Market Overview
Market Research Future (MRFR), inits research study, emphasizes that the global market 2020 is projected to riserapidly over the forecast period, ensuring significant market valuation and ahealthy 6% CAGR over the review period.
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Drivers and Restraints
As per the trend, ball bearingsof ceramic and white metal alloy are expected to capture the automotive bearingmarket as they are lightweight and improve product quality by reducing frictionand energy consumption during operations. Over the forecast period, growth inautomotive production is expected to fuel the demand for automotive bearing.Demand for vehicles with technologically advanced solutions is growing, leadingto increased vehicle production requiring instrumented products.
High pricing and forging, however, are major challenges facing the globalautomobile bearings market. Despite the total decrease in the number ofbearings in the new electric vehicles, product innovations are expected tocontinue to generate bearings demand in the near future. In addition , themarket is currently polarizing to the most prominent players in the competitivelandscape, which is also expected to boost market growth during the reviewperiod.
Segmental Analysis
The Automotive Bearing Market canbe segmented based on type and vehicle type.
Segmentation by Type has beendone into Ball Bearings, Roller Bearings, Plain Bearings, Thrust Bearings, andOthers. The roller bearings will continue to roll to the top by product typecompared to other types of bearings, comprising ball bearings and plainbearings.
Vehicle type segmentation wasconducted into 2-Wheeler, Passenger, and Commercial. Based on vehicle type,passenger vehicles (PV) will remain the largest consumer of automotive bearingsin near future, among all vehicle types, such as commercial vehicles (CV) andtwo wheelers.
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AutomotiveBearing Market Regional Assessment
The global market geographicoverview was conducted in four major regions including Asia Pacific , NorthAmerica, Europe and the rest of the world.
The key regions for theautomotive bearing market are Asia-Pacific. The Asia-Pacific market forautomotive bearings is expected to show substantial growth. Emerging economieslike China, India, are expected to drive the market as a result of risingdemand for automobiles, the automotive bearing industry is expected to drivethe increased disposable income & buying power of individuals. China, whichis currently the second largest country-specific market in terms of revenue,Strong growth is expected in the coming years, gaining substantial market valueto become the largest country-specific automotive bearing market. The Asia-Pacificmarket is also growing due to factors such as increasing numbers of vehiclemanufacturing facilities due to low cost of production , increased capacity ofproduction and increased demand for light and heavy vehicles.
Developed regions like NorthAmerica and Europe will show static growth for the automobile bearing industry.The North America field is a developed market for car bearings. Originalmanufacturers of equipment in the region focus on efforts to improve productionquality to deliver quality product. Many original machinery manufacturers arebuilding manufacturing plants in Mexico and Canada, which is increasing demandfor car bearings.
Competitive Analysis
Jtekt Corporation, SchaefflerAG., NTN Corporation, Iljin Bearing Co. , Ltd., Svenska Kullagerfabriken AB,Timken Company, Timken Company, ORS Bearings, RKB Bearings, and CW Bearing arethe major players operating in the global market as identified by MRFR.
The market is experiencingincreased competition which is expected to further intensify during theforecast period. Market players combine acquisition, partnership, alliance andexpansion to gain competitive advantage in the sector and retain market place.
Technological advances in themanufacture of automotive test equipment and the increasing expenditure of keyplayers in research and development are expected to increase the level ofcompetition in the automotive bearing market.
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