Global Automotive Bearing Market driven by the disruption caused by covid 19
Global Automotive Bearing Market
Overview
As
per the trend, ball bearings of ceramic and white metal alloy are expected to
capture the automotive bearing market as they are lightweight and improve product quality by reducing
friction and energy consumption during operations. Over the forecast period,
growth in automotive production is expected to fuel the demand for automotive
bearing. Demand for vehicles with technologically advanced solutions is
growing, leading to increased vehicle production requiring instrumented
products.
High pricing and forging,
however, are major challenges facing the
global automobile bearings market. Despite the total decrease in the number of
bearings in the new electric vehicles, product innovations are expected to
continue to generate bearings demand in the near future. In addition , the
market is currently polarizing to the most prominent players in the competitive
landscape, which is also expected to boost market growth during the review
period.
Segmental Analysis
The Automotive Bearing Market can be
segmented based on type and vehicle type.
Segmentation by Type has been done into
Ball Bearings, Roller Bearings, Plain Bearings, Thrust Bearings, and Others. The roller bearings
will continue to roll to the top by product type compared to other types of
bearings, comprising ball bearings and plain bearings.
Vehicle type segmentation was conducted
into 2-Wheeler, Passenger, and Commercial. Based on vehicle type, passenger
vehicles (PV) will remain the largest consumer of automotive bearings in near
future, among all vehicle types, such as commercial vehicles (CV) and two
wheelers.
Regional Assessment
The global market geographic overview was
conducted in four major regions including Asia Pacific , North America, Europe
and the rest of the world.
The key regions for the automotive bearing
market are Asia-Pacific. The Asia-Pacific market for automotive bearings is
expected to show substantial growth. Emerging economies like China, India, are
expected to drive the market as a result of rising demand for automobiles, the
automotive bearing industry is expected to drive the increased disposable
income & buying power of individuals. China, which is currently the second
largest country-specific market in terms of revenue, Strong growth is expected
in the coming years, gaining substantial market value to become the largest
country-specific automotive bearing market. The Asia-Pacific market is also
growing due to factors such as increasing numbers of vehicle manufacturing
facilities due to low cost of production , increased capacity of production and
increased demand for light and heavy vehicles.
Developed regions like North America and
Europe will show static growth for the automobile bearing industry. The North
America field is a developed market for car bearings. Original manufacturers of
equipment in the region focus on efforts to improve production quality to
deliver quality product. Many original machinery manufacturers are building
manufacturing plants in Mexico and Canada, which is increasing demand for car
bearings.
Competitive Analysis
Jtekt Corporation, Schaeffler AG., NTN
Corporation, Iljin Bearing Co. , Ltd., Svenska Kullagerfabriken AB, Timken
Company, Timken Company, ORS Bearings, RKB Bearings, and CW Bearing are the
major players operating in the global market as identified by MRFR.
The market is experiencing increased
competition which is expected to further intensify during the forecast period.
Market players combine acquisition, partnership, alliance and expansion to gain
competitive advantage in the sector and retain market place.
Technological advances in the manufacture
of automotive test equipment and the increasing expenditure of key players in
research and development are expected to increase the level of competition in
the automotive bearing market.
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