| A05757 | Pages: 249 | Sep 2020 | 8343 Views | ||
| Author(s) : Lalit Katare , Sonia Mutreja | Tables: 104 | Charts: 72 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Automotive Bearings Market
Request Now !The global automotive bearings market was valued at $31,606.67 million in 2019, and is projected to reach $48,415.95 million by 2027, registering a CAGR of 6.8% from 2020 to 2027. By vehicle type, the passenger car segment was the highest revenue contributor in 2019, accounting for $18,801.9 million, and is estimated to reach $28,369.8 million by 2027, registering a CAGR of 6.6% during the forecast period. In 2019, Asia-Pacific was anticipated to account for major market share.
With the outbreak of the COVID-19 pandemic across the globe, the automotive bearings market has been negatively impacted, as manufacturing units have been shut down due to the lockdown imposed in major countries across the globe. Although unavailability of skilled labor has affected the market, it is expected to register a significant growth in the near future, owing to rise in vehicle sale and adoption of advanced technology-based bearing for various automotive components/applications.
Bearing is a machine element that constrains relative motion to only desired motion and reduces friction between moving parts. Automotive bearings are a vital component in automobiles, and are responsible for efficient and smooth running of the vehicle. Their major function is to enable linear or rotational movement along with handling high stress. Various types of bearings used in the automotive sector include engine bearings, transmission system bearings, steering system bearings, air conditioner bearings, and others. Bearings are used in two wheelers, personal cars, three wheelers, and heavy load carrying commercial vehicles.
Get more information on this report : Request Sample Pages
The growth of the global automotive bearings market is driven by increase in focus toward reduction of vehicle weight, rise in automobile production along with sales. However, increase in vehicle electrification, fluctuation in raw material prices, and high maintenance cost are the key restraining factors of the global market. Furthermore, the emergence of sensor bearing units and development of additive manufacturing technologies & materials to manufacture bearings are anticipated to provide lucrative growth opportunities for the players operating in the automotive bearings market.
With the outbreak of the COVID-19 pandemic across the globe, the automotive bearings market has been negatively impacted, as manufacturing units have been shut down due to the lockdown imposed in major countries across the globe. Although unavailability of skilled labor has affected the market, it is expected to register a significant growth in the near future, owing to rise in vehicle sale and adoption of advanced technology-based bearing for various automotive components/applications.
The global automotive bearings market is segmented into bearings type, Vehicle type, distribution channel, and region. On the basis of bearings type, the market is categorized into ball bearing, roller bearing, and others. Depending on vehicle type, it is segregated into passenger car, commercial vehicle, and two-wheeler. OEM and aftermarket are studied under the distribution channel segment. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The Key players operating in the global automotive bearings market are ILJIN co., ltd., JTEKT Corporation, Nippon Thompson Co., Ltd. (IKO International, Inc.), NSK Ltd, NTN Corporation, RBC Bearings Incorporated, Schaeffler AG, SKF, THK CO., LTD., and The Timken Company.
Get more information on this report : Request Sample Pages
Owing to improvement in fuel efficiency and lower carbon dioxide (CO2) emissions, automakers across the world are focusing on reducing the overall weight of vehicles. Lightweight bearings significantly contribute toward reducing the overall weight of vehicles. For this purpose, bearings makers are focusing on using low tolerance and enhanced forging techniques in production, in a bid to remain competitive and to comply with the changing norms. In addition, SKF, a bearing and seal manufacturing company, is developing compact and lightweight bearings, which have been designed to run at extremely high speeds, with enhanced stiffness, superior load carrying capability, and prolonged operating life. Moreover, modern cars and sporty utility vehicles (SUVs) have strong demand for lightweight bearings for better durability, stiffness, and weightlessness. Therefore, increase in focus on vehicle weight reduction fuel to the overall growth of the automotive bearing market.
