Automotive Bearing Market by Bearing Type (Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, Needle Roller Bearing, Thrust Roller Bearing], Ball Bearing [Deep-Groove Ball Bearing, Angular Contact Ball Bearing, Thrust Ball Bearing, Self-Aligning Ball Bearing], Plain Bearing), by Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle, Electric Vehicle [Two-Wheeler, Passenger Car, Commercial Vehicle]), by Sales Channel (OEM, OES, IAM), by Material (Metal Polymer, Solid Polymer, Fiber-Reinforced Composite, Others), by Application (Transmission, Axle, Wheel End, Engine, Others), by Geography (U.S., Mexico, Canada, Germany, U.K., France, Italy, Spain, Netherlands, Norway, China, Japan, South Korea, India, Australia, U.A.E., Brazil) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2025
NEW YORK, Jan. 14, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, automotive bearing market is projected to reach $53.3 billion by 2025. The market growth is primarily driven by growing automotive industry coupled with increasing focus toward vehicle weight reduction. Several manufacturers are focusing to improve vehicle efficiency by reducing weight of the vehicle. For this, they are focusing on lightweight bearings employing high durability and stiffness. Besides this, the manufacturers are also using low torque and enhanced forging techniques in bearing production. Thus, the increased focus on reducing the weight of the vehicle is resulting in growing adoption rate of advanced bearings, which sequentially, is propelling the growth of the market.
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On the basis of bearing type, the automotive bearing market has been categorized into ball bearing, roller bearing, and plain bearing. Among these, ball bearing is estimated to hold the largest market share in 2018 with around 50% of the total market share in terms of volume. This is due to the high usage of ball bearings in passenger cars and two-wheelers. However, during the forecast period, the market share of ball bearing is anticipated to decrease, while the share of roller bearing is expected to increase, owing to the growth in manufacturing and sales of heavy-duty vehicles.
Based on vehicle type, the automotive bearing market has been categorized into two-wheeler, passenger car, commercial vehicle, and electric vehicle. Of these, the market for automotive bearings in electric vehicle showcased the fastest growth, in terms of volume, during the historical period. Increased government support in form of subsidies and regulations, and public acceptance of electric vehicles drove the demand for these vehicles, which in turn, boosted the market growth, globally.
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Of all the sales channel, which comprise original equipment manufacturer (OEM), original equipment supplier (OES), and independent aftermarket (IAM), the market for automotive bearings in the OEM category is expected to witness the fastest growth, during the forecast period. Bearing manufacturers are rapidly developing and improving their platforms, products, and related services, and increasing product development capabilities to deliver better solutions to their customers. These increase the bearings demand in the OEM category, which in turn, boost the growth of the automotive bearing market.
Geographically, the APAC region is estimated to hold the largest share in the global automotive bearing market, accounting for more than 45% sales volume in 2018. Among the countries, China is expected to remain the market leader for automotive bearings, due to the rising regional demand for the automotive vehicles. Exports of low-end and small-sized bearings significantly drive the automotive bearing industry in China.
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Companies in the automotive bearing industry are actively participating in mergers and acquisitions, in order to expand their product portfolio and gain more share in the market. For instance, in 2018, the Timken Company acquired Cone Drive Operations Inc., a precision drives and gears manufacturer; and ABC Bearings Ltd., an Indian bearing manufacturing company, to enlarge its portfolio and strengthen its export capabilities to serve the automotive bearing market.
Some of the major players operating in the automotive bearing market are JTEKT Corporation, MINEBEA MITSUMI Inc., NSK Ltd., NTN Corporation, Schaeffler AG, The Timken Company, AB SKF, RBC Bearings Inc., NACHI-FUJIKOSHI CORP., C&U Group Ltd., and others.
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