Market Size of North America Automotive Bearing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Automotive Bearing Market Analysis
The North America Automotive Bearing market is valued at USD 6.44 Billion in 2021 and is expected to reach USD 8.25 Billion by 2027 and is anticipated to register a CAGR of about 4.2% during the forecast period.
COVID-19 hurt the automotive bearing market. North America witnessed the major impact of pandemics on the supply chain and manufacturing sector. In addition, due to lockdowns and halted production, the supply chain was hit hard. Several companies with huge financial resources are still trying to overcome their challenges. The declined demand for vehicles hampered the automotive bearing market. However, in 2021 the market recovered and is expected to grow significantly during the forecast period. Primary due to growth in electric vehicle demand. This is likely to drive the market in focus during the forecast period.
Over the long term, the rise in vehicle production across the region is likely to witness major growth for the market. The rise in the sale of Hatchback and SUVs across the United States is anticipated to increase the demand for bearings across the country. In 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.
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.
Due to an enactment of the stringent Environment Protection Agency (EPA) regulations and Corporate Average Fuel Economy (CAFÉ) standards, the demand for lightweight vehicles is high across the region. The North American automotive industry is adopting materials like carbon fiber, plastic, FRP composites, and ASS to lessen vehicle weight.
North America Automotive Bearing Industry Segmentation
Bearings are mechanical devices that help to reduce friction between rotating equipment. The North America Automotive Bearing market report covers the latest technology trends, government regulations on automotive bearings in vehicles, and the market share of major automotive bearing manufacturers across North America.
The North America Automotive bearing market is segmented by product type, vehicle type, and geography. Based on the Product Type, the market is segmented into Plain Bearings, Rolling Element Bearings, and Ball Bearings. Based on the Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. By country, the market is segmented into, the United States, Canada, and the Rest of North America. For each segment, the market sizing and forecast have been done on the basis of value (USD Billion).
| Product Type | |
| Plain Bearings | |
| Rolling Element Bearings | |
| Ball Bearings |
| Vehicle Type | |
| Passenger Vehicles | |
| Commercial Cars |
| Country | |
| United States | |
| Canada | |
| Rest Of North America |
North America Automotive Bearing Market Size Summary
The North American automotive bearing market is poised for significant growth, driven by the increasing demand for electric vehicles and the rise in vehicle production across the region. The market, which faced challenges due to the COVID-19 pandemic, is recovering and expected to expand as vehicle sales, particularly hatchbacks and SUVs, increase. The demand for automotive bearings is further bolstered by the need for lightweight vehicles, in response to stringent Environmental Protection Agency (EPA) regulations and Corporate Average Fuel Economy (CAFÉ) standards. The adoption of advanced materials like carbon fiber and FRP composites is helping manufacturers meet these regulatory demands while enhancing vehicle performance. Rolling element bearings are currently dominating the market, with ongoing innovations aimed at improving their efficiency and durability.
The United States leads the North American automotive bearing market, benefiting from regulatory incentives that promote fuel efficiency and reduce emissions. The market is characterized by intense competition, prompting manufacturers to focus on developing advanced bearing technologies. Key players such as NTN Bearings, SKF, and JTEKT Corporation are actively engaging in strategic partnerships and product innovations to maintain their competitive edge. Recent developments include the introduction of bioplastic heat-resistant cages and hybrid deep groove ball bearings, which cater to high-speed applications and electric mobility. Despite challenges like rising aluminum prices, the market continues to evolve, with a focus on creating enhanced, lighter bearings to meet the growing demands of the automotive industry.
North America Automotive Bearing Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Billion)
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2.1 Product Type
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2.1.1 Plain Bearings
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2.1.2 Rolling Element Bearings
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2.1.3 Ball Bearings
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2.2 Vehicle Type
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2.2.1 Passenger Vehicles
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2.2.2 Commercial Cars
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2.3 Country
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Rest Of North America
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North America Automotive Bearing Market Size FAQs
What is the current North America Automotive Bearing Market size?
The North America Automotive Bearing Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in North America Automotive Bearing Market?
NSK Bearings, Jtekt Corporation, NTN Bearings , SKF and Myonic GmbH are the major companies operating in the North America Automotive Bearing Market.