All moving parts of automobiles require bearings to function. Bearings enhance the performance of vehicles, bear heavy loads, and reduce friction. Some major sub-systems where bearings are used are engines, gearboxes, transmissions, wheels, steering, electrical motors, and pumps. In addition, even wipers, rear view mirrors, door, and bonnet hinges need bearings for smooth functioning. Moreover, with increase in a number of models and new types of vehicles entering the market, the demand for bearings is witnessed to increase considerably. Furthermore, with expanding middle-class population and increasing disposable income, automobile sale is expected to grow in the coming years. For instance, according to the data by the International Organization of Motor Vehicle Manufacturers (OICA), global production of passenger vehicles stood at 67 million units in 2019. The sale of commercial vehicles 27 million units in 2019, registering a growth of 3.8% as compared to the 2018. Therefore, surge in production of vehicles globally is directly influencing the growth of automotive bearing market in the near future.
Get more information on this report : Request Sample Pages
Electric vehicles need less number of bearings as compared to conventional fuel-based vehicles. In addition, as motor vehicle manufacturers embrace hybrid-electric and all-electric drive systems to meet fuel economy mandates and reduce fuel use, original equipment manufacturers are introducing a potential new wheel drive systems. Electric vehicles are equipped with in-wheel or wheel hub motor system. Electric vehicle in-wheel motor systems replace the transmission, drive shaft, axles, and differentials, normally used in conventional vehicles that are equipped with the set of bearings. The motor supplies torque directly to the wheels, thus making drive shafts and differential gears obsolete. Thus, increase in electrification in vehicles acts as a major restraint of the automotive bearing market.
The cost of raw materials remains the top overall concern for manufacturers. Raw material accounts for around 60–62% of bearings manufacturer’s revenue. The raw material price of automotive bearing continuously fluctuates as per market economic condition. Regarding extreme price volatility of raw materials becoming a real challenge for companies to remain competitive and assure sustainable margins. As high grade steel and alloy steel are the primary raw materials used for manufacturing bearings, bearings price is highly correlated with the global steel price movement. Thus, fluctuation of raw material price creates challenges for the bearing manufactures to produce bearings for vehicle in comparative price and high quality. In addition, bearings require maintenance regularly to prevent failure and prolong their service life, which further increase maintenance costs. Therefore, factors such as fluctuating raw material prices and regular maintenance cost hinder the growth of automotive bearing market, globally.
Get more information on this report : Request Sample Pages
With the goal of improving performance, the latest trend among vendors in automotive industry is the incorporation of sensor units in bearings. The most popular sensor bearings are found in automotive wheel applications. Most automotive hub unit bearings commonly include speed sensors that send wheel speed data to the anti-lock brake system (ABS) and traction control units of two-wheelers and light vehicles. In addition, sensor bearing units assist in digital monitoring of rotation speed, axial movement, deceleration, acceleration, and load carrying capacity in passenger and commercial vehicles. For instance, NTN Bearing Corp. is developing speed-sensing bearing hub for use in anti-lock braking system (ABS), and also for use in large off-highway construction and agricultural vehicles. Moreover, sensor ball bearings are being used in other automotive applications such as road rollers, forklifts, and electric vehicle motors. Furthermore, increase in use of components in various applications and sensor-based technology with compact, robust, easy-to-mount, and cost saving attributes are anticipated to offer lucrative the opportunities for expansion of the automotive bearing market in near future.
Additive manufacturing offer industry participants a lightweight and cost-effective way to produce the complex bearing components. In addition, additive 3D printing allows to incorporate more complexity into a bearing design, thereby improving its performance. For instance, Bowman International, a UK-based bearings manufacturer, redesigned a cage using additive 3D printing technology to add more rolling elements to the bearing, which increased bearing’s service life. Moreover, with 3D printing, it is possible to design lightweight bearings, which would be difficult and time-consuming to do with conventional manufacturing technology. Furthermore, several industry players are strategically collaborating with technology players to develop additive manufacturing processes. For instance, in July 2018, Bowman International (a manufacturer of bearings and sintered components) entered into partnership with AMFG (an automation software specialists) to strengthen additive manufacturing (AM) division by taking on AMFG’s AI-powered automation software to enhance production of bearings and sintered components. Furthermore, the usage of advanced bearing materials such as chrome steel in high-precision ball bearing enhances the hardness, wear resistance, and fatigue life of products. The usage of tungsten carbide enhances stress and impact handling characteristics along with requiring low lubrication for working efficiently in high-temperature conditions. Thus, the development of additive manufacturing technologies along with uses of advanced materials is anticipated to offer potential growth opportunities for automotive bearing market.
