The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

The passenger car bearing and clutch component aftermarket has seen robust growth in recent years. In 2023, the market was valued at $8.22 billion, with expectations to reach $8.74 billion in 2024, growing at a compound annual growth rate (CAGR) of 6.3%.

• Drivers of Growth:
  • Increased average age of passenger cars.
  • Growth in the number of passenger cars.
  • Higher usage of vehicles leading to more wear and tear.
  • Economic stability and increased consumer spending on vehicle maintenance.

Market Growth Forecast

The market is set to continue its upward trajectory, with forecasts predicting a rise to $11.21 billion by 2028, growing at a CAGR of 6.4%.

• Factors Contributing to Future Growth:
  • Rising demand for environmentally friendly, sustainable automotive components.
  • Growth in global automotive production.
  • Continued aging of vehicles and higher replacement rates.
  • Advances in bearing and clutch technology.
  • Increasing demand for high-performance and fuel-efficient vehicles.

View More On The Passenger Car Bearing And Clutch Component Aftermarket Market Report 2024 – https://www.thebusinessresearchcompany.com/report/passenger-car-bearing-and-clutch-component-aftermarket-global-market-report

Key Market Driver: Global Vehicle Population Surge

The growth of the global vehicle population is a significant factor driving the aftermarket for passenger car bearings and clutch components.

• Contributing Factors:
  • Increasing urbanization and rising disposable incomes.
  • Expanding transportation needs.
  • Example: In 2023, the UK registered 2.5 million new automobiles, a 16% increase from 2022.

Major Players in the Market

Several key companies are leading the passenger car bearing and clutch component aftermarket:

• Notable Companies:
  • Robert Bosch GmbH, DENSO Corporation, ZF Friedrichshafen AG, Aisin Seiki Co. Ltd., Faurecia S.A., Valeo S.A., Eaton Corporation Plc, Tenneco Inc., Aptiv PLC, Schaeffler AG, MAHLE GmbH, BorgWarner Inc., Dana Incorporated, AB SKF, Minebea Mitsumi Inc., JTEKT Corporation, NSK Ltd., GKN Automotive Limited, The Timken Company, NTN Corporation, Nachi-Fujikoshi Corp., Exedy Corporation, Haldex AB, Federal-Mogul LLC, Fersa Bearings S.A.

Market Trend: Technological Advancements

Technological advancements, such as dual-core technology, are shaping the future of the passenger car bearing and clutch component aftermarket.

• Recent Developments:
  • Dual-Core Technology: Enhances performance, efficiency, and durability of mechanical systems.
  • Example: In 2023, UniClutch introduced revolutionary clutch systems in the U.S., featuring dual-core technology for improved torque capacity and drive performance.

Merger and Acquisition Activity

Mergers and acquisitions are a key strategy for companies to enhance their market position and expand their product portfolios.

• Recent Acquisition:
  • In January 2022, Faurecia SE acquired Hella GmbH & Co. Ltd. for $6 billion, aiming to integrate advanced lighting and electronics technologies and drive innovation in the aftermarket space.

Market Segmentation

The passenger car bearing and clutch component aftermarket is segmented based on product type, sales channel, and application:

• By Product Type:
  • Wheel Bearing, Clutch Actuators, Clutch Kit Components, Transmission Bearings, Differential Bearings.
• By Sales Channel:
  • Authorized Dealerships, Automotive Parts Retailers, Online Retail, Auto Repair Shops, Distributors, and Wholesalers.
• By Application:
  • Sedan, Utility Vehicle, Sports Utility Vehicle (SUV), Other Applications.

Regional Insights

North America was the largest region in the passenger car bearing and clutch component aftermarket in 2023.

• Regional Dominance:
  • The robust growth in North America is driven by a high vehicle population and strong consumer demand for aftermarket automotive components.

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The Passenger Car Bearing And Clutch Component Aftermarket Global Market Report 2024  provides comprehensive insights on the passenger car bearing and clutch component aftermarket market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the passenger car bearing and clutch component aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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