Boosted by Increased Demand for Automobiles, Global Automotive Bearings Market to Reach New Heights

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Boosted by Increased Demand for Automobiles, Global Automotive Bearings Market to Reach New Heights
AUTOMOTIVE BEARINGS MARKET BY BEARING TYPE (BALL BEARING, ROLLER BEARING, AND OTHERS) AND VEHICLE TYPE (PASSENGER CAR, COMMERCIAL VEHICLE, AND TWO-WHEELER), AND DISTRIBUTION CHANNEL (OEM AND AFTERMARKET): GLOBAL OPPORTUNITY ANALYSIS AND INDUSTRY FORECAST, 2020-2027

A new study on the global automotive bearings market has been recently published by Report Ocean. The report, titled “Automotive Bearings Market by Bearing Type (Ball Bearing, Roller Bearing, and Others) and Vehicle Type (Passenger Car, Commercial Vehicle, and Two-wheeler), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027,” offers a detailed study of this market on the basis of its past and current performance.

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According to the research study, the global automotive bearings market is gaining significantly from the ongoing expansion in the worldwide automotive sector. The increasing acceptance of mechanization in this industry is supplementing the demand for automotive bearings across the world.

The significant rise in the demand for automobiles, thanks to the increasing income of the middle class population, is boosting the worldwide automotive bearings market. However, the surge in vehicle electrification, high maintenance cost, and continuous fluctuation in raw material prices may act as a restraining factor in the growth of this market over the next few years. Nonetheless, the advent of sensor bearing units and the development of additive manufacturing technologies and materials for the manufacturing of bearings are projected to offer lucrative growth opportunities for market players in the years to come.

Impact of Covid 19 on Global Automotive Bearings Market

The growth trajectory of the global automotive bearings market has been declining over the last few months. While the first quarter of 2020 showed favorable prospects, the market witnessed a significant decline in the second and third quarter. The stoppage of the production of automobiles across the world impacted the market negatively. Also, restrictions on movement resulted in disrupted supply chain of automotive components and delayed delivery, which is likely to hinder the market’s growth to some extent over the next few months.

Asia Pacific Leads Global Market

The research report presents a detailed analysis of the global automotive bearings market by assessing a number of parameters, such as the bearing type, vehicle type, distribution channel, and the region. Based on the bearing type, the global market has been classified into roller bearing, ball bearing, and other types of bearings. By vehicle types, the market has been categorized into passenger cars, commercial, vehicles, and two-wheelers. On the basis of distribution channels, OEMs and aftermarkets have surfaced as the prominent segment of this market.

Regionally, the report has considered North America, Europe, Asia Pacific, and LAMEA as the main segments of the worldwide automotive market. Among these, Asia Pacific has acquired the dominant position and is expected to retain it over the next few years. China has surfaced as the leading country market for automotive bearings across the world while the market in India is expected to rise at a significant rate during the forecast period. This, in turn, is likely to add to the growth of the Asia Pacific automotive bearings market in the years to come, states the research report.

Key Findings:

  • The spike in automobile production is fueling the demand for automotive bearings across the world.
  • Asia Pacific has acquired the dominant position and is expected to retain it over the next few years.

The global automotive bearings market is segmented into:

By Bearing Type

  • Ball Bearing
  • Roller Bearing
  • Others

By Vehicle Type

  • Passenger car
  • Commercial Vehicle
  • Two-wheeler

By Distribution Channel

  • OEM
  • Aftermarket

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Sweden
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Korea
    • Australia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Turkey
    • Rest of LAMEA

Companies Mentioned in the Report

  • ILJIN Co. Ltd.
  • JTEKT Corporation
  • Nippon Thompson Co. Ltd.
  • NSK Ltd.
  • NTN Corporation
  • RBC Bearings Inc.
  • Schaeffler AG
  • SKF
  • THK Co. Ltd.
  • The Timken Co.

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