The global electric vehicle bearings market is projected to reach $41,127.0 million by 2031 from $2,261.5 million in 2021, growing at a CAGR of 34.1% during the forecast period 2022-2031. The growth in the global electric vehicle bearings market is expected to be driven by rising demand for electric vehicles and demand for high-speed electric vehicle bearings. Also, the rising focus on vehicle weight reduction is helping the electric vehicle bearings market grow considerably.

Market Lifecycle Stage

Bearings are used in electric vehicles primarily for supporting axial and radial loads and reducing friction. The growth of the global electric vehicle bearings market is majorly attributed to the growing inclination toward vehicle weight reduction.

Growing investment in research and development activities by various manufacturers of electric vehicle bearings is expected to propel the market. Additionally, electric vehicle bearings players have tended toward new product launches to expand their innovative capabilities.

Furthermore, favorable government policies supporting the adoption of electric vehicles across the globe, advancements in bearing material and lubrication technologies, and increase in competition in the electric vehicle are projected to offer new avenues for the electric vehicle bearings market. There are some challenges in the market, such as designing bearing size optimization without compromising motor power and challenges associated with cage design of electric vehicle bearings. The ongoing vital developments in the market are expected to overcome them in the forecast period.

Impact of Electric Vehicle Bearings Market

• With the rapidly evolving electric vehicle market, the bearings used in electric vehicles are subjected to base on various performance parameters, including a wider operating temperature range and increased speed range.
• The optimization and integration of electric vehicle powertrain led to new bearing requirements. Major bearing producers such as NSK Ltd., AB SKF, and NTN Corporation are working on the development of new products that meet the current and future bearing requirements of electric vehicle powertrain producers.
• The electric vehicle bearing producers are exploring lightweight bearing material alternatives and a new variety of lubricant and grease formulations which together can effectively increase the electric vehicle motor efficiency, contributing to the improvement of overall vehicle efficiency.

Impact of COVID-19

The impact of COVID-19 on the electric vehicle bearings industry has been moderately severe compared to the impact on the general automotive industry. Furthermore, due to variables like the increasing demand and annual sales of electric cars, there is a considerable increase in the need for electric vehicle parts and components.

Additionally, the COVID-19 pandemic had a negative impact on the exploitation of resources such as steel, copper, and aluminum. On the other hand, prominent EV manufacturers have expanded their EV sales substantially during the previous two years.

Market Segmentation:

Segmentation 1: by Propulsion

• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)

Based on propulsion, battery electric vehicle (BEV) accounted for the largest share of 63.4% in the global electric vehicle bearings market in 2021 and is expected to witness growth at a CAGR of 35.1% between 2022 and 2031. The growth of BEV is anticipated by the support of various government agencies enforcing quota systems and strict fuel economy rules, especially in developing nations.

Segmentation 2: by Application

• Gearbox/Transmission
• Motor
• E-Axle
• Wheel
• Other

Based on application, E-Axle accounted for the largest share of 30.2% in the global electric vehicle bearings market in 2021, and the motor application is expected to witness growth at a CAGR of 35.6% between 2022 and 2031. With the growing popularity of EVs in terms of performance, range, and features globally, the sale of E-Axle has grown tremendously. Other reasons that contribute to rising E-Axle sales include better EV performance standards, increased rideability, and an overall receptive environment for EV and hybrid class cars.

Segmentation 3: by Vehicle

• Passenger Vehicle
• Commercial Vehicle

Based on vehicle, passenger vehicle accounted for the largest share of 61.0% in the global electric vehicle bearings market in 2021, and commercial vehicle is expected to witness growth at a CAGR of 35.3% between 2022 and 2031. The growth of passenger vehicles is attributed mainly due to the rapidly growing adoption of electric variants and the increase in production and sales of passenger vehicles globally.

