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Automotive Bearing Market Size, Share & COVID-19 Impact Analysis, By Type (Ball, Roller, Others), By Application (Powertrain, Chassis, Others), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI102229

 

KEY MARKET INSIGHTS

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The global automotive bearing market size was USD 30.03 billion in 2020. The market will grow from USD 31.08 billion in 2021 to USD 47.60 billion in 2028, at a CAGR of 6.28% between 2021 and 2028. The global COVID-19 pandemic has been unprecedented and staggering, with automotive bearings experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. According to our estimations, the global market experienced a significant fall of -8% in 2020, compared to the average year-on-year growth from 2017 to 2019. The sudden increase in CAGR is attributed to this market’s growth and demand, returning to pre-pandemic levels once the pandemic ends.


Bearings are mechanical components that are deployed to minimize friction between moving rotating parts and to support the rotary parts in order to achieve the specified motion. Automotive and aerospace & defense sectors are among the notable end-users of bearings along with various other offeindustrial segments. It improves the vehicle performance by bearing heavy loads and minimizing friction. They are primarily used in gearboxes, engines, wheels, transmissions, steering, pumps, electrical motors, and other vehicle components. In addition, they are used for the smooth operation of wipers, rearview mirrors, door, and bonnet hinges. Furthermore, bearings are used in passenger cars, commercial vehicles, off-highway equipment, and two-wheelers.


New Vehicle sales declined in COVID19, hindering market growth


The global outbreak of the Coronavirus (COVID-19) disease had a severe impact on the overall automotive industry, especially both value & supply chain players have been heavily disturbed due to the rapid spread of COVID-19 in the world. Starting in China, suppliers around the globe placed production lines in quarantine or shut them down completely. Legal and trade restrictions, such as closed borders, increased the shortage of required parts and limited distribution of supplies, mainly for raw materials coming from Asia such as steel parts, paints, and machinery. This resulted in substantial delay in fulfilling existing orders. Limited parts supply and just-in-time production strategy, including quarantine measures and reduced workforce led OEMs to halt their production. This is enhanced by the necessity to secure liquidity and reduce overproduction due to decrease in sales. Despite short-term sales declines in the early days of the pandemic, demand for electric vehicles remained strong, and sales recovered. The market is expected to grow significantly soon due to increased vehicle sales and the introduction of advanced technology-based bearings for a variety of automotive components/applications


Companies, such as SKF and Schaeffler AG, have seen major decline of around 10-13% in their revenue due to the coronavirus pandemic. Production of bearing has been hampered or lowered due to lack of raw materials and high import taxes. Although the duration of the pandemic is difficult to predict, the release of COVID-19 vaccines in early 2021 is projected to benefit the automotive industry.


LATEST TRENDS


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Increasing Focus on Vehicular Weight Reduction to Enhance Vehicle Effieciency


By improving fuel economy and reducing carbon emissions, OEMs worldwide are focused on reducing their gross vehicle weight. Lightweight bearings help reduce the general importance of the car. To achieve the same, bearing manufacturers are utilizing tight tolerance forging techniques and improved forging techniques to meet the changing standards and to stay competitive.


For instance, SKF is developing lightweight and compact bearings designed for ultra-high speed with increased rigidity, better load-carrying, and extended service life. In addition, modern automobiles and sport utility vehicles (SUVs) require lightweight bearings to improve performance, weightlessness, and stiffness. Hence, manufacturers are increasingly focusing on reducing vehicle weight will drive the automotive bearing market growth.


DRIVING FACTORS


Increase in Vehicle Production and Sales Will Set a Positive Trend for Market Growth


Bearings are required for all transferring components of a car to function. Some main sub-structures used are gearboxes, engines, wheels, transmissions, electric motors, steering, and pumps. In addition, rearview mirrors, even wipers, bonnet, and door require bearings for smooth functioning. In addition, with a growth withinside the quantity of fashions and new sorts of automobiles getting into the market, bearings are experiencing stellar demand. In addition, with the growing middle-class population, rising disposable incomes and growing urbanization and will lead to rise in sale of all typed vehicles which further helps to boost growth of  the  business in the coming years.


