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Asia Pacific Automotive Bearing Market Size (2024 - 2029)

The Asia-Pacific automotive bearing market is experiencing growth driven by the increasing demand for vehicle production and technological advancements. Despite the disruptions caused by the COVID-19 pandemic, the market is expected to recover as economic activities resume. The demand for automotive bearings is sustained by their essential role in vehicle functionality, although efforts are ongoing to reduce vehicle weight to enhance fuel efficiency. Government initiatives in countries like India are further bolstering the market's potential, attracting significant investments in the manufacturing sector.

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Market Size of Asia Pacific Automotive Bearing Industry

Asia Pacific Automotive Bearing Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.44 %
Market Concentration Medium

Major Players

Asia Pacific Automotive Bearing Market Major Players

*Disclaimer: Major Players sorted in no particular order

Asia Pacific Automotive Bearing Market Analysis

The Asia-Pacific automotive bearing market is valued at USD 41.33 billion and is expected to reach USD 60.10 billion, registering a CAGR of 6.44% during the forecast period.

  • Approximately 95 percent of all automotive-related enterprises had to put their workforces on hold because of the COVID-19 outbreak. Because production activities were halted, the shutdown had massive and unprecedented global ramifications. However, as economic activity resumed and vehicle production grew around the world, the market was projected to regain its speed.
  • Automotive bearing is an integral component of any vehicle due to its basic functionality of allowing the wheels to spin correctly. As a result, automotive bearings have always remained in demand, and with more extensive ownership of personal cars and growing technological advancements, the need for these bearings will only increase.
  • Bearings provide linear or rotational movement, while they also handle high stress acting on the external and internal frictionless metal surface, which supports the smooth movement of the vehicles. However, bearings add significant weight to the car; as a result, original equipment manufacturers (OEMs) are working continually toward reducing the overall vehicle weight, which lowers the energy required to operate the vehicle, thereby increasing fuel economy.
  • In India, government policies such as the 'Make in India' initiative to improve the manufacturing sector in the nation will also see a bright future for the automotive bearing market as well. Automotive component manufacturers are investing even more in India today through various investments or new product launches in the region.

Asia Pacific Automotive Bearing Industry Segmentation

The Asia-Pacific automotive bearing market report covers the current and upcoming trends with recent technological development. The report will provide a detailed analysis of various areas of the market by vehicle and product type. The market share of significant automotive-bearing companies across the Asia-Pacific will be provided.

The Asia-Pacific automotive bearings market has been segmented by vehicle type, product, and geography. By vehicle type, the market is segmented as passenger cars and commercial vehicles. By product type, the market is segmented as plain bearings, rolling element bearings, and ball bearings. In terms of geography, the market is segmented into China, India, Japan, South Korea, and the rest of Asia-Pacific. 

The report offers market size and forecasts for the Asia-Pacific automotive parts and components market in value (USD) for all the above segments.

Vehicle Type
Passenger Cars
Commercial Vehicles
Product Type
Plain Bearings
Rolling Element Bearings
Ball Bearings
Country
China
India
Japan
South Korea
Rest of Asia-Pacific
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Asia Pacific Automotive Bearing Market Size Summary

The Asia-Pacific automotive bearing market is poised for significant growth, driven by the increasing demand for vehicles and technological advancements in the automotive sector. As a crucial component that ensures the smooth operation of vehicles by facilitating wheel movement, automotive bearings are in constant demand. The market is expected to expand as vehicle ownership rises and as manufacturers strive to reduce vehicle weight to enhance fuel efficiency. This trend is particularly evident in India, where initiatives like 'Make in India' are bolstering the manufacturing sector, attracting investments, and fostering the growth of the automotive bearing market. The Indian forging industry, closely tied to the automotive sector, is also experiencing growth due to the outsourcing trends by global OEMs seeking cost-effective manufacturing solutions.

In China, the automotive bearing market is expected to benefit from the country's push towards electric vehicles and the use of lightweight materials like aluminum to reduce emissions and fuel consumption. The government's initiatives to phase out diesel and petrol vehicles are encouraging manufacturers to adopt aluminum die casting for automotive parts, thereby increasing the demand for bearings. Key players in the market are expanding their production capacities to meet this rising demand. The market is characterized by fragmentation, with major companies like NSK Ltd, Myonic GmbH, JTEKT Corporation, NTN Bearing Corporation, and SKF holding significant shares. These companies are investing heavily in new product developments to maintain a competitive edge in the rapidly evolving market landscape.

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Asia Pacific Automotive Bearing Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1

      2. 1.1.2 Increased Vehicle Sales to Fuel Market Growth

    2. 1.2 Market Restraints

      1. 1.2.1

    3. 1.3 Porters Five Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value USD Billion)

    1. 2.1 Vehicle Type

      1. 2.1.1 Passenger Cars

      2. 2.1.2 Commercial Vehicles

    2. 2.2 Product Type

      1. 2.2.1 Plain Bearings

      2. 2.2.2 Rolling Element Bearings

      3. 2.2.3 Ball Bearings

    3. 2.3 Country

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 South Korea

      5. 2.3.5 Rest of Asia-Pacific

      6. 2.3.6

Asia Pacific Automotive Bearing Market Size FAQs

The Asia Pacific Automotive Bearing Market is projected to register a CAGR of 6.44% during the forecast period (2024-2029)

NSK Ltd, Myonic GmbH, JTEKT Corporation, NTN Bearing Corporation and SKF are the major companies operating in the Asia Pacific Automotive Bearing Market.

Asia Pacific Automotive Bearing Market Report Snapshots

Asia Pacific Automotive Bearing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)