March 21, 2024 09:30 ET | Source: AstuteAnalytica India Pvt. Ltd. AstuteAnalytica India Pvt. Ltd.
New Delhi, March 21, 2024 (GLOBE NEWSWIRE) -- According to Astute Analytica, the global electric vehicle bearing market is projected to reach a valuation of US$ 64.73 billion by 2032, up from US$ 5.27 billion in 2023, at a CAGR of 32.14% during the forecast period 2024–2032. Passenger Wheel Bearing
The automotive industry is changing – quick. This transformation is mainly due to the rising popularity of electric vehicles (EVs). Bearings are extremely important for the smooth function of these EVs, and as a result, they’re in high demand. These bearings reduce friction, support loads, and ensure that wheels, motors, and transmission systems run effectively. However, there are some unique challenges that electric vehicles bring to the table. The higher operating speeds and temperatures require bearing manufacturers to invent creative ways of designing their products.
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With great change comes great opportunity; the electric vehicle bearing market is shooting up as fast as EV sales themselves. "Environmental concerns, government incentives, and technological advancements" are all playing a part in this growth", according to recent reports. The outlook of this market is widely considered positive with steady growth on its way with no signs of stopping any time soon. Bearing companies who can identify and meet the specific needs of EVs have a good shot at profiting from this booming industry.
Global Sales of Electric Vehicle Surpassed 14.3 million units, Showcasing the Potential of Electric Vehicle Bearing Market
The global electric vehicle (EV) market is expected to continue its growth trajectory in 2024. The forecasted growth rate for global EV sales in 2024 is between 25% and 30%. In 2023, the global sales of fully electric and plug-in hybrid vehicles (PHEVs) rose by 31%, reaching a total of 13.6 million EVs sold worldwide. Out of these, fully electric vehicles (BEVs) accounted for 9.5 million sales, while PHEVs made up the remaining sales. The leading markets for EV sales are China, Europe, and the United States. China is the largest market, accounting for around 60% of global electric car sales. More than half of the electric cars on roads worldwide are in China. Europe and the United States have also seen significant growth in EV sales, with increases of over 15% and 55% respectively in 2022.
In terms of market share, electric cars made up 14.2% of total vehicle sales worldwide in 2022. This share is projected to increase to 18% in 2023. The electrification trend is not limited to passenger vehicles. Commercial vehicles, such as electric light commercial vehicles (LCVs), are also seeing increased sales. In 2022, electric LCV sales worldwide nearly doubled from the previous year, reaching over 310,000 vehicles. This impressive growth in EV sales will directly drive increased demand for electric vehicle bearings. Bearings are integral to the function of EV drivetrains, wheels, and other rotating components. As more EVs are produced to meet global demand, the need for specialized bearings will rise proportionally, creating a significant growth opportunity in the electric vehicle bearing market.
Key Findings in the Global Electric Vehicle Bearing Market
Roller Bearing in Electric Vehicle Bearing Market Reigns Supreme in Terms of Growth Rate, Hold More than 37% Market Share
Roller bearings are the second dominant segment after ball bearing in the EV market and is also projected to keep growing at the lucrative CAGR of 32.63% for a variety of reasons. For one, they perform better than any other bearing type in the conditions required by electric vehicles. Unlike traditional internal combustion engines that usually operate at less than 15,000 RPM, EV motors revolve much faster – often reaching 20,000 RPM and with future projections of up to 25,000-30,000 RPM. Roller bearings excel when it comes to high-speeds, making sure that the motor's performance and long-term durability aren't compromised. They also outperform other bearing types in terms of heavy radial loads which is what electric motors generate.
Efficiency is a major factor in deciding which parts to include in an EV. Friction-reducing properties lead to lower energy consumption and an overall decrease in heat generation within the motor for roller bearings specifically. This efficiency mixed with their robust design allows EV powertrain systems to achieve extended operational lifespans and reliability in the electric vehicle bearing market. Noise pollution has been an ongoing concern with all vehicles which is why many countries have implemented sound ordinances surrounding them. These regulations tend to be stricter on ICE (internal combustion engine) vehicle manufacturers compared to EV makers since they’re already quieter overall. Nonetheless, quieter operation is still something all automakers strive for as it’s considered a benefit by customers who might live near busy roads or highways.
The temperature differences are massive when comparing ICE vs EV but another difference that should be taken into account are the stresses put on each system while driving. Manufacturers specifically engineer their roller bearings to thrive under these harsh circumstances so owners don’t have to worry about them failing during normal use due to this reason.
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Steel Remains the Most Heavily Used Material for Making of Electric Vehicle Bearings, Controls Over 40.8% Market Share
Steel is the most widely used material in the electric vehicle bearing market, and for good reason. First and foremost, steel bearings - particularly those composed of chrome steel (SAE 52100) - are unmatched when it comes to load-carrying capacity. Thanks to a composition featuring roughly 1% carbon and 1.5% chromium, these bearings boast hardness ratings between 60 and 64 on the Rockwell C scale. Such strength is vital for supporting an EV's weight and managing the intense forces that churn within its drivetrain. Additionally, steel bearings go through a controlled processing regimen, as well as heat-treating techniques that boost durability and resistance against fatigue failure due to rolling contact below the surface.
The cost-effectiveness of steel is another aspect that tips the scales in its favor within electric vehicle bearing market. While advanced materials such as ceramics can offer outstanding performance in EVs, their wallet-busting prices make them effectively infeasible for wide-scale production. Steel bearings get the job done while being much more affordable - making them a no-brainer for manufacturers looking to stay under budget without cutting corners on quality. Furthermore, different types of steel can be manipulated into bearings tailored specifically for various electric vehicle applications, furthering the versatility of this material choice. In fact, our analysts predict that by 2031 steel will still account for over 40% of all electric vehicle bearing sales worldwide (down ever so slightly from a touch over 40% in 2022). As more car companies focus on producing lightweight and efficient vehicles, the need for high-performance bearings of all types will only spike.
Asia pacific is Leading Global Electric Vehicle Bearing Market Thanks to Strong Sales of EVs, Control More than 54% Revenue
The electric vehicle market in the Asia-Pacific region is growing at an alarming pace. By 2032, it will grow from USD 225 billion to USD 1,188 billion. The region currently controls a massive 60.3% of the global EV market share and sales are expected to hit nearly 390 million units by 2029. China dominates the market and accounts for more than 80% of electric vehicles in the Asia-Pacific region. It’s also worth noting that it’s the largest producer and consumer of electric cars worldwide. In fact, its market size is expected to reach $400 billion by 2028. Japan and South Korea are also significant players, with Japan's EV market growing steadily and South Korea's expected to hold major opportunities in future years. India is emerging as a new contender and could become the fastest-growing country in this realm during this decade.
Meanwhile, Singapore has been expanding its own EV industry quite nicely.
The North American electric vehicle bearing market may be smaller than Asia-Pacific’s but it still holds considerable potential for growth as well. Fully electric and plug-in hybrid vehicle sales grew by a whopping 31% in 2023 alone; hitting a record sale of 1.5 million units later that year too — all within December! Global EV sales are predicted to grow between another 25% and 30% this year, on top of that success. In total, almost three-quarters of a million battery-electric vehicles were sold in America last year along with nearly two hundred thousand plug-in hybrids adding up to about one-and-a-half million vehicles sold altogether; accounting for about nine percent of all new car purchases made throughout the year.
Global Electric Vehicle Bearing Market Key Players
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