Automotive Bearings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Bearings Market Analysis
The global automotive bearings market is expected to register a CAGR of over 4% during the forecast period, 2020 - 2025.
In a traditional hatchback, an average of about 60 bearings are fitted, while the number goes up in the case of sedans and SUVs. Additionally, bearings add significant weight to the vehicle and as a result, OEMs are working continually toward building lighter units.
Some of the major factors driving the growth of the market are the enactment of the stringent Environment Protection Agency (EPA) regulations and Corporate Average Fuel Economy (CAFÉ) standards, a focus on lightweight vehicles, the increase in the commercial vehicle demand and sales in the European region, and the rise in automobile production and sales, especially in Asia-Pacific. However, the rise in aluminum prices, especially in the United States, may hinder the growth of the market in the country.
Regionally, in 2019, Asia-Pacific dominated the market studied and accounted for over 47% of the total market. The prime reason for this was the rise in production and sales of automobiles in the region, especially in India, Japan, and Southeast Asian countries.
Automotive Bearings Market Trends
This section covers the major market trends shaping the Automotive Bearings Market according to our research experts:
Rolling Element Bearings Dominated the Market and are Expected to Grow at a Fast Pace
The global automotive rolling element bearings segment is expected to project a CAGR of 5.39%, during the forecast period.
Tapered roller, needle roller, spherical roller, and cylindrical/straight roller are the major types of automotive rolling element bearings. These bearings have been widely deployed in vehicle systems, predominantly in the engine, transmission, and wheels (excluding needle rollers for wheel bearings).
During 2017-2018, major bearing manufacturers, like SKF, NSK, Schaeffler, and JTEKT, announced their investment plans regarding expansion of their rolling element bearings production facilities, to meet the growing demand in the automotive industry. The above-mentioned manufacturers have expanded their rolling element bearing production facilities, majorly in the Asia-Pacific region, and especially in countries, like Japan, India, South Korea, Vietnam, Malaysia, and China. Tapered and needle roller bearings are identified as the major production plans of the aforementioned players.
Owing to the growing competition in the automotive rolling bearings segment, bearing manufacturers have focused on improving their rolling element bearing products. Thus, in 2018, the automotive industry has seen numerous developments of new rolling element bearings. For instance, in April 2018, Schaeffler developed a new transmission bearing with low friction, known as an angular roller unit (ARU). In March 2018, NSK developed a 2.5-generation high-performance taper-roller hub unit bearing with a hub shaft for vehicles, like pickup trucks, large SUVs, and commercial vehicles.
Asia-Pacific Dominated the Global Market
In the automotive bearings market, Asia-Pacific dominated the market and is expected to witness the highest growth rate during the forecast period.
In the Asia-Pacific region, China dominated the market, followed by Japan and India. The Chinese economy is growing, and the disposable income of middle-class consumers is also increasing. This, in turn, reflects positively on the growing demand for vehicles. Over the past five years, owing to the low production costs in the country, the demand for vehicle production has gone up drastically. Additionally, in 2017, 24,961,948 units of passenger vehicles were sold in China, compared to 24,376,902 units in 2016. The increased sales of the vehicles in the country are expected to give rise to the brake system market, creating demand for production.
However, in 2018, the country witnessed a decline in vehicle sales by 3%, owing to trade tensions and shaky consumer confidence, which hindered the growth of the market. Furthermore, industry experts predict a further decline in vehicle sales in 2019. To overcome the same, the government has unveiled numerous measures to increase sales of cars, which is expected to drive the growth of the market.
In India, in 2018, vehicle sales declined, owing to an uneven monsoon, poor festive demand, and high fuel and insurance costs. However, owing to the government’s Make in India initiative, automotive component manufacturers are investing in the country, by either investing or launching a new product, or through mergers and acquisitions. For instance, ABC Bearing Limited is merging with Timken India Limited. This merger will help both the companies to achieve a larger product portfolio, access new domestic and export markets, and increase market share and economies of scale.
Automotive Bearings Industry Overview
The global automotive bearings market constitutes major companies, such as JTEKT, NTN, NSK, and Schaeffler AG. The others category comprises domestic companies in emerging markets, like ARB Bearings.
The market is highly competitive, owing to the numerous joint ventures and production expansion activities in Asian countries.
Automotive Bearings Market Leaders
JTEKT Corp.
NSK Ltd
SKF
Schaeffler AG
NTN Bearing Corporation
*Disclaimer: Major Players sorted in no particular order
Automotive Bearings Market News
In October 2021, JTEKT Corporation (JTEKT) announced that it would merge three subsidiaries that manufacture and sells bearings Utsunomiya Kiki Co., Ltd. will be the surviving company, and Nippon Needle Roller Manufacturing Co., Ltd. (Nippon Roller) and Tokio Seiko will be merged, and the company name will be changed to "JTEKT FINETECH Co., Ltd.
In October 2021, NSK Ltd. (NSK) announced that it has developed the world's first 100% bioplastic heat-resistant cage for rolling bearings. This product addresses the low heat resistance of previous bioplastics, with the new cage able to withstand high operating temperatures of 120. By using NSK's expertise in material technologies, the company selected and validated DSM N.V.'s EcoPaXX bioplastic as a rolling bearing cage material.
Automotive Bearings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Plain Bearings
5.1.2 Rolling Element Bearings
5.1.3 Ball Bearings
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 Brazil
5.3.4.2 South Africa
5.3.4.3 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Federal-Mogul Holdings LLC
6.2.2 SKF
6.2.3 NSK Ltd
6.2.4 JTEKT Corp.
6.2.5 Minebea Co. Ltd
6.2.6 Nachi Fujikoski
6.2.7 NTN Corp
6.2.8 Rheinmetall Automotive
6.2.9 Schaeffler AG
6.2.10 SNL Bearings Ltd
6.2.11 Timken Co.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Automotive Bearings Industry Segmentation
Bearings are mechanical devices that are employed to reduce friction between rotating equipment. The automotive bearings market has been segmented by product and vehicle type.
| Product Type | |
| Plain Bearings | |
| Rolling Element Bearings | |
| Ball Bearings |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Geography | |||||||
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Automotive Bearings Market Research FAQs
What is the current Automotive Bearings Market size?
The Automotive Bearings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Automotive Bearings Market?
JTEKT Corp., NSK Ltd, SKF, Schaeffler AG and NTN Bearing Corporation are the major companies operating in the Automotive Bearings Market.
Which is the fastest growing region in Automotive Bearings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Bearings Market?
In 2024, the Asia Pacific accounts for the largest market share in Automotive Bearings Market.
What years does this Automotive Bearings Market cover?
The report covers the Automotive Bearings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Bearings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Bearings Industry Report
Statistics for the 2024 Automotive Bearings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Bearings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
