According to a professional report released by Fortune Business Insights, an international authoritative market research institution, the global automotive bearing market (including segmented markets related to bearing shells) shows a steady development trend. In 2023, the market size has reached 14.76 billion US dollars, and with the continuous recovery and upgrading of the global automotive industry, as well as the vigorous rise of the new energy vehicle market, it is expected that the market size will steadily grow to 15.22 billion US dollars in 2024. With a focus on longer-term development and driven by multiple favorable factors such as technological innovation and market demand expansion, it is expected that the global automotive bearing market will further climb to 21.38 billion US dollars by 2032, with a compound annual growth rate of 4.3% during the forecast period. It is worth noting that in the regional market distribution, the Asia Pacific region, with its huge automobile production and consumption base, as well as a well-established automobile parts industry cluster, will account for 53.93% of the global market in 2023, firmly occupying a dominant position and becoming the core engine driving the growth of the global automobile bearing market.
