Augmenting Demand for Bearings in Automotive Industry to Boost Global Bearing Market

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Augmenting Demand for Bearings in Automotive Industry to Boost Global Bearing Market
BEARING MARKET BY TYPE (BALL BEARING AND TAPERED BEARING), SIZE (30 TO 40, 41 TO 50, 51 TO 60, 61 TO 70 AND 70 & ABOVE), DISTRIBUTION CHANNEL (ORIGINAL EQUIPMENT MANUFACTURERS (OEMS) AND AFTERMARKET), MACHINE TYPE (ICE VEHICLES, ELECTRIC VEHICLES, INDUSTRIAL MACHINERY AND AEROSPACE MACHINERY), END USE (AUTOMOTIVE, INDUSTRIAL AND AEROSPACE) AND GROUP (GROUP 1, GROUP 2 AND GROUP 3): GLOBAL OPPORTUNITY ANALYSIS AND INDUSTRY FORECAST, 2020-2027

A new study on the global bearing market has been recently added to the vast repository of Report Ocean. The report, titled “Bearing Market by Type (Ball Bearing and Tapered Bearing), Size (30 to 40, 41 to 50, 51 to 60, 61 to 70 and 70 & above), Distribution Channel (Original Equipment Manufacturers (OEMs) and Aftermarket), Machine Type (ICE Vehicles, Electric Vehicles, Industrial Machinery and Aerospace Machinery), End Use (Automotive, Industrial and Aerospace) and Group (Group 1, Group 2 and Group 3): 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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As per the research report, the continued expansion and advancements in the automotive industry is driving the global bearings market. The rapid mechanization is also adding to the demand for bearings in various industries, worldwide. Moving forward, the worldwide bearing market is likely to be supported by the increasing utilization of bearing in electric vehicles, trains, and rolling mills in the years to come. The rising application of bearings in motor and their need in automotive electrification and continuously variable transmission (CVT) are also expected to propel this market in the years to come.

Automotive Industry to Report Highest Demand for Bearings

The research report examines the global bearing market on the basis of the type, size, distribution channel, machine type, end user, group, and the region. Based on the end user, the market has been categorized into the automotive, industrial, and aerospace. The automotive industry has emerged as the most prominent end user of bearings among all.

Based on the type, the market has been classified into ball bearing and tapered bearing. Based on the size, the market has been categorized into 30 to 40, 41 to 50, 51 to 60, 61 to 70 and 70 and above. Original equipment manufacturers (OEMs) and aftermarket have surfaced as the most prominent distribution channels in this market. Internal combustion engines (ICE) vehicles, electric vehicles, industrial machinery, and aerospace machinery has been considered as the main types of bearing machines in this research study.

In terms of the group, it has been categorized into group 1, group 2 and group 3. Group 1 includes ICE vehicles, group 2 consists of electric vehicles, and the combination of industrial and aerospace machinery comes under the group 3.

Geographically, the report assesses the market across North America, Europe, Asia Pacific, and LAMEA. Currently, Asia Pacific is leading the global market and is expected to continue doing so in the near future, thanks to the presence of key automakers. The demand for bearings is the highest in the automotive industries in Asian countries, including India, Japan, China, and South Korea.

Impact of Covid 19 on Global Bearing Market

The growth trajectory of the global 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 manufacturing processes across the world impacted the market negatively. Also, restrictions on movement resulted in disrupted supply chain and delayed delivery, which is likely to hinder the market’s growth to some extent over the next few months.

Key Findings:

  • Asia Pacific is dominating the worldwide market and is projected to continue doing so in the near future.
  • Electric vehicles are expected to report the highest demand for bearing in the near future.
  • The automotive industry has surfaced as the most prominent end user of bearings among all.

The global bearing market is classified as follows:

By Type

  • Ball Bearing
  • Tapered Bearing

By Size

  • 30 to 40
  • 41 to 50
  • 51 to 60
  • 61 to 70
  • 70 & above

By Distribution Channel

  • Original equipment manufacturers (OEMs)
  • Aftermarket

By Machine Type

  • ICE Vehicles
  • Electric Vehicles
  • Industrial Machinery
  • Aerospace Machinery

By End Use

  • Automotive
  • Industrial
  • Aerospace

By Group

  • Group 1
  • Group 2
  • Group 3

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Companies Mentioned in the Report

  • NSK Ltd.
  • Schaeffler AG
  • NTN Corporation
  • SKF
  • Iljin Bearing
  • RKB Bearing
  • JTEKT Corporation
  • Timken
  • Wafangdian Bearing Co. Ltd.
  • THK Co. Ltd.

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