PUBLISHER: BIS Research | PRODUCT CODE: 1522698
PUBLISHER: BIS Research | PRODUCT CODE: 1522698
Introduction of Electric Vehicle Bearings Market
Electric vehicle bearings are specialized parts made to satisfy the unique requirements of EVs, such as longer durability under varied torque circumstances, higher speeds, and larger load capacities. The smooth operation of several parts, including electric motors, gearboxes, and wheels, depends on these bearings, lowering friction. Innovations in bearing technology are required because of the switch from internal combustion engines to electric motors because electric vehicles have different operating conditions and stress profiles. Due to the global drive to reduce carbon emissions, the market for electric vehicles is growing, and this has increased demand for high-performance, dependable, and energy-efficient electric vehicle bearings. As a result, leading manufacturers in the automotive industries have made significant advancements and developed specialized solutions. The advancement of electric vehicle bearing technology is crucial in augmenting the effectiveness, endurance, and general functionality of electric vehicles, thereby establishing it as a pivotal domain for expansion and advancement in the wider automotive supply chain.
Market Introduction
KEY MARKET STATISTICS | |
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Forecast Period | 2024 - 2034 |
2024 Evaluation | $8.96 Billion |
2034 Forecast | $32.40 Billion |
CAGR | 13.71% |
In the past, the electric bearings market was mostly based on inventions from the conventional auto industry, with an emphasis on customizing pre-existing bearing solutions to satisfy the unique requirements of electric vehicles. In the past, roller and ball bearings were gradually replaced by more specialized varieties made to withstand the high rotation speed and low noise demands of electric motors. There were fewer major players, mostly concentrated around conventional auto bearing producers. As the electric vehicle sector was still in its infancy, market growth was steady but constrained. Durability and affordability were prioritized to appeal to a market that was still in the early adopter stage.
Due to the current global upsurge in electric vehicle production and usage, the market for electric vehicle bearings is expanding and changing quickly. Specialized, high-performance electric vehicle bearings designed for electric motors, which run faster and require more precision than their combustion engine counterparts, are becoming more and more of a priority for manufacturers. A multitude of companies have entered the electric vehicle bearing market, including recent arrivals who focus on cutting-edge materials and creative designs to lower friction, boost effectiveness, and lengthen bearing lifespans. Notable progress has also been made in the direction of sustainability, with companies investing in more environment-friendly materials and manufacturing techniques to support the EV industry's environmental values. Strategic alliances and technical developments are having a greater and more impact on the market dynamics, making electric vehicle bearings essential to the overall drive toward electric mobility.
Industrial Impact
The automobile industry's transition toward electrification has been greatly influenced by electric vehicle bearings, which are essential components in these vehicles. The incorporation of specialist electric vehicle bearings tackles distinct obstacles presented by electric powertrains, including elevated revolution rates and torque demands in contrast to conventional internal combustion engines. The increased efficiency, less friction, and improved longevity of these bearings are intended to fulfill the longer range and higher performance requirements of electric vehicles. Moreover, the development of electric vehicle bearing drives advances in material science and engineering, which results in the creation of components that are lighter, more compact, and resistant to heat. This not only helps the automotive sector meet its sustainability and innovation goals, but it also sparks wider changes in the supply chain as producers adjust to the growing demand for parts specifically designed for electric cars. The net effect is a more competitive market environment as manufacturers compete to provide solutions that improve the longevity and efficiency of EVs, eventually propelling technological innovations and cost reductions throughout the sector.
Market Segmentation:
Segmentation 1: by Propulsion
Battery Electric Vehicle (BEV) to Dominate the Global Electric Vehicle Bearings Market (by Propulsion)
The market for electric vehicle bearings has been dominated by the battery electric vehicle (BEV) segment, mainly because of the growing demand for zero-emission vehicles among consumers and the stricter environmental restrictions driving the adoption of BEVs in major automotive markets. BEVs require a variety of specialist bearings that can withstand high rotating speeds, increased load capacities, and the requirement for energy efficiency to improve range. Government subsidies for BEV purchases and expenditures on infrastructure for charging them also contribute to the expansion of the BEV market. The demand for EV-specific bearings is subsequently increased, leading manufacturers to broaden their product offerings to include items that are specially designed for use in electric vehicle applications. For example, some manufacturers offer bearings with cutting-edge sealing and lubrication technologies that lower friction and improve durability in electric powertrain scenarios. Consequently, the BEV segment's significant market share keeps stimulating innovation and expansion in the EV bearings industry, thereby solidifying its leadership.
