Automotive Bearing Market to 2025 — JTEKT Corporation, MINEBEA MITSUMI Inc., NSK Ltd., NTN Corporation, Schaeffler AG
In 2018, the global automotive bearing market generated a revenue of $33.4 billion and is predicted to advance at a 6.9% CAGR during the forecast period (2018–2025). The market is growing due to the expanding automotive industry, increasing emphasis on vehicular emission reduction, and rising focus toward vehicle weight reduction. Machine elements which are utilized for reducing friction and supporting heavy loads are referred to as automotive bearings. These are precision-made components that allow machinery to move at extremely high speeds with minimal vibration and noise.
In terms of bearing type, the automotive bearing market is divided into plain bearing, roller bearing, and ball bearing. The roller bearing type dominated the market during the historical period (2013–2017) and is further expected to hold the largest volume share of the market during the forecast period. The reason for this is the latest improvements in reducing friction and heat generation by roller bearings. The division is further classified into cylindrical, thrust, tapered, needle, and spherical, among which, tapered accounted for the major share of the market during the historical period.
On segmenting the domain by vehicle type, passenger car, two-wheeler, electric vehicle, and commercial vehicle are the four subdivisions. Among these, the electric vehicle subdivision witnessed the highest automotive bearing market CAGR during the historical period. Alarming air pollution levels impelled governments to form stringent emission regulations and offer subsidies to encourage their adoption. Further, people also accepted electric vehicles with open arms, which resulted in an increased demand for these, which, in turn, drove the requirement for automotive bearings.
Independent aftermarket (IAM), original equipment supplier (OES), and original equipment manufacturer (OEM) are the three main sales channels for such automotive bearings. The fastest growth in the automotive bearing market during the forecast period is expected to be witnessed by OEMs, as these are improving their products as well as manufacturing capacities to cater to the rising demand.
In 2018, Asia-Pacific (APAC) is estimated to purchase almost 45.0% of all the automotive bearings manufactured across the world, owing to the expanding automobile industry in countries, such as India, China, Indonesia, and Thailand. Here, the increasing living standards and affordability of vehicles are pushing the automotive industry, which is further driving the market for automotive bearings. China is slated to be the automotive bearing market leader due to an increasing regional demand for vehicles.
Make Enquiry Before Buying the Report@ https://www.psmarketresearch.com/send-enquiry?enquiry-url=automotive-bearing-market
A key trend in the automotive bearing market is the adoption of advanced raw materials. Automotive bearings are majorly manufactured by utilizing high-grade steel or alloy steel, the prices for which are often subject volatility. Thus, in order to deal with the fluctuations in the prices of raw materials, manufacturers are exploring alternative raw materials for the production of bearings. These innovative materials primarily include ceramic and other lightweight steel alloys of various grades. Several automakers are exploring these raw materials for reducing the overall weight and improving operational efficiency of their offerings.
Hence, the market is registering growth due to the rising focus on reducing vehicular emission and expanding automotive industry.
