Published Date: 30-Aug-2023
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According to a new report, published by KBV research, The Global Automotive Bearings Market size is expected to reach $52.7 billion by 2030, rising at a market growth of 6.4% CAGR during the forecast period.
The Roller Bearing segment is experiencing a CAGR of 6.7% during (2023 - 2030). During acceleration, roller bearings in wheels equitably distribute the vehicle's burden. Due to minimal friction and attrition, roller bearings require less lubricant, a significant advantage of this variety. In addition, tapered rolling bearings are utilized for large loads or in situations where the burden can fluctuate significantly during cornering, such as in automobiles and vehicles. This is expected to boost product demand during the forecast period.
The OEM segment is leading the Global Automotive Bearings Market by Distribution Channel in 2022; thereby, achieving a market value of $38.9 billion by 2030. Vehicle production and sales are the primary drivers of demand for automotive bearings from original equipment manufacturers. As the automotive industry expands, the demand for bearings used to assemble new vehicles increases proportionally. To optimize the efficacy and efficiency of such advanced vehicle systems, original equipment manufacturers (OEMs) may pursue innovative bearing solutions.
The Commercial Vehicle segment is showcasing a CAGR of 6.6% during (2023 - 2030). During the forecast period, the thriving transportation sector and rising trading activities are anticipated to increase the demand for heavy commercial vehicles, thereby augmenting the expansion of the automotive bearings market. Utilizing innovative materials, sophisticated lubrication systems, and improved designs, developments in automotive bearing technologies can improve the performance and endurance of bearings.
The Asia Pacific region dominated the Global Automotive Bearings Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $21.5 billion by 2030. The Europe region is poised to grow at a CAGR of 6% during (2023 - 2030). Additionally, The North America region would register a CAGR of 6.2% during (2023 - 2030).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
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