Market Size of Europe Automotive Bearing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Automotive Bearing Market Analysis
The Europe Automotive Bearing market was valued at a USD 7.77 Billion in 2021 and is expected to grow at a value of USD 9.55 Billion by 2027, registering a CAGR of 3.5% in terms of revenue during the forecast period.
COVID-19 had a negative impact on the automotive bearing market. Europe witnessed the major impact of pandemics on the supply chain and manufacturing sector. In addition, due to lockdowns and halted production, the demand for automotive bearings plummeted. However, with life returning to normalcy, the supply chain across the country gaining pace that will likely help the automotive bearing market grow during the forecast period.
Over the long term, the rise in vehicle sales across the region is likely to witness major growth for the market. As the automotive bearing is an integral component of any vehicle due to its basic functionality of allowing the wheels to spin correctly. As a result, automotive bearings have always remained in demand, and with more extensive ownership of personal cars and growing technological advancements, the need for these bearings will only increase.
To improve vehicle performance several manufacturers are introducing light weight bearings which are made of metals like ceramics. Light weight bearings help to increase the fuel efficiency of the vehicle which is likely to witness major growth for the market. Germany is the leader as a producer and an exporter of bearing part; as a result, it is a dominant market in bearing production in Europe. Many high-end bearing components are manufactured across Europe with manufacturing plants in countries France, Italy, Romania, Slovakia and Poland showing a positive growth.
