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The global engine bearings market size was valued at USD 2.91 billion in 2022. The market is projected to grow from USD 3.04 billion in 2023 to USD 3.89 billion by 2030, exhibiting a CAGR of 3.5% during the forecast period.
Automotive engine bearings are vital parts of the vehicle-mounted on various internal combustion engine components. The role of the main engine bearings is to support the crankshaft and allow rotation during the engine operation. Connecting rod bearings provide rotary motion of the crank pin within the connecting rod. Camshaft bearings support the camshaft and provide its rotation. These bearings help reduce friction and extend the engine's life. Moreover, these bearings help in cutting down the amount of energy consumption.
COVID-19 Pandemic Affected Supply of Vehicle Components in a Significant Manner
The coronavirus outbreak was first reported at the end of December 2019 and was declared a pandemic by the World Health Organization. Countries around the world responded differently to virus outbreaks. In China and other major countries, delays in testing and response caused the local health system to become overburdened. Restrictive measures such as total lockdown, isolation, social distancing, and quarantine were the most effective measures used to control the spread of disease. However, these measures led to the shutdown of businesses, thereby ceasing all economic activities.
Unlike other industries, the automotive industry was also impacted by the novel coronavirus and declined significantly. Auto parts manufacturers redefined their strategic roadmap and focused more on consolidating production capacity rather than expanding their scale to retain cash. The complete lockdown, halting of automobile production units, and scarcity of working capital worsened the situation of the component manufacturing companies, including the tier-2 and tier-3 companies, thereby threatening their survival.
Moreover, various regions' restrictions on cross-border trade and sealing borders disrupted supply chains. China being the major exporter and contributor of automotive components, raw materials, and finished goods, many countries were impacted by the disrupted supply chain and other trade restrictions. In addition, the pandemic greatly impacted the footfalls in showrooms as people redirected their investments in recovering their financial losses and focusing on basic utilities and requirements. Therefore, these factors hampered the market growth.
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High Degree of Research & Development Activities Associated with Engine Bearing to Drive Market Growth
Automakers are constantly working toward improving product designs to enhance performance and fuel efficiency. The growing demand for high-performance bearings has led manufacturers to integrate advanced sensor units into their products. The sensor unit helps digitally monitor the product's axial movement, load capacity, acceleration, deceleration, and rotation speed. In addition, the advent of the Industrial Internet of Things (IIoT) has encouraged the adoption and continuous monitoring of connected devices and machinery. Integrating electromechanical features directly into the bearing helps improve a vehicle's performance and overall efficiency. This is likely to have a positive influence on the engine-bearing market.
Favorable Trends Associated with Automotive Production to Propel the Market Growth
Globally, growing urbanization, developing infrastructures, and expansion in the industrial sector are the primary factors propelling the automotive industry's growth. Also, the rise in disposable income has bolstered people's living standards, thus encouraging them to purchase new vehicles. Moreover, the government authorities' support for promoting automobile sales and the rising trend for lightweight vehicles are consequently boosting vehicle production dynamics. Prominent automobile companies are investing high capital in expanding their business in emerging economies owing to the increasing demand for high-performance vehicles. These trends will drive the global market in the future.
Reduction in Vehicle Weight to Drive the Market Growth
Improvisation and development in vehicle engine performance have always been significant challenges for the automotive industry. To attain this objective, manufacturers are working toward reducing the overall weight and size of all engine components. Nowadays, aluminum alloys are gaining high traction owing to their advantages, such as lightweight, higher durability, greater strength, maximum corrosion resistance, and enhanced operating ability at high temperatures. Therefore, using aluminum alloys to make bearings will reduce energy loss and ensure high operating efficiency. Also, automotive manufacturers are investing in research to develop lightweight materials, thus improving the fuel efficiency and performance of the vehicles.
Fluctuations in Cost of Raw Materials May Restrain the Market Growth
Engine bearings are the significant element of the vehicle’s internal combustion engine that holds the camshaft in place and helps in its rotation. These bearings are made of various metals capable of holding heavy loads and constant friction. However, the prices of metals are volatile, which consequently incurs high production costs for the manufacturers. In addition, the rising sales of electric vehicles in many regions can be a major restraining factor in the coming years for the engine bearings market growth. All these factors altogether may hamper the growth of the global market.
