Automotive bearing market is projected to reach $53.3 billion by 2025, according to P&S Intelligence.
The market growth is primarily driven by growing automotive industry coupled with increasing focus toward vehicle weight reduction. Several manufacturers are focusing to improve vehicle efficiency by reducing weight of the vehicle. For this, they are focusing on lightweight bearings employing high durability and stiffness. Besides this, the manufacturers are also using low torque and enhanced forging techniques in bearing production. Thus, the increased focus on reducing the weight of the vehicle is resulting in growing adoption rate of advanced bearings, which sequentially, is propelling the growth of the market.
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Insights into market segments
On the basis of bearing type, the automotive bearing market has been categorized into ball bearing, roller bearing, and plain bearing. Among these, ball bearing is estimated to hold the largest market share in 2018 with around 50% of the total market share in terms of volume. This is due to the high usage of ball bearings in passenger cars and two-wheelers. However, during the forecast period, the market share of ball bearing is anticipated to decrease, while the share of roller bearing is expected to increase, owing to the growth in manufacturing and sales of heavy-duty vehicles.
One of the significant factors driving the automotive bearing market is the prominent growth in the automotive industry, especially in the developing countries such as China, India, Indonesia, and Thailand. Increasing affordability of end users for vehicles along with upgraded standard of living are the major reasons for the growth in the sales of passenger cars, which in turn, is boosting the market growth.
Geographically, the APAC region is estimated to hold the largest share in the global automotive bearing market, accounting for more than 45% sales volume in 2018. Among the countries, China is expected to remain the market leader for automotive bearings, due to the rising regional demand for the automotive vehicles. Exports of low-end and small-sized bearings significantly drive the automotive bearing industry in China.
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Some of the major players operating in the automotive bearing market are JTEKT Corporation, MINEBEA MITSUMI Inc., NSK Ltd., NTN Corporation, Schaeffler AG, The Timken Company, AB SKF, RBC Bearings Inc., NACHI-FUJIKOSHI CORP., C&U Group Ltd., and others.