According to the TechSci Research report titled “Automotive Bearing Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027F,” the global market for automotive bearings is projected to achieve a value of USD 64,367.35 million by 2027. This growth is anticipated to occur at a Compound Annual Growth Rate (CAGR) of 6.67% by 2027. This projection is underpinned by the increasing demand for global automobile production, where bearings play an essential role. Furthermore, the rise of advanced smart bearings, characterized by superior design and technological efficiency, alongside high-tech applications and heightened reliability with extended service life, contributes to the escalating demand for automotive bearings.
The pivotal function of bearings revolves around minimizing friction, supporting heavy loads, and optimizing vehicle performance. Consequently, bearings are integral components in various aspects of automobiles, including wheels, steering systems, suspensions, engines, and transmissions. The burgeoning variety of vehicle models, including innovative types like electric vehicles that require specialized customized bearings, further propels the bearing market’s expansion.
The realm of bearing innovation is also experiencing significant advancements. Bearings are now integrated with simulation software not only to assess performance, service life, and reliability but also to preemptively detect faults before potential sudden failures. Additionally, manufacturers are continuously enhancing bearing materials through the utilization of hard coatings, ceramics, and specialty steels in the manufacturing process.
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The global automotive bearing market can be segmented based on vehicle type, application type, bearing type, region, and company. Among vehicle types, the passenger car segment currently holds the largest share in the global automotive bearing market due to heightened demand, increased consumer disposable income, and strong sales in this category. Within application types, wheel bearings take the lead in the overall global market since the functionality of wheel assemblies hinges on these components. While both wheel and engine bearings are competitively positioned due to their prevalence in vehicles, the varying number of wheels across different vehicle types results in a more prominent wheel bearing market.
In terms of bearing type, ball bearings exert dominance over the global automotive bearing market, accounting for over 44% of the share. This can be attributed to their smooth functionality, cost-effectiveness, and ability to prevent leakage in casings. Geographically, the Asia-Pacific region commands the largest share in the bearing market, owing to the region’s substantial automotive production volume.
Some of the major players operating in the Global Automotive Bearing Market include:
- AB SKF
- Schaeffler (FAG)
- NSK Ltd.
- NTN Corporation
- NMB Technologies Cooperation
- TIMKEN Company
- Torrington Company
- JTKET corporation
- Nachi-Fujikoshi Corp
- Wafangdian Bearing Group Co Ltd.
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“Many companies are investing in research and development of bearing, which will lead to introduction of innovative bearing that will meet the demand of new vehicle segment, cost effective, and smart bearing.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Automotive Bearing Market by Vehicle Type (Two Wheeler, Passenger Car ,Light commercial vehicles, medium and heavy commercial vehicles,), By Application Type (Engine, Transmission, Wheel , Steering and others), By Bearing Type (Ball, Roller, Plain), By Region(Asia-Pacific, Europe, North America, South America, and Middle East & Africa) By top 10 Company Competition Forecast & Opportunities, 2018- 2028F, has evaluated the future growth potential of the Global Automotive Bearing Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Automotive Bearing market.
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