Bearings are used in electric vehicles primarily for supporting axial and radial loads and reducing friction. The growth of the global electric vehicle bearings market is majorly attributed to the growing inclination toward vehicle weight reduction.
Growing investment in research and development activities by various manufacturers of electric vehicle bearings is expected to propel the market. Additionally, electric vehicle bearings players have tended toward new product launches to expand their innovative capabilities.
Read Report Overview: Electric Vehicle Bearings Market
The global electric vehicle bearings market is projected to reach $41,127.0 million by 2031 from $2,261.5 million in 2021, growing at a CAGR of 34.1% during the forecast period 2022-2031. The growth in the global electric vehicle bearings market is expected to be driven by rising demand for electric vehicles and demand for high-speed electric vehicle bearings. Also, the rising focus on vehicle weight reduction is helping the electric vehicle bearings market grow considerably.
Furthermore, favorable government policies supporting the adoption of electric vehicles across the globe, advancements in bearing material and lubrication technologies, and increase in competition in the electric vehicle are projected to offer new avenues for the electric vehicle bearings market. There are some challenges in the market, such as designing bearing size optimization without compromising motor power and challenges associated with cage design of electric vehicle bearings. The ongoing vital developments in the market are expected to overcome them in the forecast period.
Impact of Electric Vehicle Bearings Market
- With the rapidly evolving electric vehicle market, the bearings used in electric vehicles are subjected to base on various performance parameters, including a wider operating temperature range and increased speed range.
- 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.
- The electric vehicle bearing producers are exploring lightweight bearing material alternatives and a new variety of lubricant and grease formulations which together can effectively increase the electric vehicle motor efficiency, contributing to the improvement of overall vehicle efficiency.
Recent Developments in Global Electric Vehicle Bearings Market
- In May 2022, NTN achieved high-speed rotation supporting DmN value*1 of 2.2 million under oil lubrication with high speed deep groove ball bearings for E-Axle drive systems for EVs and motors and transmissions for HEVs.
- 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.
- In April 2021, NSK Ltd. announced that it had developed a third-gen (Gen 3) high-speed ball bearing for electric vehicle motors, capable of delivering high bearing rotational performance while operating at more than 1.8 million dmN.
- In December 2020, NTN Corporation announced that it had established a new sales company NTN Middle East FZE, in Dubai, U.A.E. The establishment of this sales company is aimed toward building technical service and sales system for expansion of sales in the Middle East and Africa regional markets.
- In September 2020, AB SKF invested nearly $61.7 million (SEK 550 million) to strengthen its competitiveness and manufacturing footprint in the North America region.
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Analyst's Thoughts
According to Anurag Dixit, Sr. Research Analyst, BIS Research, “With the evolving technological developments in electric vehicles, the need for enhanced vehicle efficiency and longer range has increased the demand for high-speed electric vehicle bearings. Market players are assisting electric vehicle manufacturers in optimizing vehicle weight by developing unique bearing designs and employing new materials.”