Segmentation 4: by Sales Channel

• OEM
• Aftermarket

Based on sales channel, OEM accounted for the largest share of 100.0 % in the global electric vehicle bearings market in 2021, and aftermarket is expected to witness growth at a CAGR of 35.0% between 2022 and 2031. The rebounds in the production of automobiles, trucks, buses, and other motor vehicles (e.g., vans) are major factors boosting the OEM in the electric vehicle bearings market.

Segmentation 5: by Product

• Roller Bearing
o Tapered Roller Bearing
o Needle Roller Bearing
o Cylindrical Roller Bearing
o Other
• Ball Bearing
o Deep Groove Ball Bearing
o Angular Contact Bearing
o Self-Aligning Ball Bearing
o Other
• Composite Bearing

Based on product, ball bearing accounted for the largest share of 59.1% in the global electric vehicle bearings market in 2021 and is expected to witness growth at a CAGR of 34.8% between 2022 and 2031. With the rapid adoption of electric vehicle variants globally, the market for ball bearings segments is boosting.

Segmentation 6: by Material

• Steel
• Ceramic
• Polymer
• Other

Based on material, steel accounted for the largest share of 50.6% in the global electric vehicle bearings market in 2021, and polymer is expected to witness growth at a CAGR of 35.1% between 2022 and 2031. Steel is used as the main roller bearing and ball bearing material for both the rolling component and the rings, thereby boosting the market.

Segmentation 7: by Region

• North America – U.S., Canada, and Mexico
• Europe – Germany, France, Netherlands, Italy, and Rest-of-Europe
• U.K.
• China
• Asia-Pacific and Japan – Japan, India, South Korea, and Rest-of-Asia-Pacific
• Rest-of-the-World

The China region holds a significant market share among different regions such as North America and Europe. Rising electrification demand, along with shifting raw material prices, is propelling the industry forward. Furthermore, the rise of sensor bearing units, along with increased technological development by producers, is contributing to the expansion of the China electric vehicle bearings market.

Recent Developments in Global Electric Vehicle Bearings Market

• In May 2022, NTN achieved high-speed rotation supporting DmN value*1 of 2.2 million under oil lubrication with high speed deep groove ball bearings for E-Axle drive systems for EVs and motors and transmissions for HEVs.
• In February 2022, Schaeffler Technologies AG & Co. KG developed the TriFinity triple-row bearing. Its design enables the downsizing of system solutions, resulting in optimized bearing weight and reduced noise emission levels in electric vehicle operations.
• In April 2021, NSK Ltd. announced that it had developed a third-gen (Gen 3) high-speed ball bearing for electric vehicle motors, capable of delivering high bearing rotational performance while operating at more than 1.8 million dmN.
• In December 2020, NTN Corporation announced that it had established a new sales company NTN Middle East FZE, in Dubai, U.A.E. The establishment of this sales company is aimed toward building technical service and sales system for expansion of sales in the Middle East and Africa regional markets.
• In September 2020, AB SKF invested nearly $61.7 million (SEK 550 million) to strengthen its competitiveness and manufacturing footprint in the North America region.

Demand – Drivers and Limitations

Following are the demand drivers for the global electric vehicle bearings market:

• Growing Demand for Electric Vehicles
• Increasing Need for High-Speed Electric Vehicle Bearings
• Growing Demand for Power Density Improvement in Electric Vehicle Powertrains
• Rising Focus on Vehicle Weight Reduction

Following are the challenges for the global electric vehicle bearings market:

• Bearing Size Optimization without Compromising Motor Power
• Challenges Associated with Cage Design of Electric Vehicle Bearings

How can this report add value to end users?

Product/Innovation Strategy: The product segment helps the readers understand the different types used in electric vehicle bearings. Also, the study provides the readers with a detailed understanding of the global electric vehicle bearings market by application and product.

