (needle rollers for wheel bearings are excluded).
The growth of the market is driven by factors such as an increase in vehicle production, efforts to reduce the overall weight of the vehicle, an increase in demand for luxury features in vehicles, a rise in disposable income, and a surge in sales of luxury vehicles in developing nations. Moreover, the increase in safety & comfort features in vehicles, the emergence of sensor bearing units, and the growth of technologies for additive manufacturing to manufacture bearings are expected to provide lucrative opportunities for market participants.
The Middle East and North Africa (MENA) region is developing at an estimated 36% rate, according to the International Trade Association, with Saudi Arabia serving as the region’s top market. In the Gulf Cooperation Council (GCC) and the MENA region, Saudi Arabia sold over 52% and 35% of the cars in 2020. There were 556,000 and 436,000 total automobiles sold in Saudi Arabia in 2019 and 2020, respectively. With the burgeoning demand for automobiles, the market is estimated to grow significantly.
The Brazil market dominated the LAMEA Automotive Bearings Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $879.2 million by 2030. The Argentina market is anticipated to grow at a CAGR of 8.9% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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