What’s with Automotive Bearing market Segregation?
The automotive bearing market, by type of vehicle, spans passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers. By type of bearing, it’s ball bearing roller bearing, and likewise. As per aftermarket, it’s application-wise and region-wise. The automotive applications are inclusive of transmission system, engine, interior, and wheel hub. The developing countries are more into utilization of vehicles with rising disposable income. This factor would be the major driving factor for the automotive bearing market.
The Ongoing Trend
The end-users are inclined more towards lightweight vehicles, which, in turn, asks for lightweight bearings. SKF is into development of lightweight and compact bearings, which hold a superlative load carrying capacity, along with enhanced operating life. Plus, the International Organization of Motor Vehicle Manufacturers (OICA) states that passenger vehicles’ production, as of the year 2019, reached 67 Mn units.
Also, the modern-day bearings come with sensor units. Along these lines, NTN Bearing Corp., is onto development of speed-sensing bearing hub for usage in ABS (anti-lock braking system), along with usage in huge off-highway agricultural and construction vehicles. Additionally, there is additive 3D printing that lets incorporation of more complexity into the design of bearing. Bowman International has redesigned cage by making use of additive 3D printing technology for adding more number of rolling elements to bearing.
At the same time, it needs to be noted that electrification of the vehicles does away with bearings. This factor is bound to restrain the automotive bearing market.
The Regions Say…
Europe holds the largest market share. The Asia-Pacific follows suit. Though the Asia-Pacific has been ruled by China in this regard, the other countries like Japan, South Korea, and India are expected to take the lead in the years to come. The dynamics for the Asia-Pacific have changed such that the world is holding the countries mentioned above in higher esteem in terms of ease in business now. LATAM will grow with Brazil being the focal point. Persistence Market Research is keeping a track of these breakthroughs and mentioning the probable steps to be taken herein.
The Competition Says…
The key participants in the automotive bearing market are inclusive of SKF, JTEKT Corp., Schaeffler AG, Federal-Mogul Corp., NSK Ltd., NTN Bearing Corporation, Rheinmetall AG (KSPG AG), Wafangdian Bearing Group Corp, Timken Company, NRB Bearings Ltd., Nachi Fujikoshi Corp., Minebea Co., Ltd., C&U Bearing, Mahle GmbH, and Continental Group. Timken offers tapered roller bearings, fuel-efficient bearings, 454-series tapered roller bearings for commercial vehicles, and set-right commercial vehicle hub rebuild kits. Persistence Market Research has encapsulated these details and given insights regarding the same.
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The Progressive Way
With more number of vehicles hitting the roads in the forecast period, the automotive bearing market is bound to substantiate in the next 10 years – Persistence Market Research