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North America Automotive Bearings Market Trends

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

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North America Automotive Bearings Market Trends

The North American automotive bearings industry is experiencing several significant trends. Automation and the integration of smart technologies in bearing design are becoming increasingly prevalent. According to the Automotive Aftermarket Suppliers Association (AASA), the market for advanced automotive technologies, including smart bearings, is projected to grow at a CAGR of 6.4% from 2021 to 2026. Manufacturers are focusing on developing high-performance bearings to enhance durability and reduce friction, addressing the growing demand for electric vehicles and fuel-efficient cars. The Electric Drive Transportation Association reports that electric vehicle sales in North America increased by 83% in 2021, driving the need for specialized bearings.

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.