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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

Jun 11, 2023

Utilizing sophisticated bearing materials, such as chromium steel, in high-precision ball bearings increases the product’s hardness, wear resistance, and fatigue life. Therefore, Ball Bearing Segment is expected to capture more than 59% share by 2030.

New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Global Automotive Bearings Market Size, Share & Industry Trends Analysis Report By Bearing Type, By Distribution Channel, By Vehicle Type, By Regional Outlook and Forecast, 2023 - 2030" - Complex bearing components can be produced lightweight and cost-effectively using additive manufacturing. Using tungsten carbide improves stress and impact resistance, requiring less lubrication to function effectively under high-temperature conditions. In addition, lightweight bearings can be designed with 3D printing, which would be challenging and time-consuming with conventional manufacturing technology.The major strategies followed by the market participants are Acquisitions as the key developmental strategy in order to keep pace with the changing demands of end users. In January, 2022, SKF took over Laser Cladding Venture to enable a circular economy approach that sustains SKF’s ambition to deliver solutions that reduce the entire CO2 footprint. Additionally, In January, 2022, NSK took over Alliance Bearing Repair and Reclaim to improve its service and support capabilities to effectively handle bearing life cycle expenses for consumers.Based on the Analysis presented in the KBV Cardinal matrix; The Timken Company, Schaeffler AG, and AB SKF are the forerunners in the Market. In November, 2022, The Timken Company acquired GGB Bearings. This acquisition supports several diverse clients, markets, locations, and applications. The GGB Bearings tribology coatings for plain bearings complement Timken’s industry-leading positions in ball and roller bearings. Companies such as JTEKT Corporation, NSK Ltd. are some of the key innovators in the Market.Market Growth FactorsGrowing Manufacturing and Sales of AutomobilesPopulation growth has also contributed to an increase in the demand for transportation. Increased disposable income due to economic growth in several countries has fueled an upsurge in automobile demand. In addition, as more people move to urban areas, the automobile market expands. The rise of the automobile industry in developing nations over the past few decades has been fueled by government regulations mandating high levels of safety and local content. Consequently, the rising demand and production of bearings are anticipated to support the expansion of the market.Introduction of Sensor-Bearing DevicesIn an effort to enhance performance, the latest trend among automotive industry suppliers is the incorporation of sensor units into bearings. In automotive wheel applications, sensor bearings are the most prevalent. Most automotive hub unit bearings include speed sensors that transmit wheel speed information to the anti-lock brake system (ABS) and traction control modules of two-wheelers and light vehicles. Moreover, sensor-bearing units digitally monitor rotational speed, axial movement, acceleration, deceleration, and cargo-carrying capacity in passenger and commercial vehicles.Market Restraining FactorsFluctuating Costs of Raw Materials and High MaintenanceThe cost of raw materials remains the manufacturers’ primary concern. The majority of a bearings manufacturer’s revenue comes from raw materials. The cost of primary materials for automotive bearings fluctuates continuously in response to market conditions. In addition, bearings require routine maintenance to prevent failure and extend their service life, increasing maintenance costs. Consequently, factors that include fluctuating raw material prices and regular maintenance costs restrain the expansion of the market over the forecast period.Bearing Type OutlookBased on bearing type, the market is segmented into ball bearings, roller bearings, and others. In 2022, the ball bearings segment held the highest revenue share in the market. This results from product innovations and extensive R&D efforts that have led to the development of various integrated and advanced sensor ball-bearing units. The companies are creating hybrid ball bearings (DGBB) with steel rings and ceramic rolling elements. The bearings provide enhanced high-speed performance as well as superior electrical insulation.Distribution Channel OutlookBy distribution channel, the market is classified into OEM and aftermarket. In 2022, the aftermarket segment covered a considerable revenue share in the market. The market’s growth is fuelled by factors such as the increasing demand for aftermarket repair and maintenance services, as the average age of vehicles continues to rise as consumers hold on to their vehicles for extended periods. The vehicles may experience issues as they age and will need periodic maintenance, including the replacement of several spare parts, like bearings.Vehicle Type OutlookOn the basis of vehicle type, the market is fragmented into passenger car, commercial vehicle, and two-wheeler. In 2022, the passenger car segment witnessed the largest revenue share in the market. Manufacturers typically employ two transmission bearing units: free-end bearing and fixed-end bearing units. Passenger cars also utilize needle bearings or needle roller transmission bearings as these vehicles are designed to transport minimal burdens compared to commercial vehicles. As these bearings can be assembled directly in the ground, the passenger car segment of the market is expanding.Regional OutlookRegion wise, the market is analyzed into North America, Europe, Asia-Pacific, and LAMEA. In 2022, the Asia-Pacific region generated the maximum revenue share in the market. The Asia-Pacific market is propelled by the rising demand for automobiles resulting from rising disposable incomes, a growing population, and accelerated urbanization in the region. Over the forecast period, the increasing demand for passenger vehicles in countries such as India, China, and others will likely boost demand for automotive bearings. In addition, the expansion of major automakers, such as Hyundai, Kia, Tata, Mitsubishi, and Toyota, among others, in multiple parts of the continent is likely to benefit the market.