Engine Bearings Market Share Analysis, Size, Price Factors, Business Opportunities in 2020 and Forecast to 2027
The global engine bearingsmarket size is expected to showcase an exponential growth byreaching USD 5.28 billion by 2027. This is ascribable to theincreasing sales of automotive leading to the massive production rate ofvehicles by the manufacturers across the globe. Fortune Business Insights, inits latest report, titled, “Engine Bearings Market Size, Share & COVID-19 Impact Analysis, By ProductType (Main Bearing, Connecting Rod Shell, Flange Bearing, Small End, andCamshaft Bush), By Market Type (OEM and Aftermarket), By Vehicle Type(Passenger Cars and Light Commercial Vehicles, Heavy Commercial Vehicle) andRegional Forecasts, 2020-2027,” observes that the market was worth USD 5.35billion in 2019 and is projected to exhibit a CAGR of12.6% between 2020 and 2027.
COVID-19 to Result in Sluggish Growth of Automotive Sector
The COVID-19 pandemic has put atremendous strain on the healthcare sector owing to its fast-paced outbreak inhumans resulting in the loss of millions of lives. Additionally, scores ofpeople are under medical observation, while the government has imposed a totallockdown to contain the spread of the disease. Owing to the lockdown, theautomotive industry is experiencing a total halt in the manufacturing andproduction operations globally. This is expected to have a drastic effect onthe industry that will grow at a snail’s pace in the foreseeable future.
We are constantly striving to help yourbusiness grow and sustain during the COVID-19 pandemic. Therefore, with thehelp of our proficient team of research analysts, we offer you a detailedanalysis of the market, based on our expertise and high experience acrossdifferent sectors.
An engine bearing is a component that is extensively adopted in an automotiveto reduce friction between the moving parts. They facilitate the desiredmovement of the engine without experiencing a loss in power. Considered to beone of the revolutionary human innovations amongst machines, they are capableof carrying heavy-duty loads and aid in the optimum functioning of thecrankshaft. The engine bearing is located in the crankcase and has an averagelifespan of about 1, 36,000 to over 1, 60,000 kilometers.
What does the Report Include?
The market report includes a detailedassessment of various growth drivers and restraints, opportunities, andchallenges that the market will face during the projected horizon.Additionally, the report provides a comprehensive research into the regionaldevelopments of the market, affecting its growth during the forecast period. Itincludes information sourced from the advice of expert professionals from theindustry by our research analysts using several methodologies. The competitivelandscape offers further detailed insights into strategies such as productlaunches, partnerships, mergers and acquisitions, and collaborations adopted bythe companies to maintain a market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Sales of Automotive to AidGrowth
The growing urbanization and highdisposable income of the working population are driving the demand forautomotive across the globe. The growing preference for light-weight vehiclesis propelling the automotive manufacturers to reduce the weight of severalcomponents such as engine bearings to improve its performance. Furthermore, theadoption of advanced technologies such as the industrial internet of things(IIoT) and machine learning to reduce the operating cost and improve the engineefficiency by the companies is expected to drive the global engine bearingsmarket during the forecast period.
SEGMENTATION
Main Bearing Segment to Dominate Owingto Increasing Focus by Companies to Develop Quality Products
The main bearing segment, based onproduct type, is expected to experience a strong growth owing to the increasingfocus to develop quality and light-weight engine bearings by the manufacturersin the forthcoming years. The flange bearing segment held a market share of1.50% in 2019 and is likely to showcase a considerable growth during theforecast period.
REGIONAL INSIGHTS
Increasing Automotive Production inAsia Pacific to Augment Growth
Among all the regions, Asia Pacific isexpected to remain at the forefront and hold the highest global market shareduring the forecast period. This is attributable to the increasing productionof automotive in countries such as India and China in the region. Additionally,several manufacturers in the region are heavily investing in developingsuperior quality and light-weight engine bearings that will contribute to themarket growth. The region was worth USD 2.81 billion in 2019.
COMPETITIVE LANDSCAPE
Product Launches by Major Companies toConsolidate Their Market Positions
The global market is highly fragmentedby the presence of major players such as MAHLE and the Timken Company. They areintroducing innovative engine bearings of superior quality and are striving toimprovise the design of the product to cater to the evolving consumer demandglobally. Moreover, the adoption of strategies such as merger and acquisition,partnership, and collaboration by key players is expected to contribute to themarket growth during the forecast period.
Industrial Development:
- February 2020: King Bearings introduced a new MC engine bearing to complement its current combustion engine development program. According to the company, the new product is likely to provide the required solution for the aftermarket demand for optimum performance and service life in engines.
List of the Leading Companies Operating in the Engine Bearings Market are:
- MAHLE Aftermarket GmbH (Stuttgart, Germany)
- ORS - Ortadoğu Rulman Sanayi ve Tic. A.Ş. (Ankara, Turkey)
- SNL (Maharashtra, India)
- NACHI-FUJIKOSHI CORP. (Tokyo, Japan)
- JTEKT Corporation (Osaka, Japan)
- MinebeaMitsumi Inc. (Minato, Tokyo, Japan)
- RBC Bearings Incorporated (Oxford, Connecticut, United States)
- NSK Ltd (Tokyo, Japan)
- King Engine Bearings Inc. (Livingston, USA)
- Schaeffler AG (Herzogenaurach, Germany)
- THE TIMKEN COMPANY (North Canton, Ohio, United States)
- WAFANGDIAN BEARING GROUP CORP.LTD. (Liaoning, China)
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Engine Bearings Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Main Bearing
- Connecting Rod Shell
- Flange Bearing
- Small End
- Camshaft Bush
- Market Analysis, Insights and Forecast – By Market
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
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