Market Size of North America Automotive Bearing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Automotive Bearing Market Analysis
The North America Automotive Bearing market is valued at USD 6.44 Billion in 2021 and is expected to reach USD 8.25 Billion by 2027 and is anticipated to register a CAGR of about 4.2% during the forecast period.
COVID-19 hurt the automotive bearing market. North America witnessed the major impact of pandemics on the supply chain and manufacturing sector. In addition, due to lockdowns and halted production, the supply chain was hit hard. Several companies with huge financial resources are still trying to overcome their challenges. The declined demand for vehicles hampered the automotive bearing market. However, in 2021 the market recovered and is expected to grow significantly during the forecast period. Primary due to growth in electric vehicle demand. This is likely to drive the market in focus during the forecast period.
Over the long term, the rise in vehicle production across the region is likely to witness major growth for the market. The rise in the sale of Hatchback and SUVs across the United States is anticipated to increase the demand for bearings across the country. In Hatchback, an average of about 60 bearings are fitted, while the number goes up in the case of sedans and SUVs. Additionally, bearings add significant weight to the vehicle and as a result, OEMs are working continually toward building lighter units.
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.
Due to an enactment of the stringent Environment Protection Agency (EPA) regulations and Corporate Average Fuel Economy (CAFÉ) standards, the demand for lightweight vehicles is high across the region. The North American automotive industry is adopting materials like carbon fiber, plastic, FRP composites, and ASS to lessen vehicle weight.