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Main Bearing Segment is Likely to Grow at Rapid Pace Owing to its Continuous Technology Advancement in Bearings
Based on type, the market is segmented into main bearing, connected rod bearing, and others. Main bearings offer support to the crankshaft and are mounted in the crankcase. A main bearing consists of two parts, upper and lower. The upper part of the main bearing consists of an oil groove on the inner surface. Additionally, it has a hole to pass oil to feed holes in the crankshaft. A few main bearings have thrust bearing elements to support axial loads and prevent movements along the crankshaft axis. Material selection in main bearing manufacturing is essential as it supports crankshaft rotating at high speed. These main bearings contain anti-corrosion properties and are resistant to friction. In addition, these bearings have excellent tensile & compressive strength and superior load-bearing capacity.
Connecting rod bearings guide, support, and enable smooth functioning of connecting rods. These bearings minimize the possibility of wear during rotary motion of connecting rods. Favorable trends associated with automotive production are expected to drive the industry growth over the next few years.
OEM Segment is Likely to Hold the Largest Market Share Owing to Rising Production of New Vehicles
Based on distribution channel, the market is split into OEM and aftermarket. The OEM segment accounts for the major global market share owing to the operational characteristics and favorable automotive production trend. The automotive manufacturers are leveraging their product development capabilities and allied services such as lubrication, mechatronics, and strong engineering skills to deliver better solutions to their customers and maintain their leading position in the market. Moreover, several technologies are being adopted, and researchers focus on developing highly durable and reliable materials that can hold heavy loads. Moreover, the aftermarket also contributes significantly to the growth of market due to wear & tear of engine bearings.
Positive Outlook of Demographic Shifts in Developing Economies Will Drive the Growth of Passenger Cars in Future
Based on vehicle type, the market is categorized into light commercial vehicles, passenger cars, and heavy commercial vehicles. The passenger cars segment captured the largest share of the global market. High demographic growth, improving living standards, and a rise in individuals' income levels are the primary factors for the high growth of passenger cars globally. Also, the rapid innovations and developments in automobiles are gaining high attention of the young population, thereby leveraging this market. Moreover, supportive government policies across nations accelerate the growth of passenger cars, supporting the industry growth in the future. Furthermore, the light & heavy commercial vehicle segment also contributes majorly to the market growth as the sales of these vehicles are expected to rise in the future.
Asia Pacific Engine Bearings Market Size, 2022 (USD billion)
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The market size in Asia Pacific was USD 1.54 billion in 2022. The Asia Pacific market is expected to dominate the global market due to its presence of major automotive suppliers as well as strong automotive production in this region. India, Japan, and China are the major contributors to the engine bearings market share owing to the rapid development of the automobile industry. Also, the rising disposable income and emerging economy are expected to fuel the market's growth in the coming years. Moreover, high investments in research & development activities in developing highly durable and lightweight materials for vehicles consequently boost the market growth in this region.
Europe captured 20.15% market share in 2022. In April 2019, the European Union adopted regulation 2019/631 to reduce CO2 emissions from passenger and light commercial vehicles. This regulation specifies fleet-wise emission standards for the next decade. From 2025, regulation 2019/631 specifies strict CO2 emission targets for a percentage reduction of emissions from 2021. If a manufacturer fails to maintain these targets, a penalty will be levied for each vehicle newly registered in that year. These initiatives will emphasize emission reduction by minimizing vehicle weight. This will lead to the adoption of lightweight engine bearings leading to market growth in the future.
The North America market was valued at USD 0.57 billion in 2022 and will reach USD 0.73 billion by 2030. Huge investments in research & development activities and favorable government policies will drive market growth in North America over the next few years.
Significant Developments in R&D will Form the Basis of Business Expansion
MAHLE has a rising portfolio of engine bearings and other transmission products designed to meet evolving consumer demands worldwide. The company focuses on research & development activities to gain a competitive advantage in the market. Clevite is an engine bearings brand under MAHLE Performance that manufactures engine bearings for camshafts, rods, and mains. The company is constantly under innovation and development to serve high quality products to their customers, which will likely help the company increase profitability.
An Infographic Representation of Engine Bearings Market
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The research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth in recent years.
CAGR of 3.5% from 2023 to 2030
Value (USD Billion)
By Distribution Channel
By Vehicle Type
Fortune Business Insights says that the market size was USD 2.91 billion in 2022 and is projected to register USD 3.89 billion by 2030.
The market is expected to register a CAGR of 3.5% during the forecast period 2023-2030.
Technological advancements associated with bearings will drive the market growth.
Asia Pacific led the market in 2022.
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