Automotive Bearing Market Analysis, Growth Opportunities and Recent Trends by Leading Manufacturers & Regions

Posted on 2019-08-02 by P&S Intelligence in Automotive // 0 Comments

Automotive Bearing market

Automotive bearing market is projected to reach $53.3 billion by 2025, according to P&S Intelligence.

The market growth is primarily driven by growing automotive industry coupled with increasing focus toward vehicle weight reduction. Several manufacturers are focusing to improve vehicle efficiency by reducing weight of the vehicle. For this, they are focusing on lightweight bearings employing high durability and stiffness. Besides this, the manufacturers are also using low torque and enhanced forging techniques in bearing production. Thus, the increased focus on reducing the weight of the vehicle is resulting in growing adoption rate of advanced bearings, which sequentially, is propelling the growth of the market.

Of all the sales channel, which comprise original equipment manufacturer (OEM), original equipment supplier (OES), and independent aftermarket (IAM), the market for automotive bearings in the OEM category is expected to witness the fastest growth, during the forecast period. Bearing manufacturers are rapidly developing and improving their platforms, products, and related services, and increasing product development capabilities to deliver better solutions to their customers. These increase the bearings demand in the OEM category, which in turn, boost the growth of the automotive bearing market.

Growing automotive industry is a key driver boosting the market growth

One of the significant factors driving the automotive bearing market is the prominent growth in the automotive industry, especially in the developing countries such as China, India, Indonesia, and Thailand. Increasing affordability of end users for vehicles along with upgraded standard of living are the major reasons for the growth in the sales of passenger cars, which in turn, is boosting the market growth.

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Asia-Pacific (APAC) stands as the largest market for automotive bearings

Geographically, the APAC region is estimated to hold the largest share in the global automotive bearing market, accounting for more than 45% sales volume in 2018. Among the countries, China is expected to remain the market leader for automotive bearings, due to the rising regional demand for the automotive vehicles. Exports of low-end and small-sized bearings significantly drive the automotive bearing industry in China.

Some of the major players operating in the automotive bearing market are JTEKT Corporation, MINEBEA MITSUMI Inc., NSK Ltd., NTN Corporation, Schaeffler AG, The Timken Company, AB SKF, RBC Bearings Inc., NACHI-FUJIKOSHI CORP., C&U Group Ltd., and others.

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