The North America Automotive Bearings Market would witness market growth of 6.2% CAGR during the forecast period (2023-2030).
Lightweight bearings contribute substantially to reducing the overall vehicle weight. In order to remain competitive and comply with evolving standards, manufacturers of bearings are emphasizing the use of low tolerance and improved forging techniques in their production processes. In addition, SKF, a manufacturer of bearings and seals, is creating compact and lightweight bearings designed to operate at extremely high velocities, with enhanced rigidity, superior load-carrying capacity, and extended operating life.
Moreover, modern automobiles and sport utility vehicles (SUVs) are highly demanded for lightweight bearings due to their superior durability, rigidity, and weightlessness. As a result, the increasing focus on vehicle weight reduction contributes to the expansion of the automotive bearing market. Bearings are required for all automobile movable elements to function. Bearings improve vehicle performance, support large loads, and reduce friction.
Bearings are utilized in engines, gearboxes, wheels, transmissions, steering, electrical motors, and pumps, to name a few main subsystems. Additionally, even windshield wipers, rearview reflectors, and door and hood hinges require bearings for seamless operation. In addition, as the number of vehicle models and variants on the market increases, the demand for bearings is anticipated to increase considerably. In addition, with an expanding middle class and rising disposable income, automobile sales are anticipated to grow in the coming years.
North America has witnessed an increase in demand for commercial automobiles. This is due to the increasing demand for long-distance operations from fleet management. In addition, local governments are enacting a variety of carbon emissions-related laws. In order to reduce carbon emissions, regional manufacturers are incorporating the same technology into buses and commercial vehicles. For instance, long-distance transport vehicles have endured intensive duty cycle or fuel efficiency enhancement. As the region's automobile demand increases, so does the demand for driving safety equipment. This has increased the demand for automotive bearings, causing the market to expand.
The US market dominated the North America Automotive Bearings Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.8 billion by 2030. The Canada market is estimated to witness a CAGR of 8.6% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 7.6% during (2023 - 2030).
Based on Bearing Type, the market is segmented into Ball Bearing, Roller Bearing, and Others. Based on Distribution Channel, the market is segmented into OEM, and Aftermarket. Based on Vehicle Type, the market is segmented into Passenger car, Commercial Vehicle, and Two-wheeler. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Automotive Bearings Market is Projected to reach USD 52.7 Billion by 2030, at a CAGR of 6.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include JTEKT Corporation, AB SKF, Schaeffler AG, NSK Ltd., NTN Corporation, The Timken Company, Nippon Thompson Co., Ltd., RBC Bearings, Inc., Iljin Group, and Cixing Group Co., Ltd.
By Bearing Type
By Distribution Channel
By Vehicle Type
By Country
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