Segmentation 2: by Application
Motor to Dominate the Global Electric Vehicle Bearings Market (by Application)
The electric vehicle bearings market was led by the motor segment in 2023. The market for electric vehicle (EV) bearings has been dominated by the motor segment, mainly because electric motors are essential to the efficiency of EV operation. These motors' bearings are crucial for lowering friction, guaranteeing smooth operation, and sustaining the high rotational speeds that are characteristic of electric motors. The efficiency, range, and dependability of the vehicle are directly impacted by the motor's performance, which is the primary element that transforms electrical energy into mechanical energy. Advanced, high-precision bearings are required as a result of the move toward more potent and efficient electric motors in response to consumer demand for vehicles with more performance and range. These bearings are made expressly to withstand increased loads and speeds, as well as the extremes of temperature and environmental conditions that come with running an electric motor.
Segmentation 3: by Vehicle
Segmentation 4: by Sales Channel
OEM to Dominate the Global Electric Vehicle Bearings Market (by Sales Channel)
The electric vehicle bearings market was led by the OEM segment in 2023. This is because cutting-edge bearing solutions were directly incorporated into the design and production of the vehicle. Manufacturers incorporate specialized bearings that have been tuned to meet the high-performance needs of electric vehicles, such as improved durability under electric torque circumstances, higher speeds, and larger load capacities. Maintaining system effectiveness and vehicle dependability, two critical competitive considerations in the rapidly expanding electric car market, requires this integration. Additionally, OEMs and electric vehicle bearing manufacturers can collaborate to create custom solutions for unique EV designs, which fosters creativity and advances technology. The necessity for warranty compliance and strict quality control standards, which are better controlled through OEM channels and guarantee that all components meet the precise specifications for optimum vehicle performance, support this supremacy.
Segmentation 5: by Product
Ball Bearing Segment to Witness the Highest Growth between 2023 and 2033
The ball bearing category leads the global market for electric vehicle bearings. The smooth operation of electric vehicles depends on ball bearings' high-speed capabilities to handle both radial and axial loads. Given its straightforward construction, electric cars use less energy and have less friction overall. In addition, compared to other bearing types, ball bearings may be produced more cheaply and with relative ease of manufacturing. Because of their affordability, they are a desirable choice for extensive applications in the automobile sector, where cutting costs is a top priority. Furthermore, its adaptability can be used in other electric vehicle components, such as wheel hubs and motors, reinforcing their market-leading status.
Segmentation 6: by Material
Steel Segment to Witness the Highest Growth between 2023 and 2033
Steel's superior strength, durability, and affordability are the main reasons why the steel segment leads the global market for electric vehicle bearings. Because of their superior wear resistance and great load-bearing capacity, steel bearings are a popular choice for electric vehicle applications requiring high rotational speeds and torque handling. Additionally, steel is a dependable material for EV makers due to its capacity to endure difficult operating circumstances without sacrificing performance integrity. Steel is still the preferred material because of its track record in automotive applications and its cheaper cost as compared to newer, high-performance materials, even if interest in alternative materials such as ceramics is growing. This guarantees that steel will maintain a significant market share, particularly in the mass production of electric vehicles, where cost-effectiveness is essential.
Segmentation 7: by Region
North America was the highest-growing market among all the regions, registering a significant CAGR. Europe is anticipated to gain traction in terms of electric vehicle bearings adoption owing to the growth of adoption of electric vehicles in the commercial and passenger segment in the automotive industry, along with the biggest automotive companies residing in the European region focusing on a shift toward EVs, the usage of electric vehicle bearings will drive the market forward.
In Europe, the U.K. is anticipated to show the highest growth in the electric vehicle (EV) bearings market among other countries in the region, growing at a CAGR of 16.7%. The growth of the U.K. in the electric vehicle bearings market is mainly because it benefits from extensive government support, higher EV adoption, investors investing in EVs heavily, and innovative companies and start-ups coming up with newer technologies.
