Press release
Global Automotive Bearing Market; PMR Expects Global Revenues to Cross US$ 27 Bn by 2026 End
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.
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%.
By Region
North America
Latin America
Europe
South East Asia & Pacific (SEAP)
China
Japan
Middle East and Africa (MEA)
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Currently, Europe is the leading market for automotive bearings but China is most likely to surpass European market in terms of growth rate, value, and value share. By 2026 end, China is presumed to be the largest market for automotive bearings. SEAP is expected to represent a highly lucrative market in near future.
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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.
To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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