Automotive Bearing and Clutch Component Aftermarket Market Report 2024

The automotive bearing and clutch component aftermarket market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. Historical period growth was driven by increased availability and diversity of aftermarket parts, global automotive industry expansion, cost-effective manufacturing, vehicle owners maintaining older vehicles to save costs, and the rising need to replace worn or damaged parts.

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%. Forecast period growth will be fueled by frequent replacement of wear-and-tear components, shifts in emissions regulations and safety standards, a surge in commercial vehicle demand, enhanced efficiency and broader reach of aftermarket distribution channels, and changes in vehicle maintenance intervals and practices. Key trends expected in the forecast period include rising demand for electric vehicles, technological advancements, a shift towards online sales platforms, emphasis on performance and efficiency, and the ascent of hybrid vehicles.

Increasing rates of vehicle ownership are set to drive growth in the automotive bearing and clutch component aftermarket market. Vehicle ownership denotes the legal possession and control of vehicles by individuals or entities. The surge in vehicle adoption is spurred by heightened urbanization, improved economic conditions, and advancements in automotive engineering technology. Aftermarket automotive bearing and clutch components are utilized in vehicles to replace worn-out parts, enhance performance, and prolong lifespan, providing cost-effective maintenance solutions for drivers and mechanics alike. For example, in November 2023, according to Statistics Canada, the total number of registered road motor vehicles in Canada reached 26.3 million in 2022, marking a slight 0.3% increase from the previous year. Electric vehicles accounted for 3% of light-duty vehicle registrations in 2022, up from 2.3% in 2021. Hence, the rising ownership rates are stimulating growth in the automotive bearing and clutch component aftermarket market.

Leading firms in the automotive bearing and clutch component aftermarket are concentrating on innovating products such as performance grease to offer superior lubrication and reduce friction. Performance grease is specially formulated for high-stress applications, minimizing friction, wear, and corrosion while extending the longevity of mechanical parts. For instance, in March 2022, Apec Automotive, a US-based company specializing in braking systems, introduced a new line of wheel bearing kits that provide comprehensive solutions with sealed-for-life design and high-performance grease for durability and optimal functionality. Each kit includes essential accessories such as nuts, bolts, and circlips, offering a complete and convenient solution.

In February 2024, The Wharton Automotive Group, a US-based automotive services firm, acquired Competition Clutch Inc. to enhance its product range and market share in the automotive aftermarket. This acquisition integrates Competition Clutch's specialized products and technologies, as they are renowned for high-performance automotive clutches.

Major companies operating in the automotive bearing and clutch component aftermarket market are ZF Friedrichshafen AG, Aisin Seiki Co. Ltd., Eaton Corporation plc, Valeo Clutch Private Limited, Schaeffler AG, Marelli Holdings SpA, BorgWarner Inc., JTEKT Corporation, Svenska Kullagerfabriken group, Nippon Seikō Kabushiki-gaisha (NSK) Ltd., Federal-Mogul Motorparts Ltd., New Technology Network (NTN) Corporation, Timken India Limited, RBC Bearings Inc., ILJIN Holdings Co. Ltd., Mahle GmbH, Nachi America Inc., Luoyang LYC Bearing Co. Ltd., Fábricas Europeo de Rodamientos SA (FERSA), ACDelco, C&U Americas Group.

North America was the largest region in the automotive bearing and clutch component aftermarket market in 2023. The regions covered in the automotive bearing and clutch component aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the automotive bearing and clutch component aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The automotive bearing and clutch component aftermarket pertains to the secondary market where automotive parts are sourced to replace or repair bearings and clutch systems in vehicles. This market encompasses components produced and sold by entities other than the original equipment manufacturers.

Key product categories within the automotive bearing and clutch components aftermarket include wheel bearings, clutch actuators, components for clutch kits, transmission bearings, and differential bearings. Wheel bearings are critical elements within a vehicle's wheel assembly, facilitating smooth rotation with minimal friction. They provide support to the wheel and axle, ensuring stable and efficient motion. These components find application across various vehicle types, including vans, minivans, pickup trucks, trucks, buses, three-wheelers, and others. Distribution channels include authorized dealerships, automotive parts retailers, online platforms, auto repair shops, as well as distributors and wholesalers.

The automotive bearing and clutch component aftermarket market research report is one of a series of new reports that provides automotive bearing and clutch component aftermarket market statistics, including the automotive bearing and clutch component aftermarket industry's global market size, regional shares, competitors with an automotive bearing and clutch component aftermarket market share, detailed automotive bearing and clutch component aftermarket market segments, market trends and opportunities, and any further data you may need to thrive in the automotive bearing and clutch component aftermarket industry. This automotive bearing and clutch component aftermarket market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive bearing and clutch component aftermarket market consists of sales of lubricants and greases, pilot bearings, clutch master cylinders, and friction plates. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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