Market Research Report
Automotive Bearings Market by Bearing Type and Vehicle Type, and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2020-2027
|Automotive Bearings Market by Bearing Type and Vehicle Type, and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2020-2027|
Published: September 24, 2020
Allied Market Research
Content info: 249 Pages
Delivery time: 2-3 business days
Bearings are mechanical devices that are employed to reduce friction between rotating equipment. They are the central part in various automobiles that allow the desired motion and compel relative motion. Furthermore, they ensure efficiency and speed enhancement of the vehicle. Moreover, ongoing developments in the automotive sector is a major factor that fuels the adoption of bearings in the global market. The adoption of bearings is the highest among automotive industries in the developing countries of the Asia Pacific region such as India, China, Japan, and South Korea. This trend is expected to significantly supplement the bearings market growth due to rapid mechanization.
Favorable economic, demographic, and political factors have created a conducive environment for the automotive industry. Since past five to six years, automotive production has increased at a steady rate globally. U.S. and China have emerged as the largest automobile markets, both in sales and production. Automotive companies focus on automation of several tasks, from procurement to assembling to catering to the increasing production demands.
The key factors that drive the growth of the global automotive industry are increase in labor costs, new safety regulations, implementation of stringent emission requirements, and rise in consumer trends. Use of robotic systems in this industry enables manufacturers to achieve high quality, reliability, and increase in product life cycle. In addition, as per the data released by the International Organization of Motor Vehicle Manufacturers (OICA), the automobile production has shown significant growth in the past decade in Asia compared to Europe.
Furthermore, surge in demand for automobiles globally and rise in income of the middle class population & young population are boosting the growth of the market. Furthermore, increase in focus toward reduction of vehicle weight and rise in automobile production & sales significantly contribute toward the growth of the market. However, increase in vehicle electrification and fluctuating raw material prices and high maintenance cost are restraining the growth of the market. On the contrary, the emergence of sensor bearing units and development of additive manufacturing technologies & materials to manufacture bearings are expected to provide lucrative growth opportunities for the players operating in the automotive bearings market.
At present, Asia-Pacific dominates the market, followed by Europe, North America, and LAMEA. China dominated the global market in 2019, whereas India is expected to grow at a significant rate in Asia-Pacific during the forecast period.
The global automotive bearings market is segmented into bearings type, Vehicle type, distribution channel, and region. Ball bearing, roller bearing, and others are studied under the bearings type segment. By vehicle type, the market is categorized into passenger car, commercial vehicle, and two-wheeler. OEM and aftermarket are studied under distribution channel segment. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global automotive bearings market are ILJIN co., ltd., JTEKT Corporation, Nippon Thompson Co., Ltd. (IKO International, Inc.), NSK Ltd, NTN Corporation, RBC Bearings Incorporated, Schaeffler AG, SKF, THK CO., LTD., and The Timken Company.
By Bearing Type
By Vehicle Type
By Distribution Channel