Passenger Car Bearing & Clutch Component Aftermarket to Reach USD 15,513.6 Million by 2034, with a CAGR of 5.2% | Future Market Insights, Inc. | Morningstar

Oct 15, 2024

The passenger car bearing and clutch component aftermarket is poised for steady growth, driven by rising vehicle maintenance needs and an aging global vehicle fleet. Key factors such as the increasing demand for replacement clutch kits and bearings, particularly in manual transmission vehicles, are fueling the market. However, challenges such as the shift toward automatic transmissions, the growing adoption of electric vehicles (which lack traditional clutch systems), and the presence of counterfeit products may impact the market. Regional demand varies, with strong growth expected in Asia-Pacific, while North America and Europe remain key markets due to their established automotive industries.

NEWARK, DE / ACCESSWIRE / October 8, 2024 / The global passenger car bearing and clutch component aftermarket is projected to reach a market size of USD 9,341.1 million by 2024. Steady growth is anticipated, with overall demand expected to rise at a CAGR of 5.2%. By 2034, the total market value is predicted to reach USD 15,513.6 million.

Clutch kit components are expected to see strong demand throughout the forecast period. According to the latest report, this segment is likely to grow at a CAGR of 4.7% from 2024 to 2034, highlighting its importance within the aftermarket industry.

Understanding the Passenger Car Bearing and Clutch Component Aftermarket

The passenger car bearing and clutch component aftermarket is projected to experience steady growth in the coming years. By 2024, the market is expected to reach USD 9,341.1 million, driven by increasing demand for replacement parts and the need for vehicle maintenance. This aftermarket sector plays a crucial role in ensuring the performance and longevity of passenger cars, with a particular focus on clutch kit components, which are vital for smooth vehicle operation. The market is set to grow at a compound annual growth rate (CAGR) of 5.2%, reaching an estimated USD 15,513.6 million by 2034. Clutch kit components, in particular, are expected to maintain strong demand, expanding at a CAGR of 4.7% over the forecast period. This reflects the ongoing need for high-quality, durable components in the automotive aftermarket industry.

Passenger Car Bearing & Clutch Component Aftermarket by Region

Countries

Projected Passenger Car Bearing and Clutch Component CAGR (2024 to 2034)

India

6.5%

South Korea

5.4%

China

5.1%

United Kingdom

4.9%

Japan

4.6%

United States

4.2%

Prominent Drivers of the Passenger Car Bearing and Clutch Component Aftermarket:

Rising Vehicle Ownership: Increasing global car ownership leads to higher demand for replacement parts, including bearings and clutch components.

Aging Vehicle Fleet: As vehicles age, the need for maintenance and replacement of key components such as bearings and clutch kits increases.

Focus on Vehicle Longevity: Consumers are prioritizing vehicle maintenance to extend lifespan, boosting demand for aftermarket components.

Frequent Clutch Wear and Tear: Clutch systems are subject to regular wear, driving consistent demand for clutch kit replacements in the aftermarket.

Technological Advancements in Components: Continuous improvements in bearing and clutch technology contribute to more frequent component upgrades and replacements.

Growing Popularity of Manual Transmission Vehicles: In regions where manual transmission vehicles are common, there is steady demand for clutch components in particular.

"The passenger car bearing and clutch component aftermarket is poised for significant growth, driven by rising vehicle maintenance demands and the increasing popularity of replacement parts. As vehicles age and consumer preferences shift, the market is expected to thrive, presenting ample opportunities for both manufacturers and retailers."- says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Challenges Faced by the Passenger Car Bearing and Clutch Component Aftermarket:

Increasing Shift to Automatic Transmissions: The growing preference for automatic transmission vehicles reduces the demand for manual clutch components.

Rising Popularity of Electric Vehicles (EVs): EVs do not require traditional clutch systems, posing a long-term threat to the demand for clutch components in the aftermarket.

Fluctuating Raw Material Prices: Volatile prices of raw materials such as steel and aluminum can impact the production costs of bearings and clutch components, squeezing profit margins.

Intense Market Competition: The presence of numerous aftermarket suppliers creates pricing pressure and forces companies to compete on both price and quality.

Counterfeit and Low-Quality Products: The proliferation of counterfeit or substandard components in the market poses risks to both manufacturers and consumers, affecting brand trust.

Stringent Environmental Regulations: New regulations related to vehicle emissions and materials used in manufacturing may increase production costs or limit the use of certain materials.

Comprehensive Market Insights: Full Report Overviewhttps://www.futuremarketinsights.com/reports/passenger-car-bearing-and-clutch-component-aftermarket

Key Companies Profiled

AB SKF

Schaeffler AG

The Timken Company

JTEKT Corp

NTN Corporation

Nachi-Fujikoshi Corp

Fersa Group

BorgWarner Inc

Valeo

Robert Bosch GmbH

Eaton Corporation Plc

ZF Friedrichshafen AG

AISIN

EXEDY

Minebea Mitsumi Inc

Aptiv

Regional Analysis for Passenger Car Bearing and Clutch Component Aftermarket:

North America:

Market Overview: North America remains a prominent market, driven by high vehicle ownership and a well-established automotive aftermarket industry.

Key Factors: The aging vehicle fleet and high vehicle usage in the U.S. and Canada are primary contributors to aftermarket demand.

Europe:

Market Overview: Europe is another major market, with countries like Germany, the UK, and France leading in automotive component consumption.

Key Factors: The presence of large automotive manufacturers and a strong focus on vehicle maintenance sustain demand. The popularity of manual transmission vehicles in many parts of Europe supports clutch component sales.

Asia-Pacific:

Market Overview: Asia-Pacific is expected to be the fastest-growing region, with significant demand coming from emerging markets such as China, India, and Southeast Asia.

Key Factors: Rapid urbanization, rising disposable incomes, and increased vehicle ownership drive the aftermarket in this region. The growth of manual transmission vehicles in developing countries supports clutch component sales.

Latin America:

Market Overview: The Latin American market is growing steadily, supported by a growing vehicle parc and a rising focus on vehicle maintenance in countries like Brazil and Mexico.

Key Factors: Economic growth and improving consumer purchasing power are driving demand for aftermarket services and components.

Middle East & Africa:

Market Overview: The Middle East and Africa show moderate growth potential due to the increasing number of passenger vehicles and infrastructure development.

Key Factors: The region's growing automotive industry, particularly in the UAE and South Africa, is driving demand for aftermarket components.

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

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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