Automotive Bearing Market Growth Opportunities, Market Share & Trends

Posted by Rahul Gautam on May 24th, 2021

With the burgeoning number of automobiles on the roads, an increasing amount of greenhouse gases (GHGs) is being released into the atmosphere, which is a primary cause of air pollution, climate change, global warming, and ozone depletion. Moreover, air pollution also results in severe respiratory diseases, such as asthma, lung cancer, and chronic obstructive pulmonary disease (COPD). As a result, governments across the globe have begun implementing stringent regulations to control these emissions, which is bringing about a major technological transformation in the automotive industry.

As per P&S Intelligence, this factor will help the automotive bearing market at a 6.9% CAGR between 2018 and 2025. Bearings are a mechanical element used wherever there are moving parts. As such motion creates friction, it increases the consumption of energy; therefore, bearings are used to reduce the friction and keep the machine energy-efficient. In automobiles, bearings find usage in the engine, wheel ends, steering columns, axles, transmissions, compressors, propulsion shafts, chassis, blowers, and mechanical fans.

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These bearings are mainly of three types: plain, ball, and roller. Among these, ball bearings are preferred as they are widely used in two-wheelers and passenger cars, two of the most-widely sold types of automobiles. In the coming years though, the usage of roller bearings is expected to rise rapidly as a result of the advancements in these components that allow for a greater reduction in friction and the amount of heat being generated. As a result, roller bearings are widely used in off-road and commercial vehicles, both of which are witnessing increasing sales.

Since the demand for these components is directly tied to the production and sales of vehicles, Asia-Pacific (APAC) has been the most-productive automotive bearing market till now. Led by China, South Korea, India, and Japan, APAC accounts for the highest automotive production in the world. The rising disposable income of the middle-class population is driving vehicle sales in these countries, which, in turn, is contributing to the problem of air pollution. Therefore, the use of advanced and lighter bearings is increasing to comply with the strict emission control regulations being implemented in regional countries.

Hence, with the rising automotive production and sales and the need to curb GHG emissions, the usage of automotive bearings will continue to increase.