New Technological Advancement in Bearing Will Improve Market Growth


Manufacturers are going to be forced to produce advanced bearings as government regulations to decrease carbon footprints become more rigorous. It also add weight to the car, hence several manufacturers are producing lightweight bearings made of lightweight metals to reduce vehicle weight. For instance, companies are focusing towards implementation of new bearing type i.e. Ceramic. This are made to survive harsh operating conditions such as high temperature, vacuum, contamination, and corrosive environments, etc. Further, ceramic bearings are heat resistant and have a longer life span than steel bearings. In addition, as the need for high-performance bearings grows, OEMs are developing integrated bearings.


Furthermore, to improve vehicle performance, the majority of manufacturers are working on producing extreme rotation bearings. Leading manufacturers, such as SKF, are investing in new technological advances and adapting or redesigning traditional bearings. New part of automotive bearing redesigning includes polymer cage, rolling components. Customized and hybrid are addressing some of the most fundamental concerns that might compromise vehicle reliability. Hence, ceramic ball bearings are now the most appealing choice in terms of electrical discharge as steel rolling parts are likewise less suitable for high-speed applications.


RESTRAINING FACTORS


Fluctuating Raw Material Prices Can Restrain Market Growth


Key restraints faced by the market include the cost associated with it. Raw material constitute up to 62% of the manufacturer’s revenue. The price of raw material continuously varies as per the changing economic conditions of the market. Since alloy steel and highgrade steel are primarily used in bearings, their price gets affected by fluctuations in the worldwide steel price fluctuations. These factors create challenges for bearings manufacturers to produce high quality products at comparative price. Besides, bearings need regular maintenance for a longer life and preventing failures, leading to increased maintenance costs. As a result, global market growth is hampered by fluctuating raw material prices and ongoing maintenance expenses.


SEGMENTATION


By Type Analysis


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Ball Bearing Product Dominates Market Due to Technological Advancement in Ball Bearing


This market is divided into ball, roller, and others based on type.


The ball bearing holds the largest share globally, and the same segment is expected to lead throughout the forecast period. The segment will be dominating in the forecast period due to technological advancement in the ball-bearing segment. For instance, SKF has developed hybrid ball bearing (DGBB) made of steel rings and ceramic rolling elements. The bearings offer enhanced highspeed performance along with robust electrical insulation.


The automotive bearing market statistics suggests that the ball bearings segment has low growth and high penetration in 2020. The segment accounted for 41.20% market share in 2020. The other types include plain bearings, sensor, and hub unit bearing, which have high growth and low market penetration. The segment accounts for 27.40% market share in the automotive bearing. Similarly, the roller segment is also expected to witness good growth in the market over the forecast period, owing to higher radial load-carrying capacity than ball bearing.


By Application Analysis


Powertrain Segment to hold the Largest Market Share


Based on application, the market is divied  into powertrain, chassis, and others.


The powertrain segment is anticipated to hold maximum market share in the global market. The dominance can be attributed to various factors, including rapid production & development related to powertrain units in the automotive sector across developing & developed countries. Further, there is huge money spent on R&D and on innovation of powertrain and its related components from each manufacturer. There is an increasing need for trucks. Furthermore, chassis is also expected to hold the second largest share in the market. The dominance can be attributed to various parameters, including rising production and sales of LCV and HCV vehicles. In addition, the other bearing types segment includes plain, hub unit, wheel, and sensor bearing. This segment will hold a significant share of market value at a significant CAGR during the forecast period.


By Vehicle Type Analysis


Passenger Vehicle Segment Dominates Market Owing to High Production and Sales


The market is divided into three segments based on vehicle type: passenger vehicles, light commercial vehicles, and heavy commercial vehicles.


The passenger vehicle segment has the highest share of the global market and is expected to continue throughout the forecast period. Growth in this segment is expected to be driven by increased passenger car sales and production in emerging markets due to increased personal disposable income. The passenger vehicle segment accounted for 67.60% market share in 2020. The commercial segment is also expected to show lucrative growth in the market over the forecast period. This is attributed to the early replacement cycle of heavy loaded vehicles and high bearing wear & tear occurrence compared to passenger cars.


