Automotive Bearings Market Know about Impact of Covid-19 by Top Companies like JTEKT Corporation, Nippon, NSK Ltd, Schaeffler AG, SKF

Bearing is a machine element that constrains relative motion to only desired motion and reduces friction between moving parts. Bearings are used in almost all equipment or machinery, ranging from automobile parts, agricultural equipment, and household appliances to defense & aerospace equipment. This factor is expected to drive the automotive bearings market in the future. There has been an increase in demand for bearings with higher efficiency, lower maintenance requirements, and longer service life. In addition to the growing automotive industry globally, it has been observed that the increasing average vehicular age is anticipated to increase the demand for maintenance, repairing, and replacement of automotive components, which, in turn, fosters the sales of automotive bearings. The increasing aftermarket demand for automotive bearings is also expected to grow the automotive bearings Market.

The automotive industry in the Asia-Pacific region is lively compared to Europe and the North American region due to cost advantage and substantial population. The Asia-Pacific region has emerged as a hub for automotive production, OEMs, and suppliers. Automotive companies have set up production facilities in this region, which has propelled the demand for automotive. Governments in countries like India and China have adopted various policies to encourage the growth of the automotive industry. The new government in India has come up with 100% FDI in the automotive sector and the MADE IN INDIA campaign is expected to boost investments in the automotive sector by foreign as well as domestic players.

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The factors that drive the market include growing automobile industry, increase in production and sales of vehicles, and increasing disposable income. In addition, the factor that restrain the market is price fluctuation in metals. Further, adoption of new technologies and the rising demand for advanced automobile products provide different growth opportunities for the market expansion.

The major companies profiled in the global automotive bearings market include, NSK ltd, Schaeffler AG, NTN Corp; SKF; Iljin Bearing; RKB Bearings; JTEKT Corp; Timken; Wafangdian Bearing, and ORS Bearings. These players have adopted different strategies such as expansion and new product development to gain significant automotive bearings market share.

The automotive bearings market is segmented on the basis of bearing type, distribution channel, vehicle type, and region. By bearing type, it is categorized into ball bearing, roller bearing, and others. On the basis of distribution channel, it is categorized into OEM and replacement. On the basis of vehicle type, it is categorized into two-wheelers, PC, LCV, and HCV. By region, it is analyzed for Europe, Asia-pacific, North America, and LAMEA

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Key Market Segments

By Bearing Type
o Ball bearing
o Roller bearing

By Distribution Channel
o OEM
o Replacement

By Vehicle Type
o Passenger Vehicles
o Light Commercial Vehicles
o Heavy Commercial Vehicles
o Two-wheelers

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Key Market Players Profiled
o NSK
o Schaeffler AG
o NTN Corporation
o SKF
o Iljin Bearing
o RKB Bearings
o JTEKT Corporation
o Timken
o Wafangdian Bearing
o ORS Bearings

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