Automotive bearing system is useful for enabling the linear as well as rotational motion. Automotive bearing system reduces the friction in the vehicles. Market Research Future (MRFR) has published a research report that expects expansion for the global automotive bearing market at 6% CAGR (Compound Annual Growth Rate) between 2016 and 2022.
Observing the market structure, this report measures the future growth potential of the market. It gauges the strategies of the key players in the market and aids the competitive developments like new product developments, joint ventures, mergers & acquisitions, research and developments (R&D) in the market.
The foremost factors driving the global automotive bearing market growth include increasing demand for vehicles and technological advancement. The increasing demand for vehicles with technologically advanced solutions is resulting in an increase in vehicle manufacturing that requires instrumented products. However, high pricing and forging can restrain market growth.
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Schaeffler AG., Jtekt Corporation, NTN Corporation, Iljin Bearing Co., Ltd., Timken Company, Svenska Kullagerfabriken AB, RKB Bearings, Timken Company, ORS Bearings, and CW Bearing. are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Automotive Bearing Market.
Automotive Bearing Market – Competitive Analysis
The Market is witnessing increased competition and is expected to further intensify during the forecast period. The players in the market incorporate acquisition, collaboration, partnership and expansion in order to gain competitive advantage in this market and to maintain their market position.
Technological advancements in the manufacturing of the automotive test equipment and the increasing research and development expenditure by the key players is expected to increase the level of competition in the Automotive Bearing Market.
Industry/ Innovation/ Related News:
Aug, 2017 – Schaeffler India announced merger of its units INA Bearings and LuK India for improving cost and supply-side efficiencies. The key objective of the merger is to combine the strengths and competencies of all three Schaeffler entities here and establish one strong listed Schaeffler entity.
Sep, 2017– Schaeffler significantly expands its standard rolling bearing business with high investments in production capacities for FAG Generation C deep groove ball bearings. This will help to satisfy the high level demand for standard deep groove ball bearings, especially from China and the Asia/Pacific region, and help in meeting the specific requirements of this high-volume business in an optimum way.
Jan, 2013- RKB enhanced its range of WOR bearings. The RKB spherical roller bearings WOR series, with wider outer ring, were developed and engineered to accommodate large angular deflection between mixing drum and driving gear in case of misalignment.
October, 2009- JTEKT Corporation has developed a low-torque ball bearing for use in oil lubrication that improves automotive fuel efficiency. Many oil-lubrication ball bearings are used in the motor-support areas of hybrid vehicle transmissions and the gear-support areas of automotive automatic transmissions, manual transmissions, and continuously variable transmissions.
Jul,2008- Iljin Bearing Co announced the grand opening of its second plant in China. The new wheel bearing plant in Tianjin, China, supplies wheel bearings to Shanghai GM in Shanghai, Chery Automotive in Wuhu and BBDC in Beijing. The facility includes forging and machining operations for production of the company’s Gen. 2 and Gen. 3 double-row, angular-contact ball bearings.
Automotive Bearing Market – Segmentation
The Automotive Bearing Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type – Ball Bearings, Roller Bearings, Plain Bearings, Thrust Bearings, and Others
Segmentation by Vehicle Type – 2-Wheeler, Passenger, and Commercial
Segmentation by Regions: North America, Europe, APAC and Rest of the World.
Automotive Bearing Market – Regional Analysis
The Asia-Pacific region is expected to dominate the global Automotive Bearing Market owing to the presence of the developing countries such as India and China where the automotive industry is growing at a faster pace. The market in the Asia Pacific region is also growing owing to factors such as increasing number of vehicle manufacturing facilities due to low cost of production, increasing production capacity and growing demand for light and heavy vehicles.
The North America region is a matured market for automotive bearings. The original equipment manufacturers in the region are focusing on efforts for improvement of the production quality for delivering quality product. Many original equipment manufacturers are setting up manufacturing plants in Mexico and Canada, which is increasing the demand for automotive bearings.
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