ReportCrux Market Research has published a new report titled “Automotive Bearing Market by Bearing Type (Roller Bearing, Ball Bearing, Plain Bearing, Tapered Roller Bearing, Specialized Bearing, and Others); by Vehicle Type (Two-Wheelers, Light Commercial Vehicles, Heavy Commercial Vehicles, and Passenger Vehicles); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Automotive Bearing Market Size
Automotive Bearing market was valued at approximately USD 75.45 Billion in 2019 and is expected to generate revenue of around USD 123.46 Billion by end of 2027, growing at a CAGR of around 6.4% between 2020 and 2027.
Bearing is a machine element that restricts relative movement and reduces friction between moving parts. In almost all equipment or machinery, bearings are used, ranging from farm equipments, vehicle components, and household appliances to defense and aerospace equipments. Demand for bearings with higher performance, lower maintenance, and longer service life is growing.
Technology advances are being made in the automotive engine bearing market, so that the engine bearings work properly and have longer life. The proper functioning of the engine bearing is accomplished when the building material possesses the properties including high strength and softness.
Overall innovation in the automotive sector is the prime factor leading to business growth. The changing standard of living and increasing disposable incomes in the developing countries have made it possible for customers to use vehicles which have complete aftermarket products fitted for the successful use of the automobiles.
By Bearing Type
Based on bearing type, the market is segmented into roller bearing, ball Bearing, plain bearing, tapered roller bearing, specialized bearing, and others. The ball bearing segment held almost 31% share of the market in 2019 in terms of revenue and volume. The latest changes to the reduction of friction and heat generation through these bearings, combined with high demand for commercial and off-road vehicles, are likely to support the ball bearing segment globally.
By Vehicle Type
Based on vehicle type, the market is categorized into two-wheelers, light commercial vehicles, heavy commercial vehicles, and passenger vehicles. The passenger vehicles segment held almost 29% share of the market in 2019. The market in this segment is growing due to rising demand for passenger vehicles, from the developing nations.
By region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific held almost 36% share of the overall market due to the existence of significant number of automakers in this region. Consumers inhabit their vehicles with reliable and durable parts to ensure their vehicles work well and prevent engine breakdown.
Key Player Analysis
NTN Corp. (Japan), Rheinmetall Automotive (Germany), Timken Co. (U.S.), JTEKT Corp. (Japan), Shaeffler AG (Germany), SKF (Sweden), Minebea Co., Ltd. (Japan), Federal-Mogul Holdings LLC (U.S.), SNL Bearings Ltd. (India), and Nachi Fujikoski (Japan) among others.
Read our full market research analysis: Automotive Bearing Market Size 2020,latest opportunities and Industry growth Report | RCMR (reportcrux.com)