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The automotive bearings industry is driven by the growing efforts by the major automotive companies to enhance the driving experience of consumers by providing them improved safety features. Automotive bearings are likely to witness a significant demand in the forecast period owing to the rising incidences of accidents and the growing issues of traffic congestion. In addition to this, the thriving public transport industry is likely to propel the demand for heavy commercial vehicles due to the increasing number of daily travellers across the globe. Moreover, the increasing inclination of people towards buying automobiles with high mechanical performance is likely to augment the market growth in the forecast period.
In November 2021, RBC Bearings Incorporated (NASDAQ: ROLL) announced the complete acquisition of DODGE mechanical power transmission division of Asea Brown Bovery Ltd. for approximately $2.9 billion in cash.
In terms of region, Europe is likely to account for a significant share in the market, which is driven by the thriving automotive industry. The expansion of various end use industries including transportation, trading, and others is supporting the market growth. Additionally, the rising popularity of luxury cars in countries like France, Italy, and Germany is further expected to bolster the market growth.
Market Breakup by Bearing Type, Vehicle Type, Distribution Channel, and Region:
Key Findings of the Report:
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The major players in the global automotive bearings market are The Timken Company, SKF, THK CO., LTD, RBC Bearings Incorporated, Schaeffler AG, NTN Corporation, ILJIN co., ltd., Nippon Thompson Co., Ltd. (IKO International, Inc.), JTEKT Corporation, and NSK Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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