Recent Developments in the Global Electric Vehicle Bearings Market
Demand - Drivers and Limitations
Market Demand Drivers: Increasing Adoption of Electric Vehicles
The growing use of electric vehicles (EVs) demands specific bearing solutions that differ greatly from those used in internal combustion engine (ICE) vehicles. Due to their high-performance electric motors, EVs require bearings that can withstand higher rotational speeds and higher efficiency requirements. For instance, NTN Corporation has created electric vehicle bearings with improved lubrication and reduced friction exclusively for EVs, resulting in higher performance and energy efficiency. This technological improvement has been encouraged by the specific needs of EV powertrains, which are more demanding in terms of heat management and load capacity.
Market Restraints: High Cost of Advanced Materials
The high cost of sophisticated materials could be a significant market restraint for the electric vehicle bearing market, influencing total cost structure and EV price. Advanced materials such as rare Earth elements, high-performance ceramics, and specific alloys are essential for producing high-efficiency bearings capable of meeting the unique needs of electric drivetrains. These materials have outstanding qualities such as high-temperature stability, corrosion resistance, and reduced friction, all of which are required for optimal EV performance. However, their high cost greatly raises the production costs of electric vehicle bearings when compared to those used in internal combustion engines (ICEs), which normally employ more common materials such as steel and standard alloys.
Market Opportunities: Expansion into Commercial and Industrial EV Segments
Expansion into the commercial and industrial electric vehicle categories represents a huge market potential for the electric vehicle bearing market for a variety of reasons. First, the growing worldwide emphasis on lowering carbon emissions has resulted in increased government support for EV adoption in these industries. For example, the European Union has set aggressive goals for lowering greenhouse gas emissions and encouraging the use of electric commercial cars. Similarly, the U.S. provides incentives and subsidies for enterprises that convert to electric fleets. This regulatory framework presents a favorable market for electric vehicle bearing makers, as demand for strong and efficient bearings customized to commercial and industrial applications is expected to increase significantly.
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of products and applications for electric vehicle bearings. Moreover, the study provides the reader with a detailed understanding of the electric vehicle bearings market by application on the basis of propulsion (battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV)), on the basis of application (gearbox/transmission, motor, e-axle, wheel, and other), on the basis of vehicle (passenger vehicle and commercial vehicle), on the basis of sales channel (OEM and aftermarket), product on the basis of product (roller bearing and ball bearing), and material (steel, ceramic, polymer, and other).
Growth/Marketing Strategy: The electric vehicle (EV) bearings market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been partnerships and contracts to strengthen their position in the electric vehicle (EV) bearings market. For instance, RMP Bearings Ltd., an established company in the bearing industry, has been growing its product line to offer value engineering to present and future clients in various vehicle segments. For the past two years, RMP Bearings addressed the need for new products and has forged partnerships with several OEMs in India and, more particularly, overseas markets. In addition to bearings, there has been diversity in other components utilized in electric vehicle (EV) motors, shaft transmission, and other systems.
Competitive Strategy: Key players in the electric vehicle bearings market analyzed and profiled in the study involve major companies offering electric vehicle bearings designed for various applications. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Methodology: The research methodology design adopted for this specific study includes a mix of data collected from primary and secondary data sources. Both primary resources (key players, market leaders, and in-house experts) and secondary research (a host of paid and unpaid databases), along with analytical tools, are employed to build the predictive and forecast models.
Data and validation have been taken into consideration from both primary sources as well as secondary sources.
Key Considerations and Assumptions in Market Engineering and Validation
Primary Research
The primary sources involve experts from various industries, including the robotics industry, cobots manufacturers, and other technology providers, among others. Respondents such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.
Secondary Research
This study involves the usage of extensive secondary research, company websites, directories, and annual reports. It also makes use of databases, such as Spacenews, Businessweek, and others, to collect effective and useful information for a market-oriented, technical, commercial, and extensive study of the global market. In addition to the data sources, the study has been undertaken with the help of other data sources and websites, such as www.nasa.gov.
Secondary research was done to obtain critical information about the industry's value chain, the market's monetary chain, revenue models, the total pool of key players, and the current and potential use cases and applications.
Key Market Players and Competition Synopsis
The companies profiled for the electric vehicle bearings market have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.
The electric vehicle bearings market comprises key players who have established themselves thoroughly and have the proper understanding of the market, accompanied by start-ups looking forward to establishing themselves in this highly competitive market. In 2023, the electric vehicle bearings market was dominated by established players, accounting for 68% of the market share, whereas start-ups managed to capture 32% of the market. With the increasing adoption of electric vehicle bearings across various industries, more players are expected to enter the global electric vehicle bearings market with each passing year.
Some of the prominent companies in this market are:
Scope and Definition