Market Trends of North America Automotive Bearing Industry
This section covers the major market trends shaping the North America Automotive Bearing Market according to our research experts:
Rolling Element Bearing hold significant market share
Based on the product type, rolling element bearing is dominating the North American automotive bearing market in terms of revenue in 2021 and is expected to grow during the forecast period.
Automotive bearing is on the rise amongst bearing manufacturers, owing to the expansion of the automobile industry. Although, there is tremendous competition in the market, resulting in taking manufacturers focusing more on improving their rolling element-bearing products.
Wheel bearings tend to wear out after performing thousands of miles. Both the perpetual revolution of the wheels and the vehicle's weight result in wearing out of wheel bearings, making the wheels unable to roll effectively.
In recent years, the automotive industry saw numerous developments of new rolling element bearings. Newer car models offer sealed units to keep the bearings away from dust, dirt, debris, and prevent contamination and reduce premature wear are in rising. However, it also limits servicing, cleaning, and greasing of bearing, which was accessible in the older model.
Rise in competition in the automotive rolling bearings segment, bearing manufacturers have focused on improving their rolling element bearing products. For instance,
- In October 2021, NSK Ltd. 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.
United States Remains the Largest Market
In terms of geography, the United States is dominating the North American automotive bearing market in terms of revenue in 2021. United States government raised norms for CAFÉ fuel standards and EPA Tier-3 norms. In the United States, the Corporate Average Fuel Economy (CAFE) implemented laws to improve fuel efficiency for automobile categories by 2025. There is an increasing growth rate for miles per gallon (MPG) regulation, which is growing at 5% every year for all segments of automobiles. Lighter bearings can help overcome this shortcoming.
Also, materials are often not recycled and are sent to landfills. Environmental Protection Agency (EPA) proposed life cycle assessment (LCA) studies to detect higher emissions over the entire life cycle of the vehicle. LCA looks at resources, energy, emissions, extraction phase, and end-of-life phase along with disposal and recycling. Due to these stringent laws by the US, automotive bearing manufacturers are adapting themselves to new forms of reusable alloys.
The United States witnessed a 4% increase in all types of vehicle sales, such a rise in vehicle sales across the country is likely to create an opportunity for the automotive bearing market. However, aluminum prices are on the rise in the United States, which may hinder the growth of the market in the country. As a result, the steel industry is focusing on developing different alloys for processing combinations, steel with high tensile strength and ductility, for bearings used in the automotive sector, indicating the growing demand for enhanced and lighter bearings.
