Automotive Bearing Market

Automotive Bearing Market Insights

"The global automotive bearing market was estimated at USD 12.4 billion in 2020 and is likely to grow at a CAGR of 4.9% during 2021-2026 to reach USD 18.31 billion in 2026."

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Introduction

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.

Automotive Bearing Market Drivers

The automotive bearing market is highly dependent on the organic growth of automotive production and follows similar strides as automotive production. 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.

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.

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.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Automotive Bearing Market Segments' Analysis

Bearing Trends

"The ball bearing segment accounted for the largest market share."

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 speeds as compared to roller bearings and its ability to bear both radial and axial load in moderate amounts.

Vehicle Trends

"The passenger vehicle segment accounted for the largest market share."

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.

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Material Trends

"The metallic bearing segment accounted for the largest market share."

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

"Asia-Pacific accounted for the largest market share."

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 and it held a revenue share of more than 50% in . 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.

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Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects automotive bearing market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

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 1,000 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 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 in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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
• Light Commercial Vehicle (LCV)
• Medium & Heavy Commercial Vehicle (MHCV)

By Bearing Type

• Ball Bearing
• Roller Bearing
• Plain Bearing

By Material Type

• Metallic
• Non-Metallic
• Hybrid

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, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, 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 sales@stratviewresearch.com.