Global Electric Vehicle Bearings Market Analysis Report, 2022-2031: Market to Grow By $38 Billion

DUBLIN, Dec. 21, 2022 /PRNewswire/ – The “Electric Vehicle Bearings Market – A Global and Regional Analysis: Focus on Propulsion, Application, Vehicle, Sales Channel, Product, Material, and Region – Analysis and Forecast, 2022-2031” A report has been added  ResearchAndMarkets.com’s offering.

The global market for electric vehicle bearings will reach approximately $41,127.0 Million 2031 $2,261.5 Million In 2021, the CAGR will be 34.1% for the forecast period 2022-2031

The rising demand for electric vehicles as well as high-speed electronic vehicle bearings is driving the growth of the global electric car bearings market. The electric vehicle bearings market is growing because of the increased focus on vehicle weight.

Due to the rapid growth of electric vehicle markets, bearings are being tested for various performance parameters. This includes a wider operating temperature and a greater speed range.

Market Lifecycle Stage

The main purpose of bearings in electric vehicles is to support axial and circular loads, and reduce friction. The rising desire to reduce vehicle weight is the main reason for the rise in global electric vehicle bearings markets.

Market growth is expected to be driven by increased investments in research and development by various manufacturers of electric car bearings. In order to increase their innovative capabilities, the electric vehicle bearings market players have been focusing on product launches.

The market for electric vehicle bearings is expected to expand due to favorable government policies that support the adoption of electric cars around the world, technological advancements in bearing material, lubrication technologies and increased competition. There are still challenges to overcome, such as optimizing bearing size without compromising motor performance and cage design challenges for electric vehicle bearings. They will be overcome by the ongoing important developments in the market during the forecast period.

Impact of COVID-19

COVID-19 has had a moderately negative impact on the electric vehicle bearings sector, compared to its impact on other industries. Due to variables such as the growing demand and annual sales for electric cars, there has been a significant rise in the demand for components and parts for electric vehicle components.

In addition, the COVID-19 epidemic had a negative impact upon the exploitation of resources like aluminum, steel, and copper. However, the sales of EVs by prominent manufacturers have increased significantly in the past two years.

Segmentation in the Market

According to propulsion, the battery electric vehicle (BEV), which accounted for the largest part of the global electric vehicle bearings industry in 2021 at 63.4%, was expected to grow at a 35.1% CAGR between 2022-2031. Support from various government agencies, particularly in developing countries, is expected to support BEV’s growth.

E-Axle was the most prominent application in the global electric car bearings market, accounting for 30.2% of the total market. The motor application is predicted to grow at a 35.6% CAGR between 2022-2031. E-Axle’s sales have increased tremendously with the rising popularity of EVs, in terms both of range and performance. E-Axle’s sales are also rising due to better EV performance standards and increased rideability.

According to vehicle type, the passenger vehicle accounted the largest share at 61.0% in global electric vehicle bearings markets in 2021. Commercial vehicle is expected grow at a CAGR 35.3% between 2022-2031. The rapidly increasing adoption of electric versions and the global increase in production and sale of passenger cars is responsible for the growth of passenger vehicles.

Based on sales channel, OEM was the dominant player in the global electric car bearings market with 100.0%. In 2021, the aftermarket was the most important, growing at a 35.0% compound annual growth rate (CAGR) between 2022-2031. Major factors driving the OEM’s share in the electric vehicle bearings industry are the rebounds in production of cars, trucks, buses and other motor vehicles (e.g. vans).

Based on product, the ball bearing held the largest share of the global electric vehicle bearings industry in 2021 at 59.1%. It is expected to grow at a CAGR 34.8% between 2022-2031. Global adoption of electric cars is increasing the demand for ball bearings.

Steel accounted for 50.6% of the global electric vehicle bearings industry in 2021. However, polymer is expected grow at a 35.1% compound annual growth rate between 2022- 2031. The market is boosted by steel being used as the main bearing material for the roller bearings and ball bearings, and also as the rolling component.

The China A significant market share is held by region among other regions like North America Europe. The industry is experiencing a boom due to increasing electrification and changing raw material prices. In addition, the industry’s growth is being driven by the increased use of sensor bearing units as well as the technological developments made possible by the producers. China Electric vehicle bearings market

Recent Developments on the Global Electric Vehicle Bearings Market

• In May 2022, NTN achieved high-speed rotation supporting DmN value*1 of 2.2 million under oil lubrication with high speed deep groove ball bearings for E-Axle drive systems for EVs and motors and transmissions for HEVs.

• In February 2022, Schaeffler Technologies AG & Co. KG developed the TriFinity triple-row bearing. This design allows for the reduction of system solutions. It results in optimized bearing weight and lower noise emissions in electric vehicle operations.

• In April 2021NSK Ltd. announced the development of a third-generation (Gen 3) high speed ball bearing for electric car motors. It is capable of producing high bearing rotational performance and operating at more that 1.8 million dmN.

• In December 2020NTN Corporation announced it had created a new sales organization NTN Middle East FZE. Dubai, U.A.E. This sales company was established to provide technical support and sales systems for expanding sales in the United Arab Emirates. Middle East Africa Regional markets

• In September 2020AB SKF has invested almost $61.7 million (SEK 550 millions) to strengthen its competitiveness and manufacturing footprint in the North America region.

Key Market Participants and Competition Synopsis

These companies were selected using inputs from primary experts, which included analysis of company coverage, product portfolio and market penetration.

Here are some prominent names that have made it big in this market:

• NSK Ltd.

• AB SKF

• NTN Corporation

• JTEKT Corporation

• The Timken Company

• Schaeffler Technologies AG & Co. KG

• NBC Bearings (NEI Ltd.

• NRB Bearings Limited

• ILJIN Co., Ltd.

• Fersa Bearings S.A.

• Wafangdian Bearing Group Corp., Ltd.

• C&U GROUP CO., LTD.

• Zhejiang XCC Group Co., Ltd.

• Nachi-Fujikoshi Corp.

• NMB Technologies Corporation

Business Dynamics

Business drivers

• Growing demand for electric vehicles

• High-Speed Electric Vehicle Bearings are in High Demand

• Growing demand for power density improvement in electric vehicle powertrains

• Reduction of vehicle weight is a rising focus

Business Challenges

• Bearing Size Optimization without Compromise Motor Power

• Cage Design of Electric Vehicle Bearings: Challenges

• Heat Generation in Bearings with High Rotational Speed

• Counterfeit Bearings

Business Strategies

• Product Development

• Market Development

Corporate Strategies

Business Opportunities

Industry Outlook

Market Trends for Electric Vehicle Bearings

Technology Roadmap

Supply Chain Analysis/MAP

Ecosystem/Ongoing Programms

• Consortiums, associations, and regulatory bodies

• Programs and Initiatives of the Government (Electric Vehicles).

This report has more information, visit https://www.researchandmarkets.com/r/my2yvj

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