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North America Automotive Bearings Market Size

Report ID: GMI12237
Published Date: Nov 2024
Report Format: PDF

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North America Automotive Bearings Market Size

North America Automotive Bearings Market was valued at USD 4.2 billion in 2023 and is estimated to grow at a CAGR of over 9.9% from 2024 to 2032, due to the increasing demand for electric vehicles (EVs). As automakers shift their focus towards EV production, the need for specialized bearings capable of withstanding unique operational conditions, such as higher speeds and increased torque, continues to rise. This transition is compelling manufacturers to innovate and develop advanced bearing technologies for electric drivetrains, contributing to market expansion.

North America Automotive Bearings Market

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The ongoing trend toward lightweight materials in automotive design is another crucial growth factor for the automotive bearings industry. As manufacturers strive to enhance fuel efficiency and reduce emissions, the demand for lightweight bearings that maintain performance without compromising strength is increasing. The automotive sector is increasingly adopting advanced materials, such as composite and polymer-based bearings.

North America Automotive Bearings Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Automotive Bearings Market Size in 2023:	USD 4.2 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	9.9%
2024 – 2032 Value Projection:	USD 9.7 Billion
Historical Data for:	2021 – 2023
No. of Pages:	210
Tables, Charts & Figures:	49
Segments covered:	Product Type, Distribution Channel, Country
Growth Drivers:	Increasing demand for electric vehicles (EV) Adoption of lightweight materials Technological advancements in bearing design Growing focus on fuel efficiency and emission reduction
Pitfalls & Challenges:	Fluctuating raw material prices Intense competition and market saturation

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Authors: Avinash Singh , Sunita Singh

Frequently Asked Questions (FAQ) :

The North America automotive bearings market was reached USD 4.2 billion in 2023 and is estimated to grow at a 9.9% CAGR from 2024 to 2032, driven by the increasing demand for electric vehicles (EVs).

The ball bearings segment was valued at over USD 1.9 billion in 2023 and is projected to grow at a 10.4% CAGR through 2032, due to their versatility and high load-carrying capacity.

The aftermarket segment was crossed USD 2.6 billion in 2023 and is anticipated to grow at a 9.8% CAGR through 2032, supported by the need for maintenance and replacement parts.

The U.S. market for automotive bearings is projected to exceed USD 3 billion in 2023 and reach USD 7.1 billion by 2032, led by a robust automotive manufacturing sector and technological innovation.

Key players in the North America automotive bearings market include Brammer PLC, C&U Group Company Limited, Daido Metal Company Limited, Harbin Bearing Manufacturing Co., Ltd, HKT Automotive Bearings Ltd., JTEKT Corporation, Luoyang LYC Bearing Company Limited, Minebea Company Limited, NBI Automotive Bearings Europe, NSK Global, NTN Corporation, RBC Automotive Bearings Inc., Rexnord Corporation, Schaeffler Group, SKF, and The Timken Company.