With the growing demand for improvement in the power density of electric vehicle powertrains, electric vehicle manufacturers are focusing on various technologies, including integrated powertrains and electric vehicle lubricating grease.
FREMONT, Calif., Oct. 18, 2022 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Electric Vehicle Bearings Market - A Global and Regional Analysis.
According to this study, the market size of the global electric vehicle bearings market was valued at $2.26 billion in 2021 and is projected to reach $41.12 billion by 2031.
The following factors are responsible for the increase in demand for electric vehicle bearings:
- Growing demand for electric vehicles
- Increasing need for high-speed electric vehicle bearings
- Growing demand for power density improvement in electric vehicle powertrains
- Rising focus on vehicle weight reduction
The detailed study is a compilation of 287 market data tables and 77 figures spread through 304 pages.
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Analyst's Take on the Market Projection
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."
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Existing Competitive Landscape
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are NSK Ltd., AB SKF, NTN Corporation, JTEKT Corporation, The Timken Company, Schaeffler Technologies AG & Co. KG, NBC Bearings (NEI Ltd.), NRB Bearings Limited, ILJIN Co., Ltd., Fersa Bearings S.A., Wafangdian Bearing Group Corp., Ltd. (ZWZ), C&U GROUP CO., LTD., Zhejiang XCC Group Co., Ltd., Nachi-Fujikoshi Corp., and NMB Technologies Corporation.
Recent Developments in the 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.
Steel to Occupy the Largest Material Market Share Between 2022 and 2031
Automobile manufacturers are aiming toward smaller and lighter automotive components as well as producing quicker and 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.
Electric vehicle bearings by material include steel, ceramic, polymer, and others. Among these, steel accounted for the largest share of the global electric vehicle bearings market in 2021. According to the study by BIS Research, this trend is expected to continue between 2022 and 2031, with steel being the dominant material type in the electric vehicle bearings market.
Steel is used as the main roller bearing and ball bearing material for both the rolling components and rings, thereby boosting the market.
Want to learn more about the latest trends in the automotive industry? Speak to our analysts
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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