Growth/Marketing Strategy: To improve the capabilities of their product offerings, players in the global electric vehicle bearings market are developing unique products. The readers will be able to comprehend the revenue-generating tactics used by players in the global electric vehicle bearings market by looking at the growth/marketing strategies. Other market participants’ tactics, such as go-to-market plans, will also assist readers in making strategic judgments.

Competitive Strategy: Players analyzed and profiled in the study include global electric vehicle bearings manufacturer and suppliers who capture the maximum share in the electric vehicle bearings market. Moreover, a detailed competitive benchmarking of the players operating in the global electric vehicle bearings market has been done to help the readers understand how players compete against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements and collaborations, and mergers and acquisitions are expected to aid the readers in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some prominent names established in this market are:

• NSK Ltd.
• AB SKF
• NTN Corporation
• JTEKT Corporation
• The Timken Company
• Schaeffler Technologies AG & Co. KG
• NBC Bearings (NEI Ltd.)
• NRB Bearings Limited
• ILJIN Co., Ltd.
• Fersa Bearings S.A.
• Wafangdian Bearing Group Corp., Ltd. (ZWZ)
• C&U GROUP CO., LTD.
• Zhejiang XCC Group Co., Ltd.
• Nachi-Fujikoshi Corp.
• NMB Technologies Corporation

The post Electric Vehicle Bearings Market – A Global and Regional Analysis: Focus on Propulsion, Application, Vehicle, Sales Channel, Product, Material, and Region – Analysis and Forecast, 2022-2031 first appeared on CRI Report.

The global ambulatory surgical center operating room integration systems market is projected to reach $5,668.2 million by 2032 from $2,077.5 million in 2021, at a CAGR of 9.88% during the forecast period 2022-2032.

The growth in the global ambulatory surgical center operating room integration systems market is expected to be driven by the growing demand for outpatient care, the cost savings in ASCs, and the growing government support and funding for ASCs.

Market Lifecycle Stage

The ambulatory surgical center operating room integration systems market is in the developing phase. The integration of OR software solutions in emerging countries, technological advancements in CT imaging, and the adoption of intraoperative imaging systems are some of the major opportunities in the global ambulatory surgical center operating room integration systems market.

Furthermore, some of the key trends going on in the market are the growing demand for 4K visualization, increasing partnerships between ASCs and hospitals, growing preference for large surgical monitors, various new product offerings, and expansion of companies into the global ambulatory surgical center operating room integration systems market.

Impact of COVID-19

While hospitals had to defer elective surgeries owing to the unprecedented burden of cases and subsequent shortage of beds and other resources, this led to a shift in inpatient surgical procedures being conducted at outpatient care facilities such as ambulatory surgical centers (ASCs). Non-complex orthopedic surgeries with fewer associated risks, such as those related to the extremities, spine, and hips, were largely conducted at ASCs, where patients were able to get the surgeries done timely and at lower costs.

The COVID-19 pandemic led to a decline in the number of non-essential surgeries performed at hospitals, most of which were shifted to hospital outpatient departments (HOPDs) and ASCs. ASCs offered same-day discharge and charged lower fees for each procedure as compared to hospitals, both of which were favorable factors in the light of the COVID-19 pandemic.

To cope with this increased demand and to ensure the same level of technology and services as offered by hospitals previously, ASCs took steps to modernize and integrate their ORs. Therefore, procurement and installation of OR integration systems such as cameras, video systems, surgical displays, and lighting systems were witnessed across all ASCs who were striving to achieve a minimum base level of OR integration.

Market Segmentation:

Segmentation 1: by Component

• OR Visualization
• OR Lighting
• OR Imaging
• OR Integration Software
• Other OR Integration Products

The global ambulatory surgical center operating room integration systems market (by component) is expected to be dominated by the OR visualization segment.

Segmentation 2: by Center Type

• Single-Specialty ASCs
• Multi-Specialty ASCs

Single-specialty ASCs are expected to create the maximum incremental opportunity of $1,758.6 million during the period 2022-2032, followed by the multi-specialty ASCs segment at $1,700.2 million.

