Automotive Bearing Market Trends

Growth Drivers

• Growing Number of Wheels Used in the Automotive Industry – is expected to escalate the automotive bearing market in the forecasted period as they have bearings at a large scale. Bearings make the axle and wheels operate smoothly while reducing friction. With the rising number of wheels on road, the demand for automotive bearings will also rise. For instance, as of 2022, there are an estimated of 8.5 billion, over 2 billion, and around 38 billion wheels of cars, bicycles, and motorcycles, and other vehicles in the world respectively.
• Rising Number of Heavy Vehicles that are Being Purchased - bearings support load-bearing capacity in vehicles. It was found that there were over 15 million trucks in the United States, in 2021.
• Growing Demand for Bearings Across the World - on average approximately 100 to 150 bearings are used in a vehicle, which is crucial for ensuring safe operation, and reducing friction, and energy expenditure.
• Increasing Production of Commercial Vehicles with Increasing Transport - which in 2021, reached 23 million units worldwide.
• Increasing Middle-Class Population and Growing Purchases of Vehicles – As per the estimations, the production of passenger vehicles in 2019 were over 65 million across the world.

Challenges

• Fluctuating Cost of Raw Materials
• High Maintenance Cost
• The maintenance cost of these bearings is very high as they are made of high-grade steel and alloy steel. These require constant monitoring and regular service to prevent failure and improve the shelf life of the product. The cost of the new bearings is also high due to the raw materials used. All these are estimated to hinder the market growth.
• Shift towards Electrification of Vehicles Requiring a Lesser Number of Bearings