Automotive Bearing Market Report

The rising demand for automotive bearing is driven by the growth in the number of models and new types of automobiles entering the market. Furthermore, with rising disposable income, the automotive sales are likely to increase in the future.  As a result, the global rise in vehicle production has a direct impact on the growth of the automotive bearing market in the near future. Furthermore, automobile manufacturers throughout the world are concentrating on lowering vehicle weight in order to enhance fuel economy and reduce carbon dioxide (CO2) emissions. Lightweight bearings provide a substantial contribution to vehicle weight reduction. Bearing manufacturers are also adopting low tolerance and better forging processes in manufacturing to remain competitive and comply with changing regulations. Furthermore, lightweight bearings are in high demand in modern automobiles and sport utility vehicles (SUVs) for improved durability, rigidity, and weightlessness. As a result, increased emphasis on vehicle weight reduction contributes to the overall growth of the automotive bearing market.

One of the major restraints of the automotive bearing market is the cost associated with it. The raw materials account for a majority of the manufacturer’s revenue. The price of raw materials fluctuates in response to the shifting economic conditions of the market. As alloy steel and high-grade steel are largely utilised in bearings, their prices are impacted by global steel price variations. These factors make it difficult for bearing manufacturers to deliver premium products at competitive prices. Furthermore, bearings require routine maintenance to provide a longer life and to avoid failures, which increase maintenance expenses. In addition to this, the rising adoption of electric vehicles is also anticipated to restrain the automotive bearing market. Since electric vehicles require lesser number of bearings in comparison with the conventional fuel-based vehicles, the demand for automotive bearings has decreased. As a result, all these factors are anticipated to negatively affect the global market expansion for the automotive bearing market.

Major market participants are concentrating their efforts on research and development in order to create novel products that fulfil client demand. In order to enhance their position in the industry, they are also implementing different market strategies such as product launches, mergers, partnerships, and acquisitions. For instance, in August 2022, SKF created a novel hybrid deep groove ball bearing for high-speed applications. The novel bearing is intended towards applications such as rail sector traction motors and electric machinery and drives. It functions more silently and effectively than bearings with standard cages because it allows for faster rotating speeds. Furthermore, it provides increased power density, resulting in more power output from the same size electric motor. The new type of bearing can minimise energy consumption, boost dependability, and lower total cost of ownership by enhancing the efficiency of electric machines and drives.

Earlier, in March 2020, NSK Ltd. created a novel ultra-high-speed bearing that is suited for electric cars such as battery electric, hybrid, and other new energy vehicles. The new bearing allows electric motors to run at greater speeds, which improves fuel efficiency (lower power consumption per unit distance), increases maximum vehicle range, and contributes to improved user comfort. Additionally, in November 2019, SKF announced its acquisition of Form Automation Solutions (FAS), a software development start-up located in the United States. FAS's GoPlant is a mobile-based asset inspection and data collection solution for industrial applications. It was determined that this technology will be integrated into SKF's existing mobile solutions as well as Rotating Equipment Performance. The acquisition will also boost consumers' inspection abilities and work management, as well as convert the manual knowledge collecting technique into ready-to-use information for the operator.

The Asia Pacific region is anticipated to hold a significant share of the automotive bearing market. This can be attributed to the increased passenger automobile production and sales in the region. This expansion is being driven by an increasing demand for personal mobility, which is driving the increase of automobiles and warehouses in the market. Government initiatives intended to boost EV adoption are expected to support market growth throughout the forecast period. Furthermore, North America is expected to have substantial expansion in this market during the forecast period. As government rules on vehicle emissions become more stricter, the industry in North America is being driven by quick adoption of new technologies and significant investment in product innovation. Additionally, Europe region is also anticipated to experience a significant share in the automotive bearing market during the forecast period. Consumer approval and shared mobility for electric and self-driving vehicles have the potential to boost regional market development. This growth can also be attributed to the presence of prominent automotive manufacturers in countries like Germany and United Kingdom. In addition to this, the rest of the world is anticipated o experience a moderate growth in the automotive bearing market owing to the lack of automotive OEMs and bearing suppliers, minimal technical adoption, and a shortage of automobiles of various sorts. It is, however, expected to rise in the future.