The new report by Expert Market Research titled, ‘Global Automotive Bearings Market and Forecast 2022-2027’, gives an in-depth analysis of the global automotive bearings market, assessing the market based on its segments like type, vehicle type, distribution channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 38,175.7 Million
- Forecast CAGR (2022-2027): 6.9%
- Forecast Market Size (2027): USD 56,970.92 Million
|Market Size in 2021||38,175.7 Million|
|Revenue Forecast in 2027||56,970.92 Million|
|Growth Rate CAGR||6.9%|
|Major Players||The Timken Company, SKF, THK CO., LTD, RBC Bearings Incorporated, Schaeffler AG,
NTN Corporation, ILJIN co., ltd, Nippon Thompson Co., Ltd, JTEKT Corporation, and NSK Ltd.
The Asia Pacific region accounts for a major share of the global automotive bearings market. The region’s dominant position in the market can be attributed to its strong automotive industry. In the Asia Pacific region, China and India are likely to be the major growth propellers, driven by the increasing demand for new and innovative vehicles.
Bearings are an indispensable part of automobile manufacturing and play a vital role in the smooth functioning of vehicles. The growing automobile production is the major driver for the automotive bearings market. The growing inclination toward electric vehicles is also contributing to the growth of the automotive bearings market. With the increasing number of innovations in terms of new models and new types of vehicles, the demand for bearings is also surging.
Automotive Bearings Industry Definition and Major Segments
Bearings were developed towards the end of the 19th century and were initially made by hand. Today, bearings form the most essential component of several types of machinery. These bearings through their rolling motion make movements easier and help in reducing friction. In the automotive industry, bearings are used in several applications like engines, wheels, steering, pumps, and electrical motors.
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Based on the type of bearing, the global automotive bearing market has been segmented as:
- Roller Bearing
- Ball Bearing
Based on the vehicle type, the market has been bifurcated as:
- Passenger Car
- Commercial Vehicle
Distribution channels for automotive bearings include:
For an in-depth analysis, the market is also divided into regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Automotive Bearings Market Market Trends
The demand for electric vehicles is gaining huge traction and this would ultimately favor the bearing manufacturers. The demand for bearings that leads to less noise and vibration, helps in weight reduction, and makes powertrains and chassis more energy-efficient is on the rise. Some market players are involved in the development and launch of new products. For instance, in 2022, Schaeffler AG launched two new bearings, namely TriFinity triple-row wheel bearing and ball bearing with centrifugal disc specially made for electric vehicles. Through these products, the company aims to provide solutions that help in efficient and sustainable mobility.
Key Market Players
The major players in the automotive bearings market are:
- The Timken Company, SKF, THK CO.
- LTD, RBC Bearings Incorporated
- Schaeffler AG, NTN Corporation
- ILJIN co. ltd
- Nippon Thompson Co. Ltd
- JTEKT Corporation
- NSK Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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