Automotive Bearing Market Size, Share, Trends & Growth Forecast to 2025 | Top Players are JTEKT Corporation, MINEBEA MITSUMI Inc, NSK Ltd., NTN Corporation, Schaeffler AG, The Timken Company, AB SKF, RBC Bearings Inc., C&U Group Ltd., SNL Bearings Ltd., R

In 2018, the global automotive bearing market generated a revenue of $33.4 billion and is predicted to advance at a 6.9% CAGR during the forecast period (2018-2025). The market is growing due to the expanding automotive industry, increasing emphasis on vehicular emission reduction, and rising focus toward vehicle weight reduction. Machine elements which are utilized for reducing friction and supporting heavy loads are referred to as automotive bearings. These are precision-made components that allow machinery to move at extremely high speeds with minimal vibration and noise.

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When application is taken into consideration, the automotive bearing market is categorized into axle, steering column, engine, wheel end, transmission, and others (which include blowers, propulsion shaft, mechanical fans, compressor, and chassis). The engine category dominated the market during the historical period and is expected to account for the largest share of the market during the forecast period as well, in terms of value and volume. This is due to the increasing production demand with high-power ratings of modern engines. Axle is predicted to grow at the fastest pace during the forecast period.

Another factor positively affecting the growth of the automotive bearing market is the increasing focus on reducing vehicular emission reduction. The automotive industry is the primary contributor to the surging emission of greenhouse gases in the environment. The usage of energy is the highest in this industry. The bearing manufacturers around the globe are focusing on the development of lightweight, low-torque bearing in order to reduce friction and weight and improve lubrication. Furthermore, these bearings improve the operational efficiency of vehicles by reducing energy loss, thereby resulting in decreased CO2 emissions.

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A key trend in the automotive bearing market is the adoption of advanced raw materials. Automotive bearings are majorly manufactured by utilizing high-grade steel or alloy steel, the prices for which are often subject volatility. Thus, in order to deal with the fluctuations in the prices of raw materials, manufacturers are exploring alternative raw materials for the production of bearings. These innovative materials primarily include ceramic and other lightweight steel alloys of various grades. Several automakers are exploring these raw materials for reducing the overall weight and improving operational efficiency of their offerings.

Automotive Bearing Market Competitive Landscape

Some of the major players operating in the global automotive bearing market are JTEKT Corporation, MINEBEA MITSUMI Inc, NSK Ltd., NTN Corporation, Schaeffler AG, The Timken Company, AB SKF, RBC Bearings Inc., C&U Group Ltd., SNL Bearings Ltd., RKB Bearing Industries, Ortado?u Rulman Sanayi ve Tic. A.?. (ORS), Iljin Bearing Co. Ltd., Cixing Group Co. Ltd., and NACHI-FUJIKOSHI CORP.

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