Automotive Bearings Market
According to the report published by Allied Market Research, the global automotive bearings market garnered $31.60 billion in 2019, and is expected to generate $48.41 billion by 2027, witnessing a CAGR of 6.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning segments, major segments, market size & forecasts, value chain, and competitive landscape.
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Inclination toward total weight reduction of vehicles and increase in sales & production of automobiles worldwide fuel the growth of the global automotive bearings market. However, surge in vehicle electrification and fluctuations in raw material prices restrain the market growth. On the other hand, emergence of sensor bearing units and advent of innovative additive manufacturing technologies create lucrative opportunities in the next few years.
By bearing type, the ball bearing segment contributed to the largest share in 2019, accounting for nearly half of the total market share, and is expected to maintain its highest contributing during the forecast period. However, the roller bearing segment is expected to manifest the fastest CAGR of 7.3% from 2020 to 2027.
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By vehicle type, the two-wheeler segment is projected to grow at the fastest CAGR of 7.5% from 2020 to 2027. However, the passenger car segment accounted for the highest market share, contributing to nearly three-fifths of the global automotive bearings market share in 2019, and will maintain its lead position throughout the forecast period.
By region, Asia-Pacific held the largest market share with nearly two-fifths of the total share of the market in 2019, and is estimated to maintain its dominance in terms of revenue by 2027. Moreover, this region is projected to witness the highest CAGR of 7.7% from 2020 to 2027. The report also analyzes regions including North America, Europe, and LAMEA.
Leading players of the global automotive bearings market analyzed in the research include ILJIN Co., Ltd., Nippon Thompson Co., Ltd. (IKO International, Inc.), JTEKT Corporation, NTN Corporation, NSK Ltd, Schaeffler AG, RBC Bearings Incorporated, THK Co., Ltd., SKF, and The Timken Company.
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COVID-19 Scenario:
1. Manufacturing facilities have halted their day-to-day operations due to lockdown restrictions imposed by governments. Moreover, there have been disruptions in supply chain, which in turn, resulted in shortage of raw materials.
2. As majority of labors have returned to their hometowns, the operations have not been resumed with full capacity during the post-lockdown period.
3. Research and development activities have been halted as facilities have been closed down. However, they would regain momentum as facilities begin their operations with full capacity.
4. The sales and demand for technologically- advanced bearings would rise post-lockdown as day-to-day operations in manufacturing facilities and supply chain resume.
Automakers worldwide are prioritizing weight reduction in vehicles to enhance fuel efficiency and reduce carbon dioxide (COâ‚‚) emissions. Lightweight bearings are essential for achieving this weight reduction, prompting bearing manufacturers to adopt low-tolerance and advanced forging techniques to remain competitive and meet evolving regulatory standards.
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A key trend in the automotive industry is the integration of sensor units in bearings to boost performance. Sensor bearings are especially common in automotive wheel applications, where they are embedded in hub unit bearings to relay wheel speed data to anti-lock braking systems (ABS) and traction control systems in two-wheelers and light vehicles. These sensor-bearing units enable digital monitoring of rotation speed, axial movement, deceleration, acceleration, and load capacity in both passenger and commercial vehicles.
For example, NTN Bearing Corp. is developing speed-sensing bearing hubs designed for ABS in both on-road vehicles and large off-highway construction and agricultural machinery. Additionally, sensor ball bearings are increasingly utilized in other automotive applications, such as road rollers, forklifts, and electric vehicle motors. With the rising demand for compact, durable, easy-to-install, and cost-effective sensor-based components, the automotive bearing market is expected to see significant growth opportunities in the near future.
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