Stratview Research has published a new report titled “Automotive Bearings Market” which is segmented by Vehicle Type (Passenger Vehicle, Light Commercial Vehicle (LCV), and Medium & Heavy Commercial Vehicle (MHCV)), by Bearing Type (Ball Bearing, Roller Bearing, and Plain Bearing), by Material Type (Metallic, Non-Metallic, and Hybrid), by Application Type (Engine & Transmission System, Steering System, Wheels, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market for bearings in the automotive industry is subjected to mark a healthy rebound in the coming years to reach an estimated value of US$ 18.31 billion in 2026.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis –
By Vehicle Type
Based on the vehicle type, we have segmented the market as passenger vehicles, LCVs, and MHCVs. A passenger vehicle is expected to maintain its indubitable lead till 2026, driven by a sustained increase in urban demand, rising consumer disposable income, increasing motorization rate, and reasonably higher production of passenger cars than commercial vehicles. Among all vehicles, a passenger vehicle was least affected in 2020 and is expected to register the fastest recovery followed by LCV. In a passenger car, an electric vehicle is estimated to record a brilliant growth trajectory in the coming years.
By Bearing Type
Based on the bearing type, we have classified the market as ball bearing, roller bearing, and plain bearing. Ball bearing is likely to remain the dominant bearing type in the market till 2026, given its characteristics of efficient functioning at higher speed as compared to roller bearings and ability to bear both radial and axial load in moderate amounts.
By Material Type
Based on the type of material, we have classified the market as metallic, non-metallic, and hybrid. Metallic bearing is projected to maintain its invincible lead in the market till 2026, propelled by its ability to sustain applications involving extremely high loads and fast rotations per minute (rpm). Stainless steel is the most widely used bearing material type, its excellent corrosion- and temperature-resistant properties make it superior to other competing materials. The non-metallic bearing type is anticipated to make the fastest recovery in the post-pandemic market developments, closely followed by the hybrid bearing.
Which Region is expected to remain the largest market?
All regions registered massive downfalls in 2020 in the wake of the pandemic. Asia-Pacific registered the minimum loss in 2020 and is projected to maintain its lead in the global market during the study. China, India, and Japan, with a majority of the world’s population, are creating a massive demand for vehicles, which, in turn, is causing a stir in the region’s automotive bearings market. The Chinese automotive industry is witnessing an advanced recovery after the strategic and efficient control of the COVID-19 outbreak. North America and Europe are also likely to bounce back, creating a healthy demand in the years to come.
Who are the Key Players in the Market?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, which will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players acting in the Automotive Bearings Market:
- Schaeffler Group
- AB SKF
- NSK Ltd.
- NTN Corporation
- JTEKT Corporation
- The Timken Company
Key questions answered by the report.
- What is the projected CAGR for revenue from the Automotive Bearings Market during the forecast period?
- What would the market be valued at by 2026?
- What is a major driving factor for the growth of the market?
- Which region accounted for the largest revenue share in the Automotive Bearings Market?
- Which are the major market players?
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