The automotive bearing and clutch component aftermarket global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Bearing and Clutch Component Aftermarket Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive bearing and clutch component aftermarket market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased availability and variety of aftermarket parts, the expansion of the global automotive industry, cost-effective manufacturing, maintaining older vehicles to save money, and the growing need to reduce worn or damaged parts.
The automotive bearing and clutch component aftermarket market size is expected to see strong growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to frequent replacement of wear-and-tear parts, changes in emissions regulations or safety standards, commercial vehicle boom, the efficiency and reach of aftermarket distribution channels, and changes in vehicle maintenance intervals or practices. Major trends in the forecast period include increasing demand for electric vehicles, technological advancements, a shift towards online sales channels, a focus on performance and efficiency, and the rise of hybrid vehicles.
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Scope Of Automotive Bearing and Clutch Component Aftermarket Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Bearing and Clutch Component Aftermarket Market Overview
Market Drivers –
Increasing vehicle ownership rates are expected to propel the growth of the automotive bearing and clutch component aftermarket market going forward. Vehicle ownership refers to the legal possession and control of a vehicle by an individual or an entity. The rise in vehicle adoption is driven by increased urbanization, improved economic conditions, and technological advancements in automotive engineering. Vehicles utilize aftermarket automotive bearing and clutch components to replace worn-out parts, enhance performance, and extend lifespan, offering cost-effective maintenance solutions for drivers and mechanics alike. For instance, in November 2023, according to Statistics Canada, a Canada-based government agency, In 2022, the total number of road motor vehicles registered in Canada reached 26.3 million, a slight increase of 0.3% from the previous year. Electric vehicles comprised 3.0% of light-duty vehicle registrations in 2022, rising from 2.3% in 2021. Therefore, the increasing vehicle ownership rates are driving the growth of the automotive bearing and clutch component aftermarket market.
Market Trends –
Major companies operating in the automotive bearing and clutch component aftermarket are focused on developing innovative products, such as performance grease, to offer superior lubrication and reduce friction. Performance grease is a specialized lubricant designed for high-stress applications, reducing friction, wear, and corrosion while extending the lifespan of mechanical components. For instance, in March 2022, Apec Automotive, a US-based company specializing in braking systems and components, launched a new range of wheel bearing kits, providing a complete solution for wheel bearings. It provides comprehensive solutions for wheel bearings. These kits come sealed for life with high-performance grease, ensuring durability and optimal performance. Each kit includes all necessary accessories, such as nuts, bolts, and circlips, offering a complete and convenient package.
The automotive bearing and clutch component aftermarket market covered in this report is segmented –
1) By Product Type: Wheel Bearing, Clutch Actuators, Clutch Kit Components, Transmission Bearings, Differential Bearings
2) By Vehicle Type: Vans, Minivans, Pickup Trucks, Trucks, Busses, Three-Wheelers, Other Vehicle Types
3) By Sales Channel: Authorized Dealerships, Automotive Parts Retailers, Online Retail, Auto Repair Shops, Distributors And Wholesalers
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Regional Insights –
North America was the largest region in the automotive bearing and clutch component aftermarket market in 2023. The regions covered in the automotive bearing and clutch component aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive bearing and clutch component aftermarket market are ZF Friedrichshafen AG, Aisin Seiki Co. Ltd., Eaton Corporation plc, Valeo Clutch Private Limited, Schaeffler AG, Marelli Holdings SpA, BorgWarner Inc., JTEKT Corporation, Svenska Kullagerfabriken group, Nippon Seikō Kabushiki-gaisha (NSK) Ltd., Federal-Mogul Motorparts Ltd., New Technology Network (NTN) Corporation, Timken India Limited, RBC Bearings Inc., ILJIN Holdings Co. Ltd., Mahle GmbH, Nachi America Inc., Luoyang LYC Bearing Co. Ltd., Fábricas Europeo de Rodamientos SA (FERSA), ACDelco, C&U Americas Group
Table of Contents
1. Executive Summary
2. Automotive Bearing and Clutch Component Aftermarket Market Report Structure
3. Automotive Bearing and Clutch Component Aftermarket Market Trends And Strategies
4. Automotive Bearing and Clutch Component Aftermarket Market – Macro Economic Scenario
5. Global Automotive Bearing And Clutch Component AfterMarket Size and Growth
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32. Global Automotive Bearing And Clutch Component AfterMarket Competitive Benchmarking
33. Global Automotive Bearing And Clutch Component AfterMarket Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Bearing And Clutch Component AfterMarket
35. Automotive Bearing And Clutch Component AfterMarket Future Outlook and Potential Analysis
36. Appendix
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