In a recent study by P&S Intelligence, the 2025 size of the automotive
bearing market has been estimated as $53.3 billion. The expanding
automotive industry and the increasing desire to make vehicles lightweight are
resulting in the market progress. In a bid to reduce the vehicle weight,
manufacturers are going for lightweight bearings that are also stiff and
durable. The bearings are now being manufactured by utilizing enhanced forging
techniques and low torque. This is how the demand for lightweight vehicles is
pushing the demand for advanced bearings, which is, in turn, driving the market
growth.
Roller bearing, ball bearing, and plain
bearing are the various types of bearings available, among which the ball
category is predicted to dominate the automotive
bearings market in 2018 with over 50.0% sales volume share. This is
attributed to the heavy use of ball bearings in two-wheelers and passenger
cars. But, the share of roller bearings is expected to increase during the
forecast period owing to a rise in heavy-duty vehicle production.
On segmenting the domain by vehicle
type, passenger car, two-wheeler, electric vehicle, and commercial vehicle are
the four subdivisions. Among these, the electric vehicle subdivision witnessed
the highest automotive bearing market CAGR
during the historical period. Alarming air pollution levels impelled
governments to form stringent emission regulations and offer subsidies to
encourage their adoption. Further, people also accepted electric vehicles with
open arms, which resulted in an increased demand for these, which, in turn,
drove the requirement for automotive bearings.
Independent
aftermarket (IAM), original equipment supplier (OES), and original equipment
manufacturer (OEM) are the three main sales channels for such automotive
bearings. The fastest growth in the automotive bearing market during the
forecast period is expected to be witnessed
by OEMs, as these are improving their products as well as manufacturing
capacities to cater to the rising demand.
In
2018, Asia-Pacific (APAC) is estimated to purchase almost 45.0% of all the
automotive bearings manufactured across the world, owing to the expanding
automobile industry in countries, such as India, China, Indonesia, and Thailand.
Here, the increasing living standards and affordability of vehicles are pushing
the automotive industry, which is further driving the market for automotive
bearings. China is slated to be the automotive
bearing market leader due to an increasing regional demand for vehicles.
To expand their product
range and market share, the key players are actively taking part in mergers and
acquisitions. For example, in 2018, Cone Drive Operations Inc., a manufacturer
of gears and precision drives, and ABC Bearings Ltd., a bearing manufacturer
based in India, were acquired by The Timken Company. Other automotive bearing market players, including MINEBEA MITSUMI Inc.,
JTEKT Corporation, NTN Corporation, NSK Ltd., Schaeffler AG, RBC Bearings Inc.,
AB SKF, C&U Group Ltd., and NACHI-FUJIKOSHI CORP., are taking similar
steps.
