The automotive bearing market is growing in sync with the rising use of transportation to deliver goods. Automotive bearings play a pivotal role in efficiently carry heavy loads. In addition, they provide reliability, durability, and ability to perform high-speed rotations with minimal sound and vibration. At the same time, it ensures smoother operation of a vehicle by reducing friction between the moving parts of a vehicle. The automotive bearing market is about to witness a CAGR of 6% during the forecast period (2016-2022). Market Research Future (MRFR) in their published report on the same market focuses on segmental analysis and factors that can have a far-reaching impact on the market over the review period. Among the major factors, expansion of the automobile sector and inclusion of the latest technology to reduce fuel intake and increase the lifespan of the vehicles can be considered impactful. Development in sealing technologies can influence the automotive bearing market as it increases the lifespan of the vehicles significantly. At the same time, an increasing volume of fleet service is providing traction for the aftermarket which can spark the growth of the automotive bearing market.
Despite such advancements, the rise in the adoption of electric vehicles can become a market deterrent. Electric vehicles need lesser bearings which can prevent the automotive bearing market from having the projected growth over the assessment period.
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The automotive bearing market can be segmented based on two dynamics for the convenience of the report and enhanced understanding, namely type and vehicle type.
Based on type, the automotive bearing market can be segmented into ball bearings, roller bearings, plain bearings, thrust bearings, and others. Roller bearings are having a great run in the segment.
Based on vehicle type, the automotive bearing market can be segmented into 2-wheeler, passenger, and commercial. Passenger vehicles provide much traction to the market.
Geographical analysis of the automotive bearing market includes North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW).
North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW) are the key markets for automotive bearings. APAC dominates the global automotive bearing market due to the prolific growth of the automotive industry in the region which generates considerable demand for automotive bearings. Lost cost of production and low labor cost has resulted in the expansion of vehicle manufacturing facilities. Also, the increase in production and sales of vehicles in the region supports the market growth in APAC.
North America market for automotive bearings is a matured one. The OEMs in the region invest heavily in R&D and are focused on the improvement of product quality. Besides, various automotive manufacturers have set up their manufacturing units in Canada and Mexico which are likely to spur the demand for automotive bearings in the region.
Schaeffler AG., Jtekt Corporation, NTN Corporation, Iljin Bearing Co., Ltd., Timken Company, Svenska Kullagerfabriken AB, RKB Bearings, Timken Company, ORS Bearings, CW Bearing, and others are prominent players of the global automotive bearing market that have been profiled in the report.
In September 2017, Schaeffler announced its standard rolling bearing business plans by integrating high investments in production capacities for FAG Generation C deep groove ball bearings. The decision is to meet the heavy demand for standard deep groove ball bearings, especially from China and the APAC region.
In April 2018, JTEKT Corporation showed its confidence in SONA Group by acquiring the latter’s market share which gives JTEKT a competitive edge in the Indian market.
In 2018, Timken took over ABC Bearings which boosted the global position of Timken’s in tapered roller bearing. It also helped Timken to strengthen its grounds in the Indian market.
broad study of the different market segments and regions.
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LIST OF TABLES
TABLE 1GLOBAL ENGINEERING PLASTIC MARKET, BY PRODUCT
TABLE 3GLOBAL ENGINEERING PLASTICMARKET, BY APPLICATION
TABLE 4 GLOBAL ENGINEERING PLASTIC MARKET, BY REGIONS
TABLE 5 NORTH AMERICA ENGINEERING PLASTIC MARKET, BY COUNTRY
LIST OF FIGURES
FIGURE 1RESEARCH TYPE
FIGURE 2GLOBAL ENGINEERING PLASTIC MARKET: BY PRODUCT
FIGURE 3GLOBAL ENGINEERING PLASTIC MARKET: BY APPLICATION
FIGURE 4GLOBAL ENGINEERING PLASTIC MARKET: BY REGION
FIGURE 5NORTH AMERICA ENGINEERING PLASTIC MARKET, BY PRODUCT
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