Automotive Bearing market by Bearing type, Application, Regional analysis & Tren

Posted by ReportCrux Market Research on November 25th, 2020

ReportCrux Market Research has published a new report titled “Automotive Bearing Market by Bearing Type (Roller Bearing, Ball Bearing, Plain Bearing, Tapered Roller Bearing, Specialized Bearing, and Others); by Vehicle Type (Two-Wheelers, Light Commercial Vehicles, Heavy Commercial Vehicles, and Passenger Vehicles); by Sales Channel (OEM, and Aftermarket); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”. 

Automotive Bearing Market Size

Automotive Bearing market was valued at approximately USD 75.45 Billion in 2019 and is expected to generate revenue of around USD 123.46 Billion by end of 2027, growing at a CAGR of around 6.4% between 2020 and 2027.

Market Overview

Bearing is a machine element that restricts relative movement and reduces friction between moving parts. In almost all equipment or machinery, bearings are used, ranging from farm equipments, vehicle components, and household appliances to defense and aerospace equipments. Demand for bearings with higher performance, lower maintenance, and longer service life is growing. In addition to the increasing automotive industry worldwide, it has been observed that the rising average age of vehicles is expected to increase demand for maintenance, repair and replacement of automotive components, which in effect promotes sales of automotive components like automotive bearing.

Technology advances are being made in the automotive engine bearing market, so that the engine bearings work properly and have longer life. The proper functioning of the engine bearing is accomplished when the building material possesses the properties including high strength and softness.

Overall innovation in the automotive sector is the prime factor leading to business growth. The changing standard of living and increasing disposable incomes in the developing countries have made it possible for customers to use vehicles which have complete aftermarket products fitted for the successful use of the automobiles. In addition, the production of automobiles has increased, which in turn has fuelled the growth of the demand for automotive engine bearing in the coming years.

Developments are being made in the technology and researchers are focusing on developing strong materials that can withstand more load is further fueling the growth and demand for automotive engine bearings. Besides, the replacement rate for automotive engine bearing is high, and thus the automotive aftermarket holds a considerable share in the market. Moreover, with one third of the world's population being in India and China the demand for vehicles will in turn raise the order for bearing from these countries.

Rising vehicle electrification and ambitious proposals by various governments to go fully electric, and ban traditional fuel based vehicles worldwide in the coming years, greatly can limit the growth of the automotive bearing industry. Compared to traditional fuel powered vehicles, electric vehicles require fewer bearings. In addition, market growth is expected to be slowed by the introduction of wheel hub or in-wheel technology, used in electric vehicles. The vehicles that come with such technology need no differential gears which can further restrict market growth.

Segmentation Analysis

By Bearing Type

Based on bearing type, the market is segmented into roller bearing, ball Bearing, plain bearing, tapered roller bearing, specialized bearing, and others. The ball bearing segment held almost 31% share of the market in 2019 in terms of revenue and volume. The latest changes to the reduction of friction and heat generation through these bearings, combined with high demand for commercial and off-road vehicles, are likely to support the ball bearing segment globally.       

By Vehicle Type

Based on vehicle type, the market is categorized into two-wheelers, light commercial vehicles, heavy commercial vehicles, and passenger vehicles. The passenger vehicles segment held almost 29% share of the market in 2019. The market in this segment is growing due to rising demand for passenger vehicles, from the developing nations and increasing demand for technologically advanced solutions.

By Sales Channel

Based on the sales channel, the global market for automotive bearing is segmented into OEM, and aftermarket. The OEM segment accounted for almost 61% share of the market in 2019 due to the demand fluctuations in the OEM segment of the automotive industry. During the forecast era, the automotive Bearing market in OEM is expected to experience the fastest growth in volume terms. In addition, bearing manufacturers are increasingly integrating their products, platforms and related services such as lubrication, mechatronics, good technical skills and product development capabilities to deliver best solutions to their customers.

By Region

By region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific held almost 36% share of the overall market due to the existence of significant number of automakers in this region. Consumers inhabit their vehicles with reliable and durable parts to ensure their vehicles work well and prevent engine breakdown. Nations like Brazil, Russia, India, China, and South Africa are also global car markets which in turn would make a major contribution in the automotive bearing market. It is projected that there will be a stable growth for automotive bearing in mature markets of Europe and North America.

Key Player Analysis

Major players in automotive bearing market are NTN Corp. (Japan), Rheinmetall Automotive (Germany), Timken Co. (U.S.), JTEKT Corp. (Japan), Shaeffler AG (Germany), SKF (Sweden), Minebea Co., Ltd. (Japan), Federal-Mogul Holdings LLC (U.S.), SNL Bearings Ltd. (India), and Nachi Fujikoski (Japan) among others.