Automotive Bearing Market Size, Share & Industry Analysis By Type (Ball, Roller, and Others), By Application (Powertrain, Chassis, and Others), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle), and Regional Forecast, 2024-2032

The global automotive bearing market size was valued at USD 14.76 billion in 2023. The market is projected to grow from USD 15.22 billion in 2024 to USD 21.38 billion by 2032, exhibiting a CAGR of 4.3% during the forecast period.

Bearings are mechanical components deployed to minimize friction between moving rotating parts and to support the rotary parts to achieve the specified motion. Automotive and aerospace & defence sectors are among the notable end-users of bearings, along with various other industrial segments.

Automotive bearings improve vehicle performance by bearing heavy loads and minimizing friction. They are primarily used in gearboxes, engines, wheels, transmissions, steering, pumps, electrical motors, and other vehicle components. In addition, they are used for the smooth operation of wipers, rearview mirrors, doors, and bonnet hinges. Furthermore, automotive bearings are used in various vehicles, including passenger cars, commercial vehicles, off-highway equipment, and two-wheelers.

The COVID-19 pandemic disrupted the global automotive bearing market, leading to production shutdowns, supply chain disruptions, and decreased vehicle sales. Lockdown measures and economic uncertainties significantly affected automotive manufacturing and aftermarket demand for bearings. However, as the automotive industry recovers and production ramps up, the market is expected to rebound gradually, driven by increased vehicle production and replacement demand.

Automotive Bearing Market Trends

Increasing Focus on Vehicular Weight Reduction to Enhance Vehicle Efficiency

By improving fuel economy and reducing carbon emissions, OEMs worldwide are focused on reducing their gross vehicle weight. Lightweight automotive bearings help reduce the weight of the car. To achieve the same, bearing manufacturers are utilizing tight tolerance forging techniques and improved forging techniques to meet the changing standards and to stay competitive.

For instance, SKF is developing lightweight, compact bearings designed for ultra-high speed with increased rigidity, better load-carrying, and extended service life. In addition, modern automobiles and Sport Utility Vehicles (SUVs) require lightweight bearings to improve performance and minimize weight. Hence, manufacturers increasingly focus on reducing vehicle weight to drive the market growth.

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Automotive Bearing Market Growth Factors

Growth in Electric Vehicle Sales and Production to Boost Market Growth.

One major driving factor for the global automotive bearing market is the increasing demand for electric and hybrid vehicles (EVs). As the automotive industry undergoes a significant transformation toward electrification to reduce greenhouse gas emissions and meet stringent regulations, the demand for automotive bearings is experiencing a notable surge. According to the International Energy Agency (IEA), global electric car sales reached a record high of 3.24 million units in 2020, representing a 41% increase compared to 2019. Furthermore, the IEA forecasts that the global electric car stock will surpass 145 million by 2030, driven by government incentives, environmental regulations, and consumer preferences for cleaner transportation options.

Electric vehicles, in particular, require more bearings than traditional internal combustion engine vehicles due to their unique drivetrain configurations and components. For instance, electric motors used in EVs and hybrid vehicles require various types of bearings to support their rotating shafts and ensure smooth operation. The rising adoption of electric vehicles is also driving technological advancements in automotive bearings to meet the specific requirements of electric drivetrains. Bearings used in electric vehicle applications must withstand higher temperatures, speeds, and variable operating conditions than traditional bearings. As a result, bearing manufacturers invest in research and development to develop innovative bearing solutions tailored to electric vehicle applications.

Overall, the increasing demand for electric and hybrid vehicles is a major driving factor for the global automotive bearing market, fueling growth and innovation in bearing technology to support the electrification trend in the automotive industry.

New Technological Advancements in Bearing Will Improve Market Growth

Manufacturers will be forced to produce advanced bearings as government regulations to decrease carbon footprints become more rigorous. It also adds weight to the vehicle; hence, several manufacturers are producing automotive bearings made of lightweight metals to reduce vehicle weight.

Companies are focusing on implementing new bearing types, such as ceramic. These are made to survive harsh operating conditions such as high temperatures, vacuum, contamination, and corrosive environments. Further, ceramic bearings are heat resistant, lightweight, and have a longer lifespan than steel bearings. In addition, as the need for high-performance bearings grows, OEMs are developing integrated bearings.