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.Strategies deployed in Automotive Bearings MarketJun-2023: Schaeffler established a new state-of-the-art development center in Kysuce, Slovakia for expanding its global development activities for advanced mobility solutions. The center creates products and components for electromobility as well as chassis systems for use in automatic driving.May-2023: NTN Corporation announced the development of an e-Axle bearing for electric cars (EVs) and hybrid electric vehicles (HEVs) called "Bearing with Insulating Coating" that is resistant to electrical pitting. This bearing facilitates the use of high-voltage batteries and has an insulating performance of 100V or greater. An insulating coating that is applied to the surface of the bearing’s outer diameter and width prevents current from flowing through the bearing. Over 100V insulating performance is a highlight of this product. This product can tolerate battery voltage since it is expected that the voltage delivered to motor bearings is less than 10% of the battery voltage.Nov-2022: The Timken Company acquired GGB Bearings, a technology company focused on premium engineered metal-polymer plain bearings with its expertise in surface engineering, material science, and tribology. With a product portfolio that complements the already existing, market-leading engineered bearing solutions from Timken, GGB Bearings supports several diverse clients, markets, locations, and applications. The latter company’s tribology coatings for plain bearings complement Timken’s industry-leading positions in ball and roller bearings.Oct-2022: JTKET introduced JTEKT Ultra Compact Bearing (JUCB), a ball bearing for BEV eAxle. JUCB is much smaller than conventional bearings for the same diameter. Although the bearing width has been reduced to the absolute minimum, the bearing performance, including strength and durability, is identical to that of traditional goods. It reduces the weight by 73 g (about 26%) and the axial dimension by 5 mm (about 30%) when used on the all-purpose size "6207".JUCB has made it possible to reduce the unit length of coaxial and 3-axis eAxles as a result.Sep-2022: SKF signed a Memorandum of Understanding (MoU) with ABB, a technology company, for exploring the potential for collaboration in manufacturing process automation. The companies aimed to work together to find and assess solutions to enhance manufacturing capabilities and support clients’ increased production efficiency. The first phase in SKF’s strategy to reduce CO2 emissions from its operations will be to leverage its investments in automation and clean manufacturing techniques as a testbed.Jan-2022: NSK took over Alliance Bearing Repair and Reclaim, a provider of reconditioning solutions. Through this acquisition, NSK would improve its service and support capabilities to effectively handle bearing life cycle expenses for consumers.Jan-2022: SKF took over Laser Cladding Venture, an additive manufacturing firm based in Belgium. Through this acquisition, additive manufacturing would enable a circular economy approach that sustains SKF’s ambition to deliver solutions that reduce the entire CO2 footprint. Moreover, Additive manufacturing would play a crucial role in creating tomorrow’s value offer to support consumers’ future application demands.Dec-2021: NSK introduced a line of bearings with the first bioplastic cage ever. Following the creation of the first 100% bioplastic*1 heat-resistant cage in the world, NSK Ltd. has finished creating a line of bearings using the eco-friendly cage. In the future, NSK will keep increasing the usage of bioplastics in its products to minimize carbon emissions and help develop a society that is carbon neutral. Utilizing bioplastics lowers CO2 emissions compared to traditional polymers derived from fossil fuels. Utilizing a cutting-edge development cycle, the product was created using NSK’s digital twin technology,Nov-2021: RBC Bearings took over ABB’s DODGE Mechanical Power Transmission Business. Through this acquisition, DODGE develops a foremost manufacturer with a strong brand identity for bonus performance-critical bearings, elements, and motion control products for the aerospace, industrial, and defense industry.Sep-2021: SKF unveiled a new line of spherical roller bearings in North America. These bearings are specially made for slab, billet, and bloom continuous casting operations to improve uptime, minimize production costs, and lessen environmental effects. The introduction of new caster spherical roller bearings aids in addressing those operational challenges with a robust, simple-to-install, affordable solution and is the most recent investment in our ongoing effort to foster innovation, extend bearing service life, and generate cost savings for clients in the metals industry.Aug-2021: SKF acquired Rubico Consulting, an industrial consultancy business. With this acquisition, expertise would be incorporated into SKF’s proposal around the rotating shaft, along with powering new technology zones such as bearings with fiber-optic sensors.Jul-2021: Schaeffler completed the acquisition of BEGA International, a manufacturer of special tools for dismounting and mounting rolling bearings. The acquisition represents a new development in the growth of Schaeffler’s lifecycle service offering. Bega’s intelligent maintenance tools now have access to the IIoT platform developed for Schaeffler’s OPTIME condition monitoring solution, which opens up new possibilities.Mar-2021: NSK completed the acquisition of Brüel & Kjær Vibro, an independent provider of condition monitoring solutions. This acquisition would propel the growth of NSK’s enterprise platform in the developing CMS market, and further bolster the company’s capability to react to demand industrialization, smart technology, labor savings, and environmentally sustainable solutions.Oct-2020: NSK Ltd. released new Hub Unit Bearings (HUBs) that are low friction and perfect for electric, hybrid, and new energy cars. Despite having less friction, the new bearings preserve the great durability of traditional goods. The redesigned HUBs’ decreased friction improves fuel economy (decreases energy consumption), which results in longer travel distances for EVs and other cars. HUBs, which link the wheels to the body of the car, provide the wheels with their freedom and smooth motion. When compared to standard goods, NSK’s modifications to the base oil and thickening components of the lubricating grease used in HUBs resulted in a 30% reduction in friction. The base oil’s viscosity can be decreased to lessen friction brought on by resistance from the motion of the balls inside the bearing.Scope of the StudyMarket Segments covered in the Report:By Bearing Type• Ball Bearing• Roller Bearing• OthersBy Distribution Channel• OEM• AftermarketBy Vehicle Type• Passenger car• Commercial Vehicle• Two-wheelerBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• JTEKT Corporation• AB SKF• Schaeffler AG• NSK Ltd.• NTN Corporation• The Timken Company• Nippon Thompson Co., Ltd.• RBC Bearings, Inc.• Iljin Group• Cixing Group Co., Ltd.Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: ReportlinkerReportLinker is an award-winning market research solution. 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