Automotive bearings are components which are capable of carrying heavy loads with ease and efficiency. High precision, reliability, durability, and the ability to rotate at high speeds with minimal noise and vibration are the desired characteristics of automotive bearings. Bearings help reduce the friction between the moving parts of the vehicle. The rapid growth of the automotive industry across the world in the recent years is expected to drive the automotive bearing market during the forecast period. Increase in the average lifespan of vehicles due to the incorporation of fuel-efficient technologies is likely to further boost the automotive bearing market during the forecast period. Increasing efforts being taken in developing lightweight materials in high performance bearings are anticipated to fuel the automotive bearing market in the near future. Development and incorporation of novel sealing technologies by OEMs for sealing the bearings from contamination in order to increase the average lifespan of automotive bearings is expected to further propel the automotive bearing market in the next few years.
Persistence Market Research has recently published a research report on the global automotive bearing market. The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
Key Report Inclusions
The report has been compiled through extensive primary research i.e. interviews, surveys, and observations of seasoned analysts, and secondary research, which entails reputable paid sources, trade journals, and industry body databases. The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain. A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Key Highlights of the Report
Some of the key players operating in the global automotive bearing market include Schaeffler AG., Jtekt Corporation, NTN Corporation, Iljin Bearing Co. Ltd., Timken Company, Svenska Kullagerfabriken AB, RKB Bearings, Timken Company, ORS Bearings, and CW Bearing.
The US$ 18.47 Bn global automotive bearing market is apprehended to experience moderate growth over 2018-2026 at a CAGR of 4.4% and attain a value worth US$ 27.02 Bn by the end of an eight-year forecast period. In addition to flourishing automotive industry worldwide, it has been observed that increasing average vehicular age will prominently fuel the demand for repairing, maintenance, and replacement of automotive components – in turn fostering the sales of automotive bearings. Surging fleet is rapidly putting forth the aftermarket demand for automotive bearings, which is identified to be another key driver to market growth.
Despite the overall decline in the number of bearings in the novel electric vehicles, product innovations are expected to continue generating demand for bearings in near future. Moreover, the market is currently experiencing polarisation towards the most preeminent players in the competitive landscape, which is also anticipated to boost the market growth over 2018-2026.
China Set to Outpace the European Market
As per the regional analysis in the report on the global automotive bearing market, Europe is currently the global leader, followed by China. Europe, the largest regional segment with nearly 24% share by value, is likely to face a slight decline by 2026 end, losing its market share to China. China, which is currently the second largest market in terms of revenue, is foreseen to witness strong growth over the next few years, gaining a significant market value share to become the largest regional market for automotive bearing by 2026 end. China is also identified to be the fastest growing market at an estimated CAGR of 5.2% over 2018-2026, capturing a value share of over 24%.
Led by the US, North America currently holds more than 18% share of the total market revenue and will reportedly witness steady growth throughout the forecast period, maintaining a market value share of around 19% by 2026 end. US accounts for more than 82% share of North America's total revenues, attributed to sustained demand for applications in automotive transmission system. Europe and North America are projected to witness moderate growth at CAGRs of above 4%. While Brazil is foreseen to create a significantly important market in Latin America, the entire South East Asia & Pacific (SEAP) region is presumed to be the most opportunistic market for automotive bearings in near future, in terms of demand. SEAP is slated for promising growth during the forecast period at a CAGR of 4.8% and a market value share of above 15%. Growth of SEAP is attributed to the possibility of multiple attractive opportunities that the region is likely to present to established as well as emerging players in upcoming years. The global market for automotive bearings peculiarly has presence of a limited number of key industry players based in Europe and Japan.
The global market for automotive bearings is divided on the basis of product type, vehicle type, application, and sales distribution channel.