Latest News:- Automotive Needle Roller Bearing Market: Passenger cars is expected to lead the Application segment during 2024-2028

Automotive Needle Roller Bearing Market to grow at a CAGR of 6.6% during 2024-2028

The Automotive Needle Roller Bearing Market is expected to grow at a CAGR of 6.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 966.3 million. The electric vehicle market's expansion has led to the innovation of advanced components, such as quiet, low-friction thrust needle roller bearings, to mitigate engine noise. Electric vehicles are becoming increasingly popular due to their eco-friendly and clean energy attributes. To minimize pollution, including noise pollution, vehicle manufacturers are integrating electric systems in place of traditional mechanical components. These electric systems, which have fewer moving parts, generate less noise than conventional mechanical components, resulting in quieter vehicle operation. 

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The Passenger cars subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the Passenger cars subsegment will lead the Application segment during 2024 and 2028 The automotive needle roller bearing market witnesses significant growth due to the increasing demand for fuel efficiency and durability in vehicles. These bearings are essential components in various automotive applications, including engine systems, transmissions, and drivelines. Manufacturers prioritize the use of needle roller bearings for their ability to reduce friction and improve vehicle performance. The market is expected to expand further with the rise in electric and hybrid vehicle production, as needle roller bearings contribute to their enhanced power transmission efficiency.

Here are the various ways based on which the market is segmented: 

• Application
  • Passenger cars
  • Commercial vehicles
• Geography
  • APAC
  • North America
  • Europe
  • South America
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish surging demand for internal combustion engine vehicles

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Automotive Needle Roller Bearing Market is witnessing significant growth due to the increasing demand for lightweight designs in both commercial vehicles and passenger cars. With fuel efficiency standards becoming stricter, automakers are turning to needle roller bearings for their ability to reduce friction and improve performance in various automotive applications. Needle roller bearings are finding extensive use in suspension systems, gearboxes, and transmission systems of commercial vehicles due to their high radial load capacity. These bearings are also being adopted in high-performance vehicles and electric vehicles for their compactness and ability to handle high rotational motion. Manufacturers of automobiles, machinery, and design components are investing in precision-engineered manufacturing facilities to produce needle roller bearings, spherical bearings, cylindrical bearings, tapered bearings, and roller bearings. These components are essential for optimizing the performance of engines, transmissions, drive shafts, and other critical automotive systems. The market for needle roller bearings is expected to grow further as automakers continue to focus on fuel efficiency and performance optimization in their designs. The increasing adoption of electric vehicles and high-performance vehicles is also expected to drive demand for these bearings in the automotive industry.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers in the automotive components and equipment market include the escalating demand for electronic components, such as electronic control units (ECUs), in automobiles. This trend is particularly prominent in the increasing sales of EVs, motorcycles, and PCs over the past decade.

The Automotive Needle Roller Bearing Market is experiencing significant growth, fueled by the surging demand for internal combustion engine vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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