PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532829
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532829
Engine Bearings Market size was valued at USD 3,223.45 Million in 2023, expanding at a CAGR of 3.57% from 2024 to 2032.
The Engine Bearings Market encompasses components that reduce friction and wear in engine systems, ensuring optimal performance and longevity. Increasing vehicle production, projected to reach 100 million units globally in 2023 according to the International Organization of Motor Vehicle Manufacturers, is a significant driver of market growth. Additionally, the rise in demand for fuel-efficient and high-performance engines, coupled with stringent emissions regulations, is pushing manufacturers to innovate and improve bearing designs. However, challenges such as fluctuating raw material prices and the increasing shift toward electric vehicles may restrain market expansion. Nonetheless, advancements in bearing materials and coatings present substantial development opportunities, particularly as the automotive industry evolves. As manufacturers seek to enhance engine efficiency and reliability, the Engine Bearings Market is poised for notable growth in the coming years.
Engine Bearings Market- Market Dynamics
Increasing Vehicle Production Fuels Growth in the Engine Bearings Market
The increasing vehicle production is a major catalyst for growth in the Engine Bearings Market. According to the International Organization of Motor Vehicle Manufacturers, global vehicle production is expected to reach 100 million units in 2023, driven by rising consumer demand and economic recovery. This surge in production necessitates high-quality engine components, particularly bearings, which play a critical role in enhancing engine efficiency and performance. Automakers are also focusing on fuel efficiency and reduced emissions, prompting innovations in bearing technologies to meet stringent regulatory standards. Additionally, as electric vehicles gain traction, the need for advanced bearings tailored to new powertrains further expands market opportunities. With major automotive markets, such as Asia-Pacific and North America, leading the charge, the Engine Bearings Market is set to benefit significantly from the ongoing trends in vehicle manufacturing and technological advancements.
Engine Bearings Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 3.57% over the forecast period (2024-2032)
Based on product type segmentation, Main Bearings was predicted to show maximum market share in the year 2023
Based on Material segmentation, Aluminum Alloys was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Engine Bearings Market is segmented based on Product Type, Material, Application, and Region.
The market is divided into four categories based on product type: Main Bearings, Connecting Rod Bearings, Flange Bearings, and Thrust Washers. Main Bearings lead the segment due to their essential role in supporting the crankshaft within the engine block. Connecting Rod Bearings follow closely, crucial for smooth rotation between the crankshaft and connecting rods. Flange Bearings and Thrust Washers also play significant roles, contributing to overall engine reliability and performance.
The market is divided into four categories based on Material: Aluminum Alloys, Copper Alloys, Bimetals, and Tri-metal Bearings. Aluminum Alloys dominate due to their lightweight properties and excellent thermal conductivity. Copper Alloys are also significant, offering high strength and wear resistance. Bimetals and Tri-metal Bearings provide enhanced durability and performance, catering to specific engine requirements across various applications.
Engine Bearings Market- Geographical Insights
North America leads the market due to its established automotive industry and focus on high-performance vehicles. The United States is a major player, driven by significant investments in automotive manufacturing and technological innovation. Following North America, Europe holds a substantial market share, with countries like Germany and France emphasizing advanced engineering and stringent emissions regulations, thereby increasing the demand for efficient engine components. The Asia-Pacific region is experiencing rapid growth, fueled by rising vehicle production in countries such as China and India, which are key players in the global automotive market. Additionally, the growing middle-class population and increasing disposable incomes in these countries contribute to higher vehicle demand. As the automotive sector evolves, emerging markets in Latin America and the Middle East are also beginning to adopt advanced bearing technologies, further enhancing the global landscape of the Engine Bearings Market.
Key manufacturers such as SKF, Federal-Mogul, and NTN Corporation dominate the market, leveraging their extensive research and development capabilities to innovate high-performance bearing solutions. These companies focus on enhancing product durability and efficiency to meet the growing demands of the automotive industry. Additionally, collaborations and partnerships are common, enabling firms to combine expertise and resources for developing advanced materials and designs. For instance, in March 2023, Roush Yates Engines and Daido Metal USA formed a multi-year technical partnership, with Daido becoming the exclusive bearing partner for Roush Yates Engines. This partnership aims to maximize horsepower and durability in Roush Yates' championship-winning engines. Emerging players are also entering the market, particularly in the Asia-Pacific region, capitalizing on the rapid growth of vehicle production. As sustainability becomes a priority, many companies are investing in eco-friendly bearing solutions, further intensifying competition.
In March 2023, NSK developed an ultrasonic testing method to accurately predict steel rolling bearing life based on non-metallic inclusion data. This enables revising up basic dynamic load ratings, and reducing maintenance frequency and machine size while contributing to carbon neutrality.
In September 2023, Schaeffler introduced new YRTS-series rotary table bearings up to 650 mm in size. These double-direction axial bearings with radial guidance are highly rigid, have high load capacity, and operate at very high speeds with low, uniform friction.
In February 2024, NTN supplied bearings for the H3 rocket's turbo pumps, enabling ultra-high-speed rotation at cryogenic temperatures. The bearings use NTN's proprietary solid lubricant and ceramic balls to achieve a record-breaking dmn value of 2.88 million.
GLOBAL ENGINE BEARINGS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
AB SKF
Clevite (Tenneco Inc.)
Daido Metal Co., Ltd.
Federal-Mogul LLC (Tenneco Inc.)
GGB Bearing Technology (EnPro Industries)
Iljin Bearing Co., Ltd.
JTEKT Corporation
King Engine Bearings
Koyo Bearings North America LLC (JTEKT)
MAHLE GmbH
NSK Ltd.
NTN Corporation
RBC Bearings Incorporated
Schaeffler AG
Timken Company
Wafangdian Bearing Group Corp.
Others