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    Automotive Bearing Market Growth Analysis | 2021-2026

    Automotive Bearing Market Growth Analysis | 2021-2026
    Report code - SRTI197 Published On : Apr,2021 No. of Pages: 240
    Automotive Bearing Market Size, Share, Trends, Forecast, & Growth Analysis -  See more...

    Market Insights

    The automotive bearing market is subjected to mark a healthy rebound in the coming years to reach an estimated value of USD 18.31 billion in 2026. The automotive bearing market is highly dependent on the organic growth of automotive production and follows similar strides as automotive production.

    Automotive-Bearing-Market-Insights

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    What is automotive bearing?

    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 the 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.

    Covid-19 Impact

    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 catastrophe of the COVID-19 pandemic shook the automotive industry to the core in 2020.

    The industry had already been under stress in 2019 as 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 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.

    Automotive Bearing Market Report Highlights

    Market Size in 2026

    18.31 billion

    Base Year of Study

    2020

    Trend Period

    2015-2019

    Forecast Period

    2021-2026

    Segments Covered

    By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle (LCV), and Medium & Heavy Commercial Vehicle (MHCV)),

    By Bearing Type (Ball Bearing, Roller Bearing, and Plain Bearing),

    By Material Type (Metallic, Non-Metallic, and Hybrid),

    By Application Type (Engine & Transmission System, Steering System, Wheels, and Others)

    By End-User Type (OE and Aftermarket),

    By Region (North America, Europe, Asia-Pacific, and Rest of the World).

    Market Dynamics

    The growth of the automotive bearing market is primarily driven by-

    • Automakers around the world are focusing on decreasing the overall weight of vehicles in an attempt to improve fuel efficiency and lower carbon dioxide emissions.
    • The overall weight of vehicles can be significantly reduced by using lightweight bearings.
    • The increase in demand and sales of commercial vehicles in the European region and the rise in sales and production of automobiles, especially in Asia-Pacific.
    • The market is projected to get boosted by the rising demand for specialized bearing solutions to meet the requirements and challenges of specific industries.

    Automotive-Bearing-Market-Dynamics

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    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 needs of the hour.

    Segments Analysis

    By Vehicle Type

    The automotive bearing market is segmented into passenger vehicles, LCVs, and MHCVs. The passenger vehicle is expected to maintain its indubitable lead in the market 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, a passenger vehicle was least affected in 2020 and is expected to register the fastest recovery followed by LCV. In a passenger car, an electric vehicle is estimated to record a brilliant growth trajectory in the coming years.

    Automotive-Bearing-Market-By-Vehicle-Type

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    By Bearing Type

    The market is segmented into ball bearings, roller bearings, and plain bearings. The 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 its ability to bear both radial and axial load in moderate amounts.

    By Material Type

    The market is segmented into metallic, non-metallic, and hybrid. The metallic bearing is projected to maintain its invincible lead in the market till 2026, propelled by its ability to sustain 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 the hybrid bearing.

    Regional Insights

    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 forecast period. 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 bearing 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.

    Automotive-Bearing-Market-Regional-Insights

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The automotive bearing market is segmented into the following categories.

    By Vehicle Type

    • Passenger Vehicle
    • LCV
    • MHCV

    By Bearing Type

    • Ball Bearing
    • Roller Bearing
    • Plain Bearing

    By Material Type

    • Metallic Bearings
    • Non-Metallic Bearings
    • Hybrid Bearings

    By Application Type

    • Engine & Transmission System
    • Steering System
    • Wheels
    • Others

    By End-User Type

    • OE
    • Aftermarket

    By Region

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

    Automotive-Bearing-Market-Segmentation

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    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive bearing 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 levels.

    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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Automotive Bearing Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    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 sales@stratviewresearch.com.

    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, and The Timken Company are among the key players in the market.

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

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

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

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

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