Furthermore, to improve vehicle performance, the majority of manufacturers are working on producing extreme rotation bearings. Leading manufacturers, such as SKF, are investing in new technological advances and adapting or redesigning traditional bearings. A new part of automotive bearing redesigning includes polymer cage and rolling components.

RESTRAINING FACTORS

Fluctuating Raw Material Prices May Restrain Market Growth

Fluctuating raw material prices significantly restrain the global automotive bearing market, impacting manufacturing costs and profitability for bearing suppliers and manufacturers. Raw materials, such as steel, aluminum, and various alloys, are essential for bearing production, and their prices are subject to volatility due to factors, such as geopolitical tensions, trade policies, and supply-demand dynamics.

One key raw material for bearings is steel, which accounts for a significant portion of manufacturing costs. According to the World Steel Association, global steel prices experienced significant fluctuations in recent years. For example, in 2021, steel prices surged to record highs due to supply chain disruptions, increased demand from the construction and automotive sectors, and trade tensions between major steel-producing countries. However, steel prices have since moderated but remain volatile, impacting the cost structure of automotive bearing manufacturers.

Similarly, aluminum, another crucial material for bearing production, has also witnessed price fluctuations. To mitigate the impact of fluctuating raw material prices, automotive-bearing manufacturers employ various strategies, such as diversifying their supplier base, implementing hedging mechanisms, and optimizing production processes to enhance efficiency and reduce costs. Additionally, long-term supply agreements and strategic partnerships with raw material suppliers help secure stable pricing and ensure a reliable supply of materials.

While fluctuating raw material prices remain a significant challenge for the global automotive bearing market, proactive management strategies and industry collaboration can help mitigate their impact and ensure long-term sustainability for bearing manufacturers.

Automotive Bearing Market Segmentation Analysis

By Type Analysis

Ball Bearing Segment Will Dominate the Market During the Forecast Period owing to its Superior Operational Characteristics.

Based on type, the market is divided into ball, roller, and others.

Ball bearings are widely used in vehicles for various applications such as steering, gearbox, engine, wheel, suspension, clutch, transmission, and air conditioning. Various types of ball bearings, tapered roller bearings, thrust ball bearings, and deep groove ball bearings are used in vehicles.

Miniature ball bearings offer low vibration, frictional torque performance, and noise. Ball bearings are manufactured from steel and are durable, robust, and less corrosion-prone. These ball bearings improve vehicle performance and boost efficiency by reducing brake demand when the vehicle is in motion. They help the vehicle to adjust when travelling through rough terrain. These bearings dampen shocks and minimize vibrations from sudden braking activity.

Ball bearings are engineered to handle heavy loads and support rotating components robustly. These bearings are built to withstand high speeds, extreme temperatures, and various operating conditions. Ball bearings facilitate precise movement and alignment of automotive components. In addition, these bearings are compact and lightweight compared to alternative bearing designs. They are relatively low-maintenance components, offering ease of serviceability in automotive applications.

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By Application Analysis

Technological Advancements Associated with Vehicle Powertrain to Augment Market Growth

Based on application, the market is categorized into powertrain, chassis, and others.

Vehicle bearings play a vital role in the powertrain, which consists of components responsible for power transmission from the engine to the wheel. Engine bearings, also known as crankshaft bearings, support the crankshaft and enable smooth rotation. These bearings are subjected to high loads and continuous rotation, requiring them to be durable and capable of reducing friction.

Transmission bearings facilitate the movement and support of rotating shafts and gears. These bearings help reduce friction and ensure precise alignment, contributing to smooth gear shifting and overall transmission performance. Bearings are used in differential to support the ring gear, pinion gear, and other rotating components. These bearings provide smooth rotation and help distribute the torque evenly.

Driveshaft bearings support the vehicle's rotation, reduce friction while maintaining proper alignment, and contribute to the efficient transfer of torque to the wheels. High investment in research & development activities by vehicle manufacturers to improve powertrain efficiency will catapult the bearing demand in the future.

