Automotive Bearings Market worth USD 48.1 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Global Automotive Bearings Market by Product (Plain Bearings, Rolling Element Bearings, Ball Bearings, and Fluid Bearings), by Bearing Type (Roller Bearings, Ball Bearings, and Plain Bearings), by Material (Alloy, Metal, Others (Ceramic and Plastic)), by Vehicle Type (Two-Wheeler, Passenger Car, and Commercial Vehicle), by Distribution Channel (Aftermarket, and OEM), by Region – Global Share and Forecast to 2027". The global automotive bearings market size is expected to grow from USD 34.1 billion in 2021 to USD 48.1 billion by 2027, at a CAGR of 5.9% from 2021 to 2027. The demand for commercial vehicles has been increasing in the region, owing to the growing logistics industry and the increasing use of light commercial vehicles, such as vans, for ride-hailing services. The underlying factor driving the growth of the light commercial vehicle market in Europe is the increased preference for pickup trucks and small vans over heavy-duty trucks and railways for logistics. Thus, the demand for light-weight vehicle components to integrate into light commercial vehicles is anticipated to grow significantly during the forecast period. This, in turn, is estimated to augment the demand for automotive bearings.

Global Automotive Bearings Market Segmentation

The automotive bearings market has been segmented into the product, bearing type, material, vehicle type, distribution channel, and region.

• By Product (Plain Bearings, Rolling Element Bearings, Ball Bearings, and Fluid Bearings)
• By Bearing Type (Roller Bearings, Ball Bearings, and Plain Bearings)
• By Material (Alloy, Metal, Others (Ceramic and Plastic))
• By Vehicle Type (Two-Wheeler, Passenger Car, and Commercial Vehicle)
• By Distribution Channel (Aftermarket and OEM)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Roller bearings, by product type, is estimated to hold the largest market share during the forecast period

Based on product type, the global automotive bearings market is segregated into roller bearings, ball bearings, and plain bearings. The roller bearings segment generated the highest revenue of 51.5% of the total global automotive bearings market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Tapered roller, spherical roller, needle roller, and cylindrical roller are the major types of automotive rolling element bearings. These bearings have been widely deployed in-vehicle systems, majorly across engine, transmission, and wheel (excluding needle rollers for wheel bearings).

Major bearing manufacturers like SKF, Schaeffler, JTEKT, and NSK announced their investment plans to expand their rolling element bearings production facilities to meet the increasing demand in the automotive industry. In April 2018, Schaeffler developed a new transmission bearing with low friction, an angular roller unit (ARU).

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The Asia Pacific accounts for the largest market share in the automotive bearings market 2020

Based on the regions, the global automotive bearings market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 47.2% in the global automotive bearings market and was anticipated to maintain its dominance throughout the forecast period. With growing vehicle sales, the demand for automotive bearing has been drastically increased in the country over the past two years (2016-2017). Thus, some of the major manufacturers of the bearing system in the Chinese market, like SKF, Changzhou NRB Corporation, Xiangyang Automobile Bearing Co., Ltd, etc., have planned to expand their bearing business. The growing demand for vehicles in the country and the ever-increasing technological development in the bearing market is anticipated to drive the automotive bearing market over the forecast period.

This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategy of the leading companies operating in the automotive bearings market. It also consists of the profiles of leading companies such as ILJIN co., ltd., JTEKT Corporation, Nippon Thompson Co., Ltd. (IKO International, Inc.), NSK Ltd., NTN Corporation, RBC Bearings Incorporated, Schaeffler AG, SKF, THK CO., LTD, and THE TIMKEN COMPANY, among others. These market players have focused on acquisitions and expansion to gain a larger market share in the automotive bearings market.

Browse complete report: https://www.marketstatsville.com/automotive-bearings-market-will-reach-usd-23-8-billion-by-2025

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