Automotive Bearings Market Size, Trends, Scope and Growth Analysis to 2030

Description

The global automotive bearings market size is expected to grow USD 48.1 billion by 2027 from USD 34.1 billion in 2021, at a CAGR of 5.9% from 2021 to 2027. Bearings are mechanical devices that reduce friction between rotating equipment. In a traditional hatchback, an average number of 60 bearings are fitted, while there is an increase in bearing in the case of sedans and SUVs. Moreover, bearings add significant weight to the vehicle; as a result, OEMs are working continually toward building lighter units.

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Some of the major factors driving the market's growth are enacting the stringent Corporate Average Fuel Economy standards, Environment Protection Agency regulations increase in the commercial vehicle demand and sales in the European region, and the rise in automobile production and sales, especially in Asia-Pacific. However, the increase in aluminum prices, especially in the United States, may hinder the market's growth, as the United States is one of the major automobile manufacturing hubs.

CAFÉ standards and EPA policies to cut down automobile emissions and increase fuel efficiency are driving the automakers to reduce the weight of the automobile by employing light-weight materials in the manufacturing of auto parts. Subsequently, using light-weight bearings in vehicles will be a significant driver for the market studied in the automotive sector. However, rising raw material prices of aluminum as well as steel and increasing lifespan of automotive bearings are acting as major hindrances for the growth of themarket studied.

Global Automotive Bearings Market Dynamics

Drivers: Increasing Vehicle Sales

SUVs contributed considerably to the automotive industry's strong performance, with China, North America, and Europe accounting for the largest share. The sub-compact was the most popular segment in Asia-Pacific. At the same time, city-cars secured the largest market share in Japan, showcasing that there is still scope for the SUV to grow as its popularity spreads in the region. In China, sales continued to rise, irrespective of sales tax increase on small cars, owing to the economic growth driven by positive domestic consumption, investment, and exports.

The vehicle market is expected to continue to grow moderately this year, despite a further tax increase on small cars in January 2018. In India, the automotive industry has witnessed strong growth from the past few years, with a consistent rise in passenger cars and commercial vehicles. Sales Factors such as a rise in middle-class income and a young population are likely to strengthen the industry's growth further.

Restraints: Rise in Raw Material Prices

Base metal prices have been increasing due to the looming trade war between the United States and the rest of the world. The imposition of tariffs on imports from the US allies (including the European Union, Mexico, and Canada) on aluminum (10%) and steel (25%) is expected to increase the domestic aluminum prices. Raw material prices are near a six-year high, as automakers face difficulties due to volatility in raw material prices, such as steel, aluminum, and steel. With the implementation of stringent emission norms, the demand for technologically advanced and light-weight bearings has been growing, which is expected to increase the demand for bearings and result in a high cost of manufacturing.

Opportunities: Increasing Demand and Penetration for Electric Vehicles

Governments across the world are pushing the electric vehicle (EV) envelope to reduce the rising pollution from fuel-powered vehicles. China sold half a million EVs in 2016, has set out its own roadmap to completely make its transportation electric by 2030. By 2040, nearly 54% of new car sales and 33% of the global car fleet are expected to be electric. The European government has started projects and formulated various policies, for building the charging points across the region, primarily to meet the sales of electric vehicles.

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Scope of the Report

The study categorizes the global automotive bearings market based on product, bearing type, material, vehicle type, distribution channel, and region. 

By Product Outlook (Revenue, USD Million, 2017-2027)

• Plain Bearings
• Rolling Element Bearings
• Ball Bearings
• Fluid Bearings

By Bearing Type Outlook (Revenue, USD Million, 2017-2027)

• Roller Bearings
• Ball Bearings
• Plain Bearings

By Material Outlook (Revenue, USD Million, 2017-2027)

• Alloy
• Metal
• Others (Ceramic and Plastic)

By Vehicle Type Outlook (Revenue, USD Million, 2017-2027)

• Two-Wheeler
• Passenger Car
• Commercial Vehicle

By Distribution Channel Outlook (Revenue, USD Million, 2017-2027)

• Aftermarket
• OEM

By Region Outlook (Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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By vehicle type, passenger vehicles are accounted for the largest market share

Based on vehicle type, the global automotive bearings market is divided into passenger cars and commercial vehicles. In 2020, the passenger vehicle segment accounted for the largest market share of 73.6% in the global automotive bearings market. Various types of bearings deployed in a vehicle, across several systems, like steering, engine, transmission, wheel, suspension, etc., to transmit load and reduce friction. Among the automotive bearings, engine bearings in passenger cars have been experiencing various sizes due to the trend of engine downsizing in the automotive industry, majorly over the past five years.

However, the demand for bearings in transmission and steering systems is likely to grow faster, owing to the increasing adoption of the automatic transmission system and electric power steering systems in passenger cars. In addition, the car segments, like SUVs, subcompacts, and sedans, are anticipated to continue to grow in sales swiftly during the forecast period.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global automotive bearings market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global global automotive bearings market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. Increasing production and sale of new vehicles, along with improving economic conditions of the middle class, is driving the market growth.

After Asia Pacific, Middle East & Africa is the fastest growing region with a CAGR of 4.1% during the forecast period. Despite the economic crisis prevailing in the country, OEMs still continue to invest in the country, especially in the south and southeastern part of Brazil, like São Paulo. One of the major drivers for increasing investment in the country are investments from statecontrolled banks, like Brazilian Development Bank (BNDES).

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Key Market Players

Major players in the global market of automotive bearings market are 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.

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Article source: https://article-realm.com/article/Finance/21390-Automotive-Bearings-Market-Size-Trends-Scope-and-Growth-Analysis-to-2030.html