Passenger Car Bearing and Clutch Component Aftermarket Gains Momentum with Rising Vehicle Maintenance and Repair Needs

Posted on 2024-11-22 by Future Market Insights in Automotive // 0 Comments

Passenger Car Bearing and Clutch Component Aftermarket

The global passenger car bearing & clutch component aftermarket is projected to reach a valuation of USD 9,341.1 million in 2024. The market is expected to witness steady growth, with demand rising at a CAGR of 5.2% during the forecast period, reaching a total value of USD 15,513.6 million by 2034.

Demand for clutch kit components is anticipated to remain strong throughout the assessment period. According to the latest report, this segment is forecasted to grow at a CAGR of 4.7% from 2024 to 2034.

The global Passenger Car Bearing and Clutch Component Aftermarket is experiencing significant growth, fueled by the increasing demand for vehicle maintenance, repair services, and the growing vehicle parc worldwide. Bearings and clutch components play a critical role in the smooth operation and efficiency of passenger cars, making them essential aftermarket parts.

The surge in vehicle ownership, coupled with the rising average age of vehicles, is driving the aftermarket demand for high-quality and durable components. Additionally, advancements in material technologies and the shift towards eco-friendly, long-lasting products are reshaping the market landscape.

Key players in the aftermarket are focusing on expanding distribution networks and leveraging e-commerce platforms to enhance accessibility for consumers. Regional growth is particularly strong in Asia-Pacific and North America, supported by an extensive vehicle fleet and growing awareness of vehicle maintenance among consumers.

Detailed Market Study: Full Report and Analysis

Key Takeaways:

Market Growth:
The passenger car bearing and clutch component aftermarket is expected to grow steadily, driven by the increasing global vehicle parc and the need for regular maintenance.
Technological Advancements:
The introduction of advanced materials, such as ceramic bearings and lightweight clutch components, enhances performance and longevity, appealing to consumers.
Shift Towards Sustainability:
Demand for eco-friendly and recyclable components is rising, in line with global environmental initiatives.
Regional Insights:
- Asia-Pacific: High growth due to the rising vehicle population, especially in emerging economies like India and China.
- North America: A mature market driven by a large vehicle fleet and a strong focus on preventive maintenance.
Distribution Innovations:
Increased adoption of online platforms and e-commerce channels is improving accessibility and convenience for customers.

Key Drivers:

Rising Vehicle Parc:
The growing number of passenger vehicles on the road globally increases the demand for aftermarket parts, including bearings and clutch components.
Vehicle Longevity:
The rising average age of vehicles, coupled with advancements in automotive technology, necessitates frequent replacement of critical components to ensure operational efficiency.
Consumer Awareness:
Increasing awareness about the benefits of timely vehicle maintenance and replacement of worn-out parts drives aftermarket demand.
Technological Innovation:
Advancements in component design, such as lightweight clutches and low-friction bearings, are improving vehicle performance and reducing fuel consumption, boosting adoption.
Expansion of E-Commerce:
The growing popularity of online platforms for purchasing automotive parts is simplifying the procurement process and widening market reach.
Environmental Regulations:
Stringent emission norms are encouraging the development of high-performance, eco-friendly components, aligning with consumer and regulatory expectations.

Competitive Landscape

The global passenger car bearing & clutch component aftermarket is fragmented, with leading players accounting for about 20% to 25% share. Bosch, ZF Friedrichshafen AG., AISIN, Valeo Corp., Eaton Corporation Plc, and Aptiv are the leading manufacturers and suppliers of passenger car bearings & clutch components listed in the report.

Key companies are concentrating on providing novel solutions like light, durable, high-performance automotive bearings for electric vehicles to meet the evolving needs of the automotive sector. Similarly, new clutches for passenger cars and light commercial vehicles are being developed. Top players are also inclined toward adopting strategies like distribution agreements, mergers, collaborations, acquisitions, facility expansions, and partnerships to strengthen their footprint.

Recent Developments in Passenger Car Bearing and Clutch Component Aftermarket

In May 2022, Schaeffer launched a new high-performance ball bearing with an integrated centrifugal disc, offering improved efficiency and reduced CO2 emissions for electric vehicles. This innovative bearing combines the benefits of open and sealed bearings, resulting in significantly less energy loss and improved range for electric vehicles.
In 2022, The Timken Company, a prominent leader in industrial motion products and engineered bearings, reached an agreement to acquire GGB Bearing Technology (GGB).

Passenger Car Bearing and Clutch Component Aftermarket Segmentation

By Product Type:

Wheel Bearing
- Front Wheel Bearings
- Rear Wheel Bearings
Clutch Actuators
- Hydraulic
- Pneumatic
- Electromagnetic
Clutch Kit Components
- Friction Plates
- Pressure Plates
- Release Bearings
- Others
Transmission Bearings
- Input Shaft Bearings
- Output Shaft Bearings
- Main Shaft Bearings
- Counter Shaft Bearings
- Needle Roller Bearing
Differential Bearings

By Vehicle Type:

Hatchback
Sedan
SUV
Luxury Cars

By Sales Channel:

Authorized Dealerships
Automotive Parts Retailers
Online Retail
Auto Repair Shops
Distributors and Wholesalers

By Region:

North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia & Pacific
Middle East & Africa

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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