Feb 15, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Automotive Bearings Market.
It was estimated prior to this unanticipated outbreak that the Automotive Bearings Market was expected to reach an estimated value of US$ 18.31 billion during the forecast period. In the automotive industry, bearings are used to enable rotational or linear movement while reducing friction and handling stress. Bearings are usually designed to bear axial, radial, or a combination of both loads. The structure of bearing consists of rolling elements and inner and outer races. This assembly allows one part to bear another in automobiles. When selecting a bearing for a particular application, factors like bearing friction, temperature, and lubrication along with the design and construction of the bearing need consideration.
The industry had already been under stress in 2019 as the new vehicle production had fallen prey to the economic downslide. Even the emerging economies, such as China and India, the growth propellers of the industry, couldn’t escape the grave impact of the falling production in the past year. The industry was looking forward to remedial growth in 2020, but the onset of the COVID-19 pandemic shattered all expectations of the stakeholders, creating havoc with its prolonged impact across regions. The automotive bearings market is highly dependent on the organic growth of automotive production and follows similar strides as automotive production.
The catastrophe of the COVID-19 pandemic shook the automotive industry to the core in 2020. The short-term impact on the market remains apparent - mass employee layoffs across regions and industry verticals, leading to the reduced purchasing power of consumers, and ultimately resulting in decreased demand for new vehicles. This, paired with cash-burnouts of several players, production halts and reductions, and shrinking economies across the globe collectively contributed towards the massive decline in the automotive industry, imprinting a decline of over 15% in the demand for bearings in the automotive industry in 2020.
Based on the vehicle type, we have segmented the market as passenger vehicle, LCV, and MHCV. 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, passenger vehicle was least affected in 2020 and is expected to register the fastest recovery followed by LCV. In passenger car, electric vehicle is estimated to record a brilliant growth trajectory in the coming years.
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.
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 in 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 hybrid bearing.
Based on Region, 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.
Key Players:
Key players operating in the global Automotive Bearings market are-
- Schaeffler Group
- AB SKF
- NSK Ltd.
- NTN Corporation
- JTEKT Corporation
- The Timken Company
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Automotive Bearings analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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