The worldwide car industry's strategic drive toward green/renewable energy sources for propulsion has been triggered by growing environmental concerns and initiatives around a sustainable lifestyle. Numerous environmental problems afflict the world, and natural resources (particularly fossil fuels) are fast depleting. As a result, government organizations, environmental agencies, and automotive manufacturers have worked together to produce mobility solutions that run on alternative fuels, resulting in a cleaner environment. While consumer awareness is driving the electric vehicle (EV) revolutions in western countries, government-led programs related to the awareness of electric vehicle benefits over normal internal combustion engines (ICE) vehicles are expected to boost electric vehicle sales, especially in regions such as South America, Rest-of-Asia-Pacific, Japan from Asia-Pacific Japan, and the Middle East and Africa.
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In order to improve sustainability, the automobile industry is quickly growing the research and manufacture of electric vehicles, hybrids, and other new energy vehicles. Consumers are still concerned about the maximum range on a single charge. Automobile manufacturers are aiming toward smaller and lighter automotive components as well as producing quicker, higher output motors that operate at higher efficiency in response to customer and environmental concerns. As a result, bearings used in powertrains, particularly in electric motors, are being subjected to ever-increasing speeds and performance requirements.
Moreover, original equipment manufacturers (OEMs) have needed a major improvement in quality and performance in order to provide their consumers with dependable EVs. As a result, vendors are redesigning bearings and the polymer cage to withstand the increased speed, acceleration, and temperature associated with electric motor use.
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.
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.
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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.
