Over an eight-year forecast period 2018-2026, the global automotive bearing market is projected to witness moderate growth at a 4.4% CAGR. According to a recently published research report by Persistence Market Research, the global market for automotive bearing registered a value worth US$ 18.47 Bn in 2017, which is poised to reach around US$ 27.02 Bn by the end of 2026.
While exploding growth of the automotive industry is considered to be the key factor driving the demand for automotive bearings, Persistence Market Research has discovered a heap of other important factors and recently observed trends, which are foreseen to positively impact the performance of global automotive bearing market.
Amplified Investments in R&D to Support Market Growth : Increasing average lifespan of vehicles is expected to raise substantial demand for vehicular component repairing, replacement, and maintenance, eventually pushing the bearing market up in near future.
Rapidly expanding fleet is generating decent aftermarket demand for automotive bearings, which is another key factor responsible for market growth. Manufacturers are increasingly investing in the expansion of production capacity of automotive bearings; moreover, a majority players are focusing more on R&D in order to bring in innovation to the marketplace.
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Technological Advances Poised to Bring in Innovation : With advent of technology including IoT and emergence of cyber-physical systems, manufacturers are inclining more towards sensorised automotive components and mechatronic products, which enable digital service integration. This strategy is anticipated to help them prepare for the future manufacturing, i.e.
Industry 4.0. Persistence Market Research identifies this as a significant development in shaping the future of automotive bearings market. The global market for automotive bearings is currently trending with the growing use of ceramic ball bearings in a bid to open up new doors to several innovative application areas, such as in electric vehicles.
The market for automotive bearings is observed to be polarized towards a limited number of companies operating globally, which is estimated to fuel the market growth in next few years.
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By Product Type, : Ball Bearings, Deep groove ball bearings, Angular contact ball bearings, Thrust ball bearings, Self-alignment ball bearings, Roller Bearings, Tapered roller bearings, Cylindrical roller bearings, Spherical roller bearings, Needle roller bearings, Thrust roller bearings, Plain Bearings,,Roller bearings are likely to maintain a major market value share over ball bearings and plain bearings throughout the forecast period.
By Vehicle Type,, Two Wheeler, Passenger Car (PC), Commercial Vehicle (CV),,Passenger cars will continue to generate the maximum demand for bearings compared to commercial vehicles and two wheelers. However, two wheelers segment is expected to witness robust growth in coming years, exhibiting a promising CAGR over the assessment period.,
,By Application,, Engine, Transmission System, Wheel Hub, Steering System, Suspension & Others (interior & exterior),,Highest applications are apprehended to exist in the transmission system segment, followed by wheel hub and steering system. Engine is also identified to be a steadily growing application segment.,,By Sales Channel,, Original equipment manufacturer (OEM), Original equipment supplier (OES), Independent Aftermarket (IAM),,While OEMs are expected to continue their dominance through to 2026, IAM segment will reportedly witness the highest growth at a CAGR of over 5%.
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