Bearings are the components used between two parts which allow linear or rotational movement, thereby reducing friction and enhancing performance to save energy. The bearings are categorized broadly by the motions allowed, type of operation, or to the directions of loads (forces) applied to the parts. There are various types of bearings such as, roller and ball bearings, linear bearings, and also, mounted versions that may use either plain bearings or rolling element bearings. These different types of bearing are designed for handling radial & thrust loads and are generally found in applications where the load is comparatively small.
MARKET SCOPE
The "Global Automotive Bearings Market Analysis to 2028" is a specialized and in-depth study of the automotive bearings industry with a special focus on the global market trend analysis. The report aims to provide an overview of automotive bearings market with detailed market segmentation by type, material type, vehicle type, and geography. The report provides key statistics on the market status of the leading automotive bearings market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- The global automotive bearings market is segmented on the basis of type, material type, and vehicle type.
- Based on type, the market is segmented as ball bearings and roller bearings.
- Further, based on material type, the automotive bearings market is divided into metal-polymer, engineered plastics, fiber reinforced composite, and metal and bimetal.
- On basis of vehicle type, automotive bearings market is segmented as passenger cars, LCV, and HCV.
MARKET DYNAMICS
Drivers:
- Increase in focus toward reduction of vehicle weight.
- Rise in automobile production and sales
Restraints:
- Fluctuating raw material prices and high maintenance cost.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive bearings market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive bearings market in these regions.
IMPACT OF COVID-19 ON AUTOMOTIVE BEARINGS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the automotive bearings market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Automotive bearings market market are anticipated to lucrative growth opportunities in the future with the rising demand for automotive bearings market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the automotive bearings market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AB SKF
- ILJIN Bearing Co., Ltd.
- JTEKT Corporation
- MinebeaMitsumi, Inc.
- Nachi-Fujikoshi Corp.
- NSK Ltd.
- NTN Corporation
- Schaeffler Technologies AG & Co. KG
- SNL Bearings Limited
- Timken Company