REGIONAL INSIGHTS


Asia Pacific Automotive Bearing Market Size, 2020 (USD Billion)

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The Asia Pacific market was worth USD 12.60 billion in 2020 and is expected to reach USD 20.79 billion by 2028, with a CAGR of 6.8% during the forecast period.  This market is expected to be dominated by APAC due to increasing production & sales of passenger cars in the region. This growth is due to a growing preference for personal mobility to drive the growth of automobiles and warehouses in the post-COVID-19 period.  Government initiatives to boost the adoption of EVs is anticipated to drive the market growth over the forecast period.


Europe is the second largest market. Consumer acceptance and shared mobility for electric and self-driving cars have the potential to drive market expansion in the region


During the forecast period, North America is anticipated to witness significant growth in this market. As government regulations on vehicle emissions become more stringent, rapid adoption of new technologies and heavy spending on product innovation are driving the market in North America.


The rest of the world contributes significantly less to this industry than the other regions. This is attributed to lack of automotive OEMs and bearing suppliers, limited technological adoption, and lack of various types of vehicles. However, it is projected to increase in the future.


KEY INDUSTRY PLAYERS


Diverse Product Offerings has Propelled SKF, Schaeffler AG, and NSK to Lead Market


The global market is dominated by few key players due to their diverse product portfolio, higher production capacities and competitive pricing models.


The manufacturers are focused on bringing technological innovations in the automotive bearings manufacturing process to improve productivity and lower the costs. For instance, SKF developed hybrid Deep Groove Ball Bearing (DGBB) that uses ceramic rolling elements and steel rings. Product of this type offer improved high-speed performance and best-in-class electrical insulation characteristics, making them the premium choice for high performance EV powertrains.


LIST OF KEY COMPANIES PROFILED:



  • JTEKT Corporation (Japan)

  • SKF (Sweden)

  • Schaeffler AG (Germany)

  • NSK Ltd (Japan)

  • NTN Corporation (Japan)

  • TIMKEN (USA)

  • Rheinmetall AG (Germany)

  • Nippon Thompson (Japan)

  • RBC  Incorporation (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • November 2019 SKF acquired Form Automation Solution (FAS), a software development startup company. This acquisition will improve consumers' inspection abilities and task management, as well as turn the manual knowledge collection procedure into ready-to-use information for the operator.

  • December 2021 – SKF developed hybrid Deep Grove Ball Bearing (DGBB), which includes ceramic rolling elements and steel rings. It offers improved high-speed performance and best level of electrical insulation characteristics, making it the premium choice for high performance EV powertrains. SKF is also developing custom solutions to reduce current leakage at the system level and protect the entire EV transmission.

  • March 2020 – NSK developed ultra-high-speed ball bearing for EV motors. This product helps electric motors to operate at higher speeds, improve fuel economy (reducing power consumption per unit distance), increase maximum vehicle range, and contribute to enhanced user comfort.


REPORT COVERAGE


An Infographic Representation of Automotive Bearings Market

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The automotive bearing market research report provides a detailed market analysis and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth in recent years.


Report Scope & Segmentation












































  ATTRIBUTE



   DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2017-2028



Historical Period



2017-2019



Unit



Value ( USD Billion)



Segmentation



By Type



  • Ball

  • Roller

  • Others



By Application



  • Powertrain

  • Chassis

  • Others



By Geography



  • North America (By Type, By Application)

    • U.S (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Type, By Application)

    • U.K (By Type)

    • Germany (By Type)

    • France  (By Type)

    • Rest of Europe (By Type)



  • Asia-Pacific (By Type, By Application)

    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Rest of APAC (By Type)



  • Rest of the World (By Type, By Application)



Frequently Asked Questions

Fortune Business Insights says that the global market size was at USD 30.03 billion in 2020 and it is expected to reach USD 47.60 billion by 2028.

In 2020, Asia Pacific stood at USD 12.60 billion.

The market is projected to grow at a CAGR of 6.28% and will exhibit steady growth during the forecast period (2021-2028).

Ball bearing segment is the leading segment in this market.

Increase in vehicle production and auto manufacturers’ focus toward reduction of vehicle weight are expected to drive the market growth.

Shaeffler and SKF hold the maximum share in the market.

APAC dominated the market share in 2020.

The increasing adoption toward electric mobility and favorable government initiatives to use lightweight material are expected to drive the market growth.

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