Bearings Market Size

Bearings Market Size

Bearings Market was valued at USD 54.45 billion in 2023 and is anticipated to register a CAGR of 8.9% during 2024 to 2032, due to the growing sales and production of automobiles. Bearings in the automobile industry are used in components such as engines, wheels and steering systems, etc.

Additionally, the rise of EVs vehicle is boosting the growth of the market, since electric vehicles require specialized bearings to provide high-speed power, advanced braking system and high-performance engines. These bearings are used due to their ability to enhance the efficiency of the EVs. The growing adoption of e-vehicles across emerging economies is boosting the market growth.
 

According to the International Energy Agency. In 2022, electric vehicles accounted for 10% of global vehicle sales. The Electric Vehicle Association is actively engaged in initiatives aimed at accelerating the adoption of electric vehicles throughout the North American region.
 

A significant challenge is the fluctuating prices of raw materials such as steel, alloy steel, ceramics specialty materials like bronze and babbitt. The fluctuations in prices of these materials directly impacts the production costs of bearings. This presents a challenge for manufacturers to generate a profit and maintain stable pricing factors for consumers and industries. Meeting the needs of various industries through product innovation is also a growth barrier for industry players.