A bearing is an equipment which is utilized to enable linear or rotational movement, whilst repressing friction as well as handling stress. Corresponding wheels, bearings accurately enable equipments to roll that represses the friction among the surface it’s rolling over and the surface of the bearing. An automotive bearing ensure speed enhancement and efficiency of the vehicle simultaneously keeping up balance.
The global market for automotive bearing is anticipated to foresee a moderate expansion at CAGR of 4.4% during an eight-year calculated period 2018-2026. The global market was estimated to register a valuation worth US$ 18.47 Billion in the year 2017 that is set to reach about US$ 27.02 Billion through 2026 end.
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In terms of the product type, the global market includes plain bearings, ball bearings (includes angular contact ball bearings, deep groove ball bearings, self-alignment ball bearings and thrust ball bearings) and roller bearings (includes spherical roller bearings, cylindrical roller bearings, thrust roller bearings, tapered roller bearings and needle roller bearings). The roller bearings are considered to capture a noteworthy market share in value terms in contrast with plain bearings and ball bearings in the said period.
In terms of the vehicle type, the global market includes commercial vehicle (CV), passenger car (PC) and two wheeler. The passenger cars will maintain generating the highest demand in contrast to two wheelers and commercial vehicles. Though, two wheelers category will foresee a strong expansion in approaching years, reflecting an assuring CAGR.
In terms of the application, the global market includes wheel hub, transmission system, suspension & others (interior & exterior), steering system and engine. The transmission system category will foresee the highest application, trailed by steering system and wheel hub. Moreover engine will be a gradually expanding throughout calculated years.
In terms of the sales channel, the global market includes independent aftermarket (IAM), original equipment supplier (OES) and original equipment manufacturer (OEM). Although OEMs will continue their domination throughout 2026, IAM’s will apparently foresee the maximum expansion over a 5%CAGR.
In terms of the region, the global market includes North America, Europe, Latin America, China, South East Asia & Pacific (SEAP), Middle East and Africa (MEA) and Japan. A present, Europe is the dominating market nevertheless China will be surpassing European market on the basis of value share, value and growth rate. SEAP is likely to represent a greatly lucrative market in the approaching years.
Key Market Players
The prominent market players operating in the worldwide market includes: JTEKT Corp.,AB SKF, Federal-Mogul Corp., Schaeffler AG, NTN Bearing Corporation, NSK Ltd., Wafangdian Bearing Group Corp, Rheinmetall AG (KSPG AG), Continental Group (Contitech), NRB Bearings Ltd., Timken Company, Minebea Co., Ltd.,, Nachi Fujikoshi Corp., Mahle GmbH, C&U Bearing, Others