By Vehicle Type Analysis

Passenger Vehicle Segment to Gain Traction Owing to High Production and Sales

Based on vehicle type, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles.

Developing countries are experiencing rapid industrialization and urbanization, leading to a surge in car ownership. These countries have large populations and rising middle-class segments, which creates a substantial market for passenger vehicles. Advances in automotive technology, including electric vehicles and autonomous driving features, have generated excitement and increased interest in owning new cars. This demand for vehicles can contribute to a rise in production.

Many governments have implemented policies and incentives to promote car manufacturing and sales. Favorable financing conditions, such as low-interest rates, can make vehicle ownership more affordable and attractive. This can stimulate demand and increase production, leading to future market growth.

REGIONAL INSIGHTS

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The Asia Pacific market held the maximum share in 2023, leading the highest automotive bearing market share and is expected to grow at a rapid pace during the forecast period. The market is expected to be dominated by Asia Pacific due to increasing production & sales of passenger cars in the region. This growth is due to a growing preference for personal mobility to drive the growth of automobiles and warehouses in the post-COVID-19 period. Government initiatives to boost the adoption of EVs are expected to drive market growth over the forecast period.

Europe is the second-largest market due to consumer approval and shared mobility for self-driving and electric cars to drive market expansion in the region.

During the forecast period, the North American market is anticipated to witness significant growth. As government regulations on vehicle emissions become more stringent, rapid adoption of new technologies and heavy spending on product innovation are driving the market in North America.

The rest of the world contributes significantly less to the industry than other regions. This is attributed to a lack of automotive OEMs and bearing suppliers, limited technological adoption, and a lack of various types of vehicles. However, it is projected to increase in the future.

List of Key Companies in Automotive Bearing Market

Diverse Product Offerings Have Propelled SKF, Schaeffler AG, and NSK to Gain Competitive Advantage

A few key players dominate the global market due to their diverse product portfolio, higher production capacities, and competitive pricing models.

Manufacturers are focused on bringing technological innovations in the automotive bearing manufacturing process to improve productivity and lower costs. For instance, SKF developed a hybrid Deep Groove Ball Bearing (DGBB) that uses ceramic rolling elements and steel rings. Products of this type offer improved high-speed performance and best-in-class electrical insulation characteristics, making them the premium choice for high-performance EV powertrains.

LIST OF KEY COMPANIES PROFILED:

• JTEKT Corporation (Japan)


• SKF (Sweden)


• Schaeffler AG (Germany)


• NSK Ltd (Japan)


• NTN Corporation (Japan)


• TIMKEN (U.S.)


• Nippon Thompson (Japan)


• RBC Incorporation (U.S.)


• Iljin Co., Ltd. (South Korea)


• CW Bearing (Germany)

KEY INDUSTRY DEVELOPMENTS:

• February 2024 - igus unveiled a new generation of fixed flange bearings with advanced predictive maintenance technology. These innovative bearings, crafted from lubrication-free high-performance plastic, now come embedded with miniature wireless sensors, marking a significant leap in industrial maintenance practices. With this development, technicians can now proactively monitor the condition of bearings, thus averting potential system failures and minimizing production downtime.


• January 2024 - SKF India introduced a unique Auto CO2 calculator tool that will enable its customers - OEMs - to understand better and address carbon emissions. The company says that the Auto CO2 calculator is designed to revolutionize the bearing selection process and give its customers a distinctive and competitive edge. The tool claims to offer valuable insights into the bearing-selection process, aligning seamlessly with SKF's commitment to carbon neutrality and sustainability objectives


• December 2023 - NSK, a major manufacturer of bearings and linear motion solutions, expanded its R&D center and headquarters in China. The expanded facility in the Huaqiao Economic Development Zone will have a total floor space of around 21,000m2. This investment aims to strengthen NSK’s operations in China.


• March 2023 – NSK Ltd. developed the world’s first highly accurate bearing life prediction method, which uses ultrasonic testing.


• January 2023 – SKF introduced a new app for Ansys mechanical design engineers to provide access to accurate stiffness data on more than 10,000 bearing designations.

REPORT COVERAGE

The research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth in recent years.

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Report Scope & Segmentation