Electric Vehicle Bearings Market Drivers, Restraints, Key Factors Forecast Till 2031
Electric vehicle powertrain producers are helping simplify the engineering development process through integrated electric vehicle powertrain offerings. Depending on the electric vehicle needs of OEMs, a specific combination of gearing, transmission, and torque solutions can be provided. The optimization and integration of electric vehicle powertrain led to new bearing requirements. Major bearing producers such as NSK Ltd., AB SKF, and NTN Corporation are working on the development of new products that meet the current and future bearing requirements of electric vehicle powertrain producers.
North America comprises regional markets of the U.S., Canada, and Mexico. The North America Electric Vehicle bearing market is highly dominated by the U.S. market. Electric car adoption is accelerating throughout North America. The growth is majorly attributed to supportive government initiatives to encourage the adoption of electric vehicles and associated infrastructure. Moreover, the presence of key players, such as The Timken Company, NMB Technologies Corporation, AB SKF, and NRB Bearings Limited, in the region has acted as a major market driver for the electric vehicle bearing market in this region.
The scope of this report has been focused on propulsion (battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV)), application (gearbox/transmission, motor, E-Axle, wheel, and other), vehicle (passenger vehicle and commercial vehicle), sales channel (OEM and aftermarket), product (roller bearing, ball bearing, and composite bearing), and material (steel, ceramic, polymer, and other).
The research study focuses on putting forward a clear picture of electric vehicle bearing and future growth potential of different bearing adopted by EV manufacturers. The electric vehicle bearing market is segmented into application, propulsion type, vehicle type, sales channel, product, and material type. By application electric vehicle bearing market includes gearbox/transmission, motor, E-Axle, wheel, and others. Electric vehicle bearings by vehicle include passenger vehicle and commercial vehicle. Electric vehicle bearings by sales channel include OEM and aftermarket. Electric vehicle bearings by product include ball bearing, roller bearing and composite bearing. Electric vehicle bearings by material include steel, ceramic, polymer, and others.
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The demand for electric vehicle bearings varies according to various regions, depending on the end-use application segment demand. The China market holds a significant share among different regions such as North America and Europe. Rising electrification demand, along with shifting raw material prices, is propelling the industry forward. Furthermore, the rise of sensor bearing units, along with increased technological development by producers, is contributing to the expansion of the China electric vehicle bearings market.
The global electric vehicle bearings market’s competitive landscape consists of different strategies undertaken by key players across the EV industry to gain traction and market share presence. Some strategies adopted by electric vehicle bearings manufacturers are new product launches, business expansions, mergers, and partnerships. Among all these strategies adopted, new product launches have led to the popular choice of the strategy implemented in the electric vehicle bearings competitive landscape. Some of the most prominent ecosystem players are NSK Ltd., AB SKF, NTN Corporation, JTEKT Corporation, The Timken Company, and Schaeffler Technologies AG & Co. KG. For instance, in February 2022, Schaeffler Technologies AG & Co. KG developed the TriFinity triple-row bearing. Its design enables the downsizing of system solutions, resulting in optimized bearing weight and reduced noise emission levels in electric vehicle operations.