The Automotive Bearing and Clutch Component Aftermarket Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Bearing and Clutch Component Aftermarket Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
- Automotive Bearing And Clutch Component AfterMarket Characteristics
- Automotive Bearing And Clutch Component AfterMarket Trends And Strategies
- Automotive Bearing And Clutch Component AfterMarket – Macro Economic Scenario
- Global Automotive Bearing And Clutch Component AfterMarket Size and Growth
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32. Global Automotive Bearing And Clutch Component AfterMarket Competitive Benchmarking
- Global Automotive Bearing And Clutch Component AfterMarket Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Bearing And Clutch Component AfterMarket
- Automotive Bearing And Clutch Component AfterMarket Future Outlook and Potential Analysis
- Appendix
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