Market Research Report
Europe Automotive Bearing Market - Growth, Trends, and Forecasts (2020 - 2025)
|Europe Automotive Bearing Market - Growth, Trends, and Forecasts (2020 - 2025)|
Published: August 1, 2020
Mordor Intelligence Pvt Ltd
Content info: 80 Pages
Delivery time: 2-3 business days
The Europe Automotive Bearing market is anticipated to register a CAGR of greater than 3.3% during the forecast period (2020 - 2025).
Automotive bearing is an integral component of any vehicle due to its basic functionality of allowing the wheels to spin correctly. As a result, automotive bearings have always remained in demand, and with more extensive ownership of personal cars and growing technological advancements, the need for these bearing will only increase.
Bearings provide linear or rotational movement, while they also handle high stress acting on the external and internal frictionless metal surface, which supports the smooth movement of the vehicles. However, bearings add significant weight to the car; as a result, OEMs are working continually toward reducing the overall vehicle weight, which lowers the energy required to operate the vehicle, thereby increasing fuel economy.
Germany is the leader as a producer and an exporter of bearing part; as a result, it is a dominant market in bearing production in Europe. Many high-end bearing components are manufactured across Europe with manufacturing plants in countries France, Italy, Romania, Slovakia and Poland showing a positive growth.
Automotive Bearing Holds the Largest Market Share by Product Type
Automotive bearing is on the rise amongst bearing manufacturers, owing to the expansion of the automobile industry. Although, there tremendous competition in the market, resulting in taking manufacturers to focus more on improving their rolling element bearing products.
Wheel bearings tend to wear out after performing thousands of miles. Both the perpetual revolution of the wheels and the vehicle's weight result in wearing out of wheel bearings, making the wheels unable to roll effectively.
In 2019, the automotive industry saw numerous developments of new rolling element bearings. Newer car models offer sealed units to keep the bearings away from dust, dirt, debris, and prevent contamination and reduce premature wear are in rising. However, it also limits servicing, cleaning, and greasing of bearing, which was accessible in the older model.
Nevertheless, bearing manufactures primary goal is to improve strength and reduce unnecessary weight. To provide more durable bearings, companies like SKF are developing bearing cages made of titanium alloys. Titanium alloyed bearings have proven to offer higher tensile strength with temperature resistance properties. Such an alloy is useful for high acceleration applications.
Germany Dominates the European Automotive Bearing Market
In Europe, the bearing manufacturer has to meet the high standards of contract suppliers that are approved by the government. Both the structural strength and chemical composition are critical to the European bearing market, with additional standards for approved wire or castings.
Investments in specific heat treatment to control tempering and quenching is mandatory check-in in the region. Methods like Supercooling may also be a requirement in colder European counties. The Grade for preference in Europe for castings differs, however high-strength Grade such as 250 (BS EN1561:1997) cast iron is often desirable, and for forge-rolled rings, SAE 52100 and 100Cr6 are the normal grades for bearing steel.
Although the import of bearing components is expected to slow down in the coming years, to tackle the problem, Europe on European imports of bearing parts from third countries is levied by 8%. Countries like Turkey and South America benefit from a 0% tariff rates under the Generalized System of Preferences or through bilateral arrangements.
The Europe Automotive bearings market is fragmented. Although few of the existing players such as NSK Ltd, Myonic GmbH, JTEKT Corporation, NTN Bearing Corporation, SKF, and NTN Bearings hold the most significant shares. To have the edge over its competitors' companies is making joint-ventures, partnerships, launching new products with advanced technology.
For instance, in April 2018, Schaeffler developed a new transmission bearing with low friction, known as an angular roller unit (ARU). In March 2018, NSK acquired a 2.5-generation high-performance taper-roller hub unit bearing with a hub shaft for vehicles, like pickup trucks, large SUVs, and commercial vehicles.
Schaeffler is headquartered in Herzogenaurach, Germany, and is in the bearing business since 1946, developing both rolling bearings, plain spherical bearings, plain bearings, and also bearings for the automotive industry. The company's automotive division offers bearing solutions in transmissions and chassis. The company's industrial division offers rolling and plain bearings and additional maintenance products, linear technology, monitoring systems, and direct drive technology.