Segmentation 3: by Region

• North America – U.S., Canada
• Europe – Germany, France, U.K., Italy, Spain, Czech Republic, Russia, Rest-of-Europe
• Asia-Pacific – Japan, China, India, Australia and New Zealand, Rest-of-Asia-Pacific
• Latin America – Brazil, Mexico, Rest-of-Latin America
• Rest-of-the-World – U.A.E., K.S.A., South Africa, Turkey, Rest-of-Rest-of-the-World

Regions such as North America and Europe have a technologically advanced healthcare system and allocate considerable budgets to the healthcare segment, due to which these regions hold the maximum share in the global ambulatory surgical center operating room integration systems market.

Recent Developments in Global Ambulatory Surgical Center Operating Room Integration Systems Market

• In July 2022, Arthrex Inc. partnered with Skytron to expand operating room technology and infrastructure solutions for U.S. hospitals and surgical centers.

• In April 2022, General Electric Company partnered with Medtronic to meet the growing needs for ambulatory surgery centers and office-based labs. Under this collaboration, customers can access extensive product portfolios, financial solutions, and exceptional service.

• In January 2022, Philips Healthcare announced physicians will now have access to advanced new 3D image guidance capabilities through its Image-Guided Therapy Mobile C-arm System Zenition.

• In November 2021, Eizo expanded its product offering, CuratOR surgical panel, with 4K touchscreen surgical displays.

• In July 2021, HillRom launched the Helion Integrated Surgical System in the U.S. to enhance connectivity and communication in the operating room and improve patient outcomes.

• In April 2021, Barco N.V. launched Nexxis Live, a software solution for improving communication in the operating room.

Demand – Drivers and Limitations

Following are the drivers for the global ambulatory surgical center operating room integration systems market:

• Benefits Provided by OR Integration: Improved Surgical Workflows and Better Patient Outcomes
• Cost Savings in ASCs Benefitting All Stakeholders: Patients, Payers, and Healthcare Providers
• Growing Demand for Outpatient Care
• Growing Government Support and Funding to ASCs
• Increasing Patients’ Safety Concerns in the OR

The market is expected to face some limitations due to the following challenges:

• High Initial Investment
• Low Reimbursement Rates Affect Profitability of ASC Across the Globe

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of OR integration products available for use in ORs in ASCs. Moreover, the study provides the reader with a detailed understanding of the different OR integration products by component (OR visualization, OR lighting, OR imaging, OR integration software, and other OR integration products) and center type (single-specialty ASCs and multi-specialty ASCs).

Growth/Marketing Strategy: The global ambulatory surgical center operating room integration systems market has seen major development by key players operating in the market, such as business expansion, partnership, collaborations and business expansions, mergers and acquisitions, product launches, and funding activities. New offerings accounted for the maximum number of key developments, i.e., nearly half of the total developments in the global ambulatory surgical center operating room integration systems market, followed by partnerships, alliances, business expansions, and regulatory and legal activities.

Competitive Strategy: Key players in the global ambulatory surgical center operating room integration systems market analyzed and profiled in the study involve players that offer OR integration products. Moreover, a detailed market share analysis of the players operating in the global ambulatory surgical center operating room integration systems market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent names in this market are:

• Arthrex, Inc.
• Avante Health Solutions
• Barco NV
• Canon Inc.
• EIZO Corporation
• FUJIFILM Holdings Corporation
• General Electric Company
• Getinge AB
• KARL STORZ SE & Co. KG
• Koninklijke Philips N.V.
• Olympus Corporation
• Richard Wolf GmbH
• Siemens Healthineers AG
• STERIS plc
• Stryker Corporation

The post Ambulatory Surgical Center Operating Room Integration Systems Market – A Global and Regional Analysis: Focus on Component Type, Center Type, and Regional Analysis – Analysis and Forecast, 2022-2032 first appeared on CRI Report.