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Automotive Bearings Market Size & Share Analysis – Growth Trends & Forecasts (2024 – 2029)

Introduction

The global automotive bearings market is poised for significant growth, with projections indicating a robust Compound Annual Growth Rate (CAGR) of over 4% during the forecast period from 2024 to 2029. This comprehensive analysis delves into the market dynamics, trends, key players, regional dominance, and anticipates the future landscape of the automotive bearings industry.

Market Analysis

1. Market Dynamics

In the intricate ecosystem of the automotive industry, bearings play a crucial role, minimizing friction in rotating equipment. The average hatchback, for instance, incorporates approximately 60 bearings, a number that escalates in sedans and SUVs. To address the dual challenge of meeting stringent regulatory standards and achieving lightweight vehicle designs, Original Equipment Manufacturers (OEMs) are diligently working to innovate and reduce overall vehicle weight.

Key drivers propelling market growth include the enforcement of stringent Environment Protection Agency (EPA) regulations and Corporate Average Fuel Economy (CAFÉ) standards. Additionally, there is a pronounced focus on lightweight vehicles, a surge in commercial vehicle demand in Europe, and a remarkable uptick in automobile production and sales, particularly in the Asia-Pacific region. However, the surge in aluminum prices, particularly in the United States, poses a potential hindrance to market growth in the country.

2. Regional Dominance

As of 2019, Asia-Pacific emerged as the dominant force in the market, accounting for over 47% of the total market share. The primary catalyst for this regional dominance lies in the exponential rise in automobile production and sales, especially in countries like India, Japan, and Southeast Asian nations.

Market Trends

1. Rolling Element Bearings

The global automotive rolling element bearings segment is a key driver of market growth, projecting a robust CAGR of 5.39%. Tapered roller, needle roller, spherical roller, and cylindrical/straight roller bearings are prominent types widely deployed in vehicle systems, notably in the engine, transmission, and wheels.

Major bearing manufacturers, including SKF, NSK, Schaeffler, and JTEKT, have strategically invested in expanding their rolling element bearings production facilities. This expansion is particularly evident in the Asia-Pacific region, with a focus on countries like Japan, India, South Korea, Vietnam, Malaysia, and China. Tapered and needle roller bearings are identified as major production plans by these manufacturers.

In response to growing competition, bearing manufacturers are intensifying efforts to enhance their rolling element bearing products. This has led to noteworthy developments, such as Schaeffler’s introduction of a new transmission bearing with low friction, termed as an angular roller unit (ARU), and NSK’s development of a 2.5-generation high-performance taper-roller hub unit bearing with a hub shaft for various vehicles.

2. Asia-Pacific Dominance

Asia-Pacific continues to dominate the global market, with China spearheading the region, followed by Japan and India. The flourishing Chinese economy, coupled with an increasing disposable income among the middle class, fuels a growing demand for vehicles. Notably, the past five years have witnessed a significant surge in vehicle production, driven by low production costs in China.

While China experienced a temporary decline in vehicle sales in 2018 due to trade tensions and shaky consumer confidence, the government’s proactive measures to boost car sales are expected to drive market growth. In India, despite a temporary decline in vehicle sales in 2018 attributed to factors like an uneven monsoon, poor festive demand, and high fuel and insurance costs, the government’s Make in India initiative has attracted investments from automotive component manufacturers.

Key Players

The competitive landscape of the global automotive bearings market is characterized by major players such as JTEKT Corp., NSK Ltd, SKF, Schaeffler AG, and NTN Bearing Corporation. Additionally, the market features domestic companies in emerging markets like ARB Bearings, contributing to a highly competitive scenario.

Recent Market News

In October 2021, JTEKT Corporation announced a merger of three subsidiaries manufacturing and selling bearings. NSK Ltd. made headlines by developing the world’s first 100% bioplastic heat-resistant cage for rolling bearings, addressing the limitations of previous bioplastics.

Market Overview

The industry overview underscores the highly competitive nature of the market, with numerous joint ventures and production expansion activities, particularly in Asian countries. The dominance of major players and the involvement of domestic companies in emerging markets contribute to a dynamic and evolving market scenario.

Industry Segmentation

The automotive bearings market is segmented based on product and vehicle type. Plain bearings, rolling element bearings, and ball bearings constitute the product types, while vehicle types include passenger cars and commercial vehicles.

FAQs

  1. Market Size: The Automotive Bearings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029).
  2. Key Players: JTEKT Corp., NSK Ltd, SKF, Schaeffler AG, and NTN Bearing Corporation are the major companies operating in the Automotive Bearings Market.
  3. Fastest Growing Region: Asia-Pacific is estimated to grow at the highest CAGR over the forecast period.
  4. Biggest Share Region: In 2024, the Asia Pacific accounts for the largest market share in the Automotive Bearings Market.
  5. Covered Years: The report covers the Automotive Bearings Market historical market size for years 2019-2023 and forecasts the market size for years 2024-2029.

Conclusion

In conclusion,

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the global automotive bearings market is poised for substantial growth driven by regulatory compliance, technological advancements, and regional demands. The industry is witnessing significant investments in research and development, expansions, and strategic mergers, emphasizing a commitment to innovation and market dominance. The dynamic landscape, with Asia-Pacific at its forefront, positions the automotive bearings market for a promising future. Stakeholders should closely monitor these trends to capitalize on emerging opportunities and navigate challenges in this ever-evolving market. Mysterybio.com 

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