Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The global automotive bearing market size was USD 30.03 billion in 2020. The market is projected to grow from USD 31.08 billion in 2021 to USD 47.60 billion by 2028 at a CAGR of 6.28% in the 2021-2028 period. This information is published by Fortune Business Insights, in its report, titled, “Automotive Bearing Market, 2021-2028.”
Industry Developments:
June 2021: NTN Corporation developed a needle roller and cage assembly for planetary gear. The product offers highspeed rotation performance, noise reduction, and prolonged life in automatic automotive automatic transmission systems.
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Market Growth Factors:
- Bearings are necessary for the all moving parts of automotive to function. A few prime sub-systems where bearings are utilized are gearboxes, steering, engines, transmissions, wheels, electrical motors as well as pumps. Increase in focus toward reduction of vehicle weight, rise in automobile production along with sales.
- Additionally, wipers, door, rear view mirrors, and bonnet hinges necessitate bearings for smooth functioning. Furthermore, with amplification in the amount of models and new types of vehicles making an entrance in the market, the demand for automotive bearings is anticipated to elevate substantially. This, in turn, is expected to bolster the automotive bearing market growth during the forecast period.
- The enactment of the stringent Environment Protection Agency regulations and Corporate Average Fuel Economy standards, a focus on lightweight vehicles, the increase in the commercial vehicle demand and sales in the European region.
- The emergence of sensor bearing units and development of additive manufacturing technologies & materials to manufacture bearings are anticipated to provide lucrative growth opportunities.
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Market Segments:
On the basis of type, the market is classified into ball bearing, roller bearing, and others. The ball bearing holds the largest share globally and the same segment is expected to lead throughout the forecast period.
In terms of application, the market is categorized into powertrain, chassis, and others. By vehicle type, the market is divided into passenger vehicle, light commercial vehicle, heavy commercial vehicle. In terms of region, the Automotive Bearing Market is studied across North America, Europe, Asia Pacific, and the rest of the world.
Regional Analysis:
The market in Asia Pacific was worth USD 12.60 billion in 2020 and is estimated to reach USD 20.79 billion by 2028 at 6.8% CAGR during the forecast period. Europe holds the second-largest automotive bearing market share, owing to the existence of vital companies operating in this area.
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Competitive Analysis:
Companies Embrace Tactical Procurements to Refine Automotive Bearing Market Position
Prime corporations are emphasizing on co-operating with other players to extend their product portfolio in window coverings, spurring the global market. For instance, in November 2019, SKF acquired Form Automation Solution(FAS), which is a software development start-up company. This procurement will reinforce the inspection ability and task management of customers and also will transform the labor-intensive procedure of knowledge collection into ready information for the worker.
List of Key Players Mentioned in the Automotive Bearing Market Report:
- JTEKT Corporation (Japan)
- SKF (Sweden)
- Schaeffler AG (Germany)
- NSK Ltd (Japan)
- NTN Corporation (Japan)
- TIMKEN (U.S.)
- Rheinmetall AG (Germany)
- Nippon Thompson (Japan)
- RBC Bearings Incorporated (U.S.)
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