Research Nester has released its report titled “Global Automotive Bearings Market: Global Demand Analysis & Opportunity Outlook 2020-2027” that delivers detailed overview of the global automotive bearings market in terms of market segmentation by material, product type, application, vehicle type, sales channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The automotive bearings market comprises of five segments which are segmented by material, product type, application, vehicle type and sales channel. The global automotive bearings market is estimated to grow at a CAGR of around 5.5% over the forecast period (2020-2027). The vehicle type segment is anticipated to occupy the leading market share, owing to a steady increase in sale of passenger vehicles across the globe and demand for cars that weigh comparatively less among the consumers globally.
The global automotive bearings market is anticipated to observe rapid growth, owing to the advancement in technology taking place with light-weight vehicles that help improve fuel efficiency being introduced in the market by market players and rising demand for commercial vehicles across several regions of the world. Moreover, there is a significant demand for aftermarket repair and maintenance services, owing to the vehicle owners retaining their vehicles for a higher number of years, which would require vehicles to be regularly serviced in case of any problems that may occur. The demand for spare-parts such as bearings for these vehicles that are growing older may increase, owing to the requirement for repair of the vehicles that may suffer from any defects or problems of maintenance. Additionally, factors such as growing importance attached by governments across the globe on emission norms and standards to be followed is anticipated to raise the demand for automotive bearings and is expected to improve the growth of the market over the forecast period.
The global automotive bearings market is segmented into five major regions comprising of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in Asia Pacific region is estimated to witness the highest growth rate, owing to the growth in automobile production particularly in the countries such as China and India coupled with rising skilled working population.
However, the market is subject to certain limitations such as the slow shift by governments across the globe from traditional fuel based vehicles to vehicle electrification over the next few years may reduce the demand for automotive bearings, as the electrically powered vehicles would require lesser number of bearings than traditional fuel based vehicles. Also, the use of wheel hub motor technology in electric vehicles is estimated to reduce the demand for bearings, as they do not have any requirement for automotive gears. These factors may limit the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive bearings market which includes company profiling of key companies such as NSK Ltd. (TYO: 6471) SNL Bearings (BOM: 505827), Svenska Kullagerfabriken AG (SKFB:SS), Timken Company (NYSE: TKR), Schaeffler AG (SHA:GR), Minebea Mitsumi Inc. (TYO: 6479), RBC Bearings (NASDAQ: ROLL), Nachi-Fujikoshi Corp. (TYO: 6474), NTN Corporation (TYO: 6472) and Wafangdian Bearing Group Corp. (200706:CH). The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive bearings market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.