The global automotive bearing market will grow from USD 31.08 billion in 2021 to USD 47.60 billion in 2028, at a CAGR of 6.28% between 2021 and 2028.
Increasing Focus on Vehicular Weight Reduction to Enhance Vehicle ffeciency
By improving fuel economy and reducing carbon emissions, OEMs worldwide are focused on reducing their gross
vehicle weight. Lightweight bearings help reduce the general importance of the car. To achieve the same, bearing
manufacturers are utilizing tight tolerance forging techniques and improved forging techniques to meet the changing standards and to stay competitive.
For instance, SKF is developing lightweight and compact bearings designed for ultra-high speed with increased rigidity,better load-carrying, and extended service life. In addition, modern automobiles and sport utility vehicles (SUVs)require lightweight bearings to improve performance, weightlessness, and stiffness. Hence, manufacturers are increasingly focusing on reducing vehicle weight will drive the automotive bearing market growth.
Driving Factors
Increase in Vehicle Production and Sales Will Set a Positive Trend for Market GrowthBearings are required for all transferring components of a car to function. Some main sub-structures used are
gearboxes, engines, wheels, transmissions, electric motors, steering, and pumps. In addition, rearview mirrors, even wipers, bonnet, and door require bearings for smooth functioning. In addition, with a growth withinside the quantity of fashions and new sorts of automobiles getting into the market, bearings are experiencing stellar demand. In addition,with the growing middle-class population, rising disposable incomes and growing urbanization and will lead to rise in sale of all typed vehicles which further helps to boost growth of the business in the coming years.
New Technological Advancement in Bearing Will Improve Market Growth
Manufacturers are going to be forced to produce advanced bearings as government regulations to decrease carbon footprints become more rigorous. It also add weight to the car, hence several manufacturers are producing lightweight bearings made of lightweight metals to reduce vehicle weight. For instance, companies are focusing towards implementation of new bearing type i.e. Ceramic. This are made to survive harsh operating conditions such as high temperature, vacuum, contamination, and corrosive environments, etc.
Further, ceramic bearings are heat resistant and have a longer life span than steel bearings. In addition, as the need for high-performance bearings grows, OEMs are developing integrated bearings.Furthermore, to improve vehicle performance, the majority of manufacturers are working on producing extremerotation bearings. Leading manufacturers, such as SKF, are investing in new technological advances and adapting or
redesigning traditional bearings. New part of automotive bearing redesigning includes polymer cage， rolling components. Customized and hybrid are addressing some of the most fundamental concerns that might compromise vehicle relability. Hence, ceramic ball bearings are now the most appealing choice in terms of electrical discharge as steel rolling parts are likewise less suitable for high-speed applications.
RESTRAINING FACTORS
Fluctuating Raw Material Prices Can Restrain Market Growth
Key restraints faced by the market include the cost associated with it. Raw material constitute up to 62% of the manufacturer's revenue. The price of raw material continuously varies as per the changing economic conditions of the market. Since alloy steel and highgrade steel are primarily used in bearings, their price gets affected by fluctuations in the worldwide steel price fluctuations. These factors create challenges for bearings manufacturers to produce high quality products at comparative price. Besides, bearings need regular maintenance for a longer life and preventing failures, leading to increased maintenance costs. As a result, global market growth is hampered by fluctuating raw material prices and ongoing maintenance expenses.