Allied Market Research published a report, titled, “Automotive Bearings Market by Bearing Type (Ball Bearing, Roller Bearing, and Others) and Vehicle Type (Passenger Car, Commercial Vehicle, and Two-wheeler), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global automotive bearings industry generated $31.60 billion in 2019, and is estimated to reach $48.41 billion by 2027, growing at a CAGR of 6.8% from 2020 to 2027.
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Leading market players
- 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.
- The Timken Company
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Based on region, Asia-Pacific accounted for the highest market share with nearly two-fifths of the global automotive bearings market in 2019, and is projected to continue its leadership position in terms of revenue by 2027. Moreover, this region is expected to manifest the highest CAGR of 7.7% from 2020 to 2027. This is due to surge in adoption of fuel-efficient and eco-friendly vehicles, technological developments, and increase in demand for mild hybrid vehicles in the region. However, North America would grow steadily at a CAGR of 5.8% during the forecast period.
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Based on vehicle type, the passenger car segment contributed to the largest market share, holding nearly three-fifths of the total share of the global automotive bearings market in 2019, and will continue to lead throughout the forecast period. This is attributed to higher production of passenger vehicles in comparison to commercial vehicles, rise in the standard of living, and a decline in car loan rates while improved interest rates. However, the two-wheeler segment is expected to witness the fastest CAGR of 7.5% from 2020 to 2027, owing to high adoption rate of antilock braking system (ABS) and a significant role in commercial purposes.
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Covid-19 Scenario
- Owing to lockdown restrictions, manufacturing factories have shut down their operations. Moreover, lockdown resulted in the disrupted supply chain, which in turn, created a shortage of raw materials.
- Labors have returned to their hometowns with the closedown of manufacturing facilities. Though manufacturing activities resumed post-lockdown, there is a shortage of laborers.
- Research and development activities have been stopped due to the shutdown of facilities. However, they would gain traction as facilities begin to operate with full capacity.
- Vehicle sales and demand for advanced technology-based bearings would boost post-lockdown, as daily operations in production plants and supply chain get on track.
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Similar Reports We Have on Automotive & Transportation Industry:
Automotive Engine Bearings Market Type (Ball Bearings, Plain Bearings, Roller Bearings, and Others), Vehicle Type (Light Commercial Vehicles, Heavy Commercial Vehicles, Two-wheelers, and Passenger Cars), and Sales Channel (OEM and Aftermarket) – Global Opportunity Analysis and Industry Forecast, 2016-2025.
Bearing Market by Type (Ball Bearing and Tapered Bearing), Size (30 to 40, 41 to 50, 51 to 60, 61 to 70 and 70 & above), Distribution Channel (Original Equipment Manufacturers (OEMs) and Aftermarket), Machine Type (ICE Vehicles, Electric Vehicles, Industrial Machinery and Aerospace Machinery), End Use (Automotive, Industrial and Aerospace) and Group (Group 1, Group 2 and Group 3): Global Opportunity Analysis and Industry Forecast, 2020–2027.
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