Prime determinants of growth
Focus on overall weight reduction of vehicles and surge in production and sales of automobiles across the globe drive the global automotive bearings market. However, rise in vehicle electrification and variations in raw materials hinder the market growth. On the other hand, advent of sensor bearing units and development of additive manufacturing technologies and materials present new opportunities in the coming years.
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According to a recent report published by Allied Market Research, titled, “Automotive Bearings Market by Bearing Type, Vehicle Type, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027”, the global automotive bearings market was valued at $31.66 billion in 2019, and is projected to reach $48.41 billion 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 $18.80 billion, and is estimated to reach $28.36 billion by 2027, registering a CAGR of 6.6% during the forecast period. In 2019, Asia-Pacific was anticipated to account for major market share.
Automakers across the world are focusing on reducing the overall weight of vehicles, owing to improvement in fuel efficiency and lower carbon dioxide (CO2) emissions. Lightweight bearings play a major role in reducing the overall weight of vehicles. For this purpose, bearing 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.
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.
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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.
In addition, sensor bearing units assist in the 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 used 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, increasing 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 opportunities for expansion of the automotive bearing market in the near future.
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The key players analyzed in the automotive bearings market report include 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.
Factors such as increase in vehicle production, development to reduce overall weight of the vehicle, rise in demand for luxury feature in vehicles, rise in disposable income, and surge in sales of luxurious vehicles in developing countries drive the market growth. However, electrification in vehicles and fluctuating raw material cost needed for manufacturing bearings limit the stated growth. On the contrary, increase in safety & comfort features in vehicles, emergence of sensor bearing units, and development of additive manufacturing technologies & materials to manufacture bearings are anticipated to offer remunerative opportunities for the players operating in the automotive bearings market.
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 fragmented into ball bearing, roller bearing, and others. Depending on vehicle type, it is segregated into passenger car, commercial vehicle, and two-wheeler are categorized under. By distribution channel, it is bifurcated into OEM and aftermarket. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.