Get more information on this report : Request Sample Pages
Key Benefits For Stakeholders
Key Market Segments
Key Market Players
Loading Table Of Content...
Automotive bearings involve a ball with an external and internal frictionless metal surface to support smooth movement of bearings. Various types of bearing include ball bearing, roller bearing, and plain bearing.
The ball inside the bearing handles the load, which, in turn, causes rotation of the bearing. The bearing demand is increased in the automotive industry, as the implementation of bearings helps reduce wear and tear caused by friction. The automotive bearings market is segmented on the basis of bearings type, vehicle type, distribution channel, and region.
The automotive bearings market is analyzed on the basis of its prospect and future growth rate. The report highlights numerous factors that influence the growth of the global automotive bearings market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market.
The growth of the global automotive bearings market is driven by increase in focus toward reduction of vehicle weight and rise in automobile production & sales. However, increase in trend of vehicle electrification, fluctuating raw material prices, and high maintenance cost are the restraining factors of the market. Conversely, emergence of sensor bearing units and development of additive manufacturing technologies & materials to manufacture bearings are projected to provide lucrative growth opportunities for the players operating in the automotive bearings market.
Among the analyzed regions, Asia-Pacific is the highest revenue contributor, and is anticipated to continue this trend during the forecast period, followed by Europe, North America, and LAMEA. This growth is attributed to rise in disposable income and expected rise in production & vehicle sale.
A. NSK Ltd. has developed a new ultra-high-speed bearing ideal for electric vehicles, including battery electric, hybrid, and other new energy vehicles. The new bearing enables electric motors to operate at higher speeds, improving fuel economy, increasing maximum vehicle range, and contributing to enhanced user comfort.
A. The global automotive bearings market was valued at $31,606.67 million in 2019, and is projected to reach $48,415.95 million by 2027, registering a CAGR of 6.8% from 2020 to 2027.
A. The report sample/ company profile section for automotive bearings market report can be obtained on demand from the website.
A. Key players operating in the global automotive bearings market are ILJIN co., ltd., JTEKT Corporation, Nippon Thompson Co., Ltd. (IKO International, Inc.), NSK Ltd, NTN Corporation, RBC Bearings Incorporated, Schaeffler AG, SKF, THK CO., LTD and THE TIMKEN COMPANY
A. The company profile section for automotive bearings market report can be obtained on demand from the website.
A. Among the analyzed geographical regions, currently Asia-Pacific is dominating the market with the highest revenue in the global market. However, Europe is expected to grow at a higher rate during the forcast period, predicting lucrative opportunities .
A. The companies profiled in the report along with the, automotive component manufacurers, components and architecture manufactureres for vehicle, EV manufacturers and aftermarket solution providers service providers of automotive bearings industry.
A. The key growth strategies adopted by the automotive bearings players includes innovations, merger, product launch, investent, joint venture, partnership and business developments with the increased RnD expenditure.
A. With the advent in COVID-19 pandemic across the globe, the global automotive bearings market has been affected as the manufacturing units have been shut down due to the imposed lockdown in major countries across the globe. Also, the unavailability of skilled labor has affected the market but the global automotive bearings market is expected to register a significant growth in the near future owing to its rising vehicle sale & adoption of advance technology based bearing for various automotive components/applications.
Start reading instantly.
This Report and over 13,000+ more Reports, Available with Avenue Library. T&C*.
10%
Discount
10%
Discount
15%
Discount
15%
Discount
Enterprise
License/PDF
20%
Discount
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers