Engine Bearings Market Size, Share & COVID-19 Industry Analysis, By Product Type (Main Bearing, Connecting Rod Shell, Flange Bearing, Small End, and Camshaft Bush), By Market Type (OEM and Aftermarket), By Vehicle Type (Passenger Cars and Light Commercial Vehicles, Heavy Commercial Vehicle) and Regional Forecasts, 2020-2027

The global engine bearings market size was valued at USD 5.35 billion in 2019 and is projected to reach USD 5.28 billion by 2027, exhibiting a CAGR of 12.6% during the forecast period.

Automotive engine bearings are the vital part of the vehicle that is mounted on the internal combustion engine. This bearing helps in the rotation of the crankshaft as well as prevents it from dislocating from its place. They are capable of carrying heavy loads and help in maintaining the appropriate functioning and overall efficiency of the crankshaft. They also possess various characteristics such as high precision, durability, reliability, and operate with minimal noise and vibration. Manufacturers are investing in research to develop innovative lightweight and high-quality materials for bearings to improve the performance of the engine. Owing to the development and growth of the automotive sector, the market has huge growth potential.

COVID-19 Halts Automotive Production; Growth of Engine Bearings Market to Slow Down

The coronavirus outbreak was first reported at the end of December 2019 and has now been declared a pandemic by the World Health Organization (WHO). Countries around the world respond differently to virus outbreaks. In China and other major countries, delays in testing and response have caused the overburdening of the local health system. Restrictive measures such as total lockdown, isolation, social distancing, and quarantine show the most effective measures to control the spread of disease. However, these measures have led to the shutdown of businesses. Thereby, ceasing all the economic activities across the globe.

Unlike other industries, the automotive industry has also been impacted by the novel coronavirus and is set to decline sharply. Auto parts manufacturers are redefining their recent strategic roadmap and are focusing more on consolidating production capacity rather than expanding their scale to retain cash. The complete lockdown, halting for production of automobile units, and scarcity of working capital has worsened the situation of the component manufacturing companies including the tier-2 and tier-3 companies thereby threatening their survival. Moreover, the restrictions on cross border trade and sealing of borders by various regions have disrupted the supply chain.

China being the major exporter and contributor to automotive components, raw materials, and finished goods, while disruption in the supply chain and other trade restrictions in China has impacted several countries globally. In addition, the pandemic has had a great impact on the footfalls in showrooms as people are now redirecting their investments in recovering their financial losses and focusing on basic utilities and requirements. Therefore, these factors are likely to hamper the automotive engine bearings market growth in the near future.

LATEST TRENDS

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Increasing Research and Innovation in Automotive Technologies to Drive the Market Growth

Automakers are constantly working towards improving product designs to enhance performance and fuel efficiency. The growing demand for high-performance bearings has led manufacturers to integrate advanced sensor units in their products. The sensor unit helps to digitally monitor the axial movement, load capacity, acceleration, deceleration, and rotation speed of the product. In addition, the emergence of the Industrial Internet of Things (IIoT) has encouraged the adoption and continuous monitoring of connected devices and machinery. Integrating electromechanical features directly into the bearing helps improve performance and reduce size and cost. This trend is likely to have a positive impact on the bearing market. Also, many bearing manufacturers are digitalizing their bearing catalogues into mobile friendly to encourage customers to shop online.

DRIVING FACTORS

Increasing Production and Sales of Vehicles to Propel the Market Growth

Globally, the growing urbanization, developing infrastructures, and expansion in the industrial sector are the primary factors that are propelling the growth of the automotive industry. Also, the rise in disposable income has leveraged the living standards of people, thus, encouraging them to purchase new vehicles. Moreover, the support from the government authorities for promoting sales of automobiles as well as the rising trend for lightweight vehicles are consequently boosting the vehicle bearing market. Prominent automobile companies are investing in high capital in expanding their business in emerging economies owing to the increasing demand for high-performance vehicles.

Reduction in Vehicle Weight to Drive the Market Growth

Improvisation and development in the engine performance of vehicles have always been one of the significant challenges for the automotive industry. To attain this objective, manufacturers are working towards reducing the overall weight and size of all components of the engine. Bearings used in automobiles constitute heavyweight, so if they are redesigned and redeveloped to weight reduction property, they play a significant role in reducing the weight of automobiles. Nowadays, aluminum alloys are gaining high traction owing to their advantageous properties, such as lightweight, higher durability, greater strength, maximum corrosion resistance, and enhanced operating ability at high temperatures. Therefore, the utilization of aluminum alloys for making engine bearings will reduce the energy loss by friction and ensure high operating efficiency. Furthermore, automotive manufacturers are investing in research to develop lightweight materials thus improving the fuel efficiency and performance of the vehicles.

RESTRAINING FACTORS

Fluctuation in the Cost of Raw Materials May Restrain the Market Growth

Engine bearing is said to the significant element of the vehicle’s internal combustion engine that holds the camshaft in place and helps in its rotation. These bearings are made of various metals that are capable of holding heavy loads and constant friction. However, the prices of metals possess volatility which consequently incurs the high cost of production for the manufacturers. This may hamper the growth of the market.

SEGMENTATION

By Product Type Analysis

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Main Bearing Segment is Expected to Dominate the Market

Based on technology type, the market is segmented into the main bearing, connecting rod shell, flange bearing, small end, and camshaft bush bearing. The main bearing segment holds a major engine bearings market share in the global market. The internal combustion engine consists of several bearings. The main bearings are located in the cylinders of the combustion engine and their primary function is to support the camshaft from dislocating and allow it to rotate with the engine block. They are used to reduce the friction created by the movement of machine elements by providing the desired motion with minimal energy loss.

Engine bearing is a vital part and requires the highest precision in the production process. Therefore, the manufacturers are working on developing lightweight and high-quality materials for bearings to enhance the performance of the vehicles and increase the shelf life of the engine.

By Market Type Analysis

OEM Segment is Expected to Remain Dominant

Based on the market type, the market is segmented into OEM and aftermarket. The OEM segment accounts for the major share in the global market owing to the pricing dynamics and healthy automobile production trend. The automotive manufacturers are leveraging their product development capabilities and allied services such as lubrication, mechatronics, and strong engineering skills to deliver better solutions to their customers as well as maintain their leading position in the market. Moreover, several technologies are being adopted and researchers are focusing to develop highly durable and reliable materials that can hold heavy loads. Owing to high replacement rate of automotive parts such as bearings, the aftermarket is also expected to show exponential growth in the market.

By Vehicle Type Analysis

Passenger Cars Segment to Experience Significant Growth

Based on the vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment holds the largest share in the global market. High demographic growth, improving living standards, and a rise in the income level of individuals are the primary factor for the high growth of passenger cars across the globe. Also, the rapid innovations and developments in automobiles are gaining high attention of the young population, thereby, leveraging the growth of this market. Moreover, prominent key players are investing huge capital in expanding their business across nations to promote the use of lightweight high-performance cars equipped with advanced features.

REGIONAL INSIGHTS

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The market size in Asia Pacific stood at USD 2.81 billion in 2019. The region holds the dominance in the global market and continues to maintain its dominance over the forecast period owing to the highest number of sales channels and production of vehicles. Developing countries such as India and China are the major contributors to the market owing to the rapid development of the automobile industry. Also, the rising disposable income and emerging economy are expected to fuel the growth of the market in the coming years. Moreover, several manufacturers are investing a huge amount in developing highly durable and lightweight materials for the vehicles which are consequently boosting the market growth in this region. 

KEY INDUSTRY PLAYERS

The Timken Company and MAHLE are the Top Players in the Market

The Timken Company is a global leader in the automotive component industry with a rising portfolio of engine bearings and other transmission products designed to meet the evolving consumer demands across the world. The company has a strong game in strategizing and innovating engineered bearing products to keep moving forward in the global industry.

MAHLE is a global leading aftermarket company and a development partner that supplies vehicle bearings and other auto components to several prominent automotive players. Clevite is an engine bearings brand under MAHLE Performance that manufactures engine bearings for camshafts, rods, and mains. The company is constantly under innovation and development to serve better quality products to its customers which is likely to help the company to maintain its dominance in the global market.

LIST OF KEY COMPANIES PROFILED:

• MAHLE Aftermarket GmbH (Stuttgart, Germany)


• ORS - Ortadoğu Rulman Sanayi ve Tic. A.Ş. (Ankara, Turkey)


• SNL (Maharashtra, India)


• NACHI-FUJIKOSHI CORP. (Tokyo, Japan)


• JTEKT Corporation (Osaka, Japan)


• MinebeaMitsumi Inc. (Minato, Tokyo, Japan)


• RBC Bearings Incorporated (Oxford, Connecticut, United States)


• NSK Ltd (Tokyo, Japan)


• King Engine Bearings Inc. (Livingston, USA)


• Schaeffler AG (Herzogenaurach, Germany)


• THE TIMKEN COMPANY (North Canton, Ohio, United States)


• WAFANGDIAN BEARING GROUP CORP.LTD. (Liaoning, China)

KEY INDUSTRY DEVELOPMENTS:

• June 2020 – Auburn Bearing Launches Updated, Latest Website Auburn Bearing & Manufacturing has recently launched a redesigned newly website AuburnBearing.com. This website with freshly revamped coupled with improved functionality and mobile friendly design had been featured for more consumer-friendly experience.


• April 2019 – MAHLE Introduces New Bearings to Reduce Emissions MAHLE develops new melamine cyanurate polymer coating for bearings to enhance the service life and reduce friction thereby improving the lubrication properties. The coating has high thermal stability and ensures robust operations of the bearings to withstand the elevated loads that arose due to emission control.  


• September 2019 – Timken to Develop Ultra Quiet and Efficient Design for Bearings The Timken Company has announced a significant investment in R&D to develop NVH simulation software to reduce the noise and vibrations of the bearings during operation. The company is developing a set of advanced NVH functions that can analyze sound, measure NVH performance as well as identify the source of the sound.

REPORT COVERAGE

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The engine bearings market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. 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 growth of this key market over recent years.

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