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    Automotive Bearing Market Report

    Automotive Bearing Market Report
    Report code - SRTI197 Published On : Apr,2021 No. of Pages: 240
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    Automotive Bearings Market Size, Share, Trend, Forecast, & Competitive Analysis: See more...

    Impact of COVID-19 on Automotive Bearing Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Automotive Bearing Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    In the automotive industry, bearings are used to enable rotational or linear movement while reducing friction and handling stress. Bearings are usually designed to bear axial, radial, or a combination of both loads. The structure of bearing consists of rolling elements and inner and outer races. This assembly allows one part to bear another in automobiles. When selecting a bearing for a particular application, factors like bearing friction, temperature, and lubrication along with the design and construction of the bearing need consideration.

    The industry had already been under stress in 2019 as the new vehicle production had fallen prey to the economic downslide. Even the emerging economies, such as China and India, the growth propellers of the industry, couldn’t escape the grave impact of the falling production in the past year. The industry was looking forward to remedial growth in 2020, but the onset of the COVID-19 pandemic shattered all expectations of the stakeholders, creating havoc with its prolonged impact across regions. The automotive bearings market is highly dependent on the organic growth of automotive production and follows similar strides as automotive production.

    The catastrophe of the COVID-19 pandemic shook the automotive industry to the core in 2020. The short-term impact on the market remains apparent - mass employee layoffs across regions and industry verticals, leading to the reduced purchasing power of consumers, and ultimately resulting in decreased demand for new vehicles. This, paired with cash-burnouts of several players, production halts and reductions, and shrinking economies across the globe collectively contributed towards the massive decline in the automotive industry, imprinting a decline of over 15% in the demand for bearings in the automotive industry in 2020. The market for bearings in the automotive industry is subjected to mark a healthy rebound in the coming years to reach an estimated value of US$ 18.31 billion in 2026.

    Segments' Analysis

    Automotive Bearings Market Share by Vehicle Type

    Based on the vehicle type, we have segmented the market as passenger vehicle, LCV, and MHCV. Passenger vehicle is expected to maintain its indubitable lead till 2026, driven by a sustained increase in urban demand, rising consumer disposable income, increasing motorization rate, and reasonably higher production of passenger cars than commercial vehicles. Among all vehicles, passenger vehicle was least affected in 2020 and is expected to register the fastest recovery followed by LCV. In passenger car, electric vehicle is estimated to record a brilliant growth trajectory in the coming years.

    Automotive Bearings Market Share by Bearing Type

    Based on the bearing type, we have classified the market as ball bearing, roller bearing, and plain bearing. Ball bearing is likely to remain the dominant bearing type in the market till 2026, given its characteristics of efficient functioning at higher speed as compared to roller bearings and ability to bear both radial and axial load in moderate amounts.

    Automotive Bearings Market Share by Material Type

    Based on the type of material, we have classified the market as metallic, non-metallic, and hybrid. Metallic bearing is projected to maintain its invincible lead in the market till 2026, propelled by its ability to sustain in applications involving extremely high loads and fast rotations per minute (rpm). Stainless steel is the most widely used bearing material type, its excellent corrosion- and temperature-resistant properties make it superior to other competing materials. The non-metallic bearing type is anticipated to make the fastest recovery in the post-pandemic market developments, closely followed by hybrid bearing.

    Regional Analysis

    All regions registered massive downfalls in 2020 in the wake of the pandemic. Asia-Pacific registered the minimum loss in 2020 and is projected to maintain its lead in the global market during the study. China, India, and Japan, with a majority of the world’s population, are creating a massive demand for vehicles, which, in turn, is causing a stir in the region’s automotive bearings market. The Chinese automotive industry is witnessing an advanced recovery after the strategic and efficient control of the COVID-19 outbreak. North America and Europe are also likely to bounce back, creating a healthy demand in the years to come.

    Key Players

    The supply chain of this market comprises raw material suppliers, automotive bearings manufacturers, distributors, OEMs, dealers, and distributors.

    The key automotive bearing manufacturers include-

    • Schaeffler Group
    • AB SKF
    • NSK Ltd.
    • NTN Corporation
    • JTEKT Corporation
    • The Timken Company

    The formation of long-term contracts, application development, and development of innovative products are some of the key strategies adopted by the major players in order to gain a competitive edge in the market. The prevalent COVID-19 crisis has pushed leading players to realign their strategies to adapt to the need of the hour.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive bearings market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term ramifications of the COVID-19 pandemic on the demand for automotive bearings at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data and information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 700 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    The automotive bearings market is segmented into the following categories. 

    Automotive Bearings Market Size, Share & Forecast, by Vehicle Type

    • Passenger Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • LCV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • MHCV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Automotive Bearings Market Size, Share & Forecast, by Bearing Type

    • Ball Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Roller Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Plain Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Automotive Bearings Market Size, Share & Forecast, by Material Type

    • Metallic Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Non-Metallic Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Hybrid Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Automotive Bearings Market Size, Share & Forecast, by Application Type

    • Engine & Transmission System (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Steering System (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Wheels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Automotive Bearings Market Size, Share & Forecast, by End-User Type

    • OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Automotive Bearings Market Size, Share & Forecast, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Argentina, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]

    Frequently Asked Questions (FAQs)

    The automotive bearing market size is expected to reach US$ 18.31 billion in the foreseeable future.

    Schaeffler Group, AB SKF, NSK Ltd., NTN Corporation, JTEKT Corporation, The Timken Company are among the key players in the automotive bearing market.

    Asia-pacific is expected to maintain its lead in the automotive bearing market during the forecast period.

    Metallic bearing is expected to maintain its lead in the automotive bearing market during the next five years.

    Ball bearing is expected to remain dominant bearing type in the automotive bearing market in the coming years.

    Passenger vehicle is expected to maintain its indubitable lead in the automotive bearing market till 2026.

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