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Global Automotive Bearings Market to Grow at a CAGR of 6.90% During 2022-2027, Aided by the Growing Research and Development Activities by the Leading Market Players

According to a new report by EMR titled, ‘Global Automotive Bearings Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 38175.7 million in 2021. The global automotive bearings industry is further expected to grow at a CAGR of 6.90% between 2022 and 2027 to reach USD 56970.92 million by 2027.

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:

  • The market is segmented based on bearing type into roller bearing, ball bearing, and others.
  • The different types of vehicles in the market include two-wheeler, passenger car, and commercial vehicle.
  • By distribution channel, the market is divided into after market and OEM.
  • Region-wise, the global market for automotive bearings can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for automotive bearings is being driven by the growing expansion of the automotive industry, especially in emerging economies.
  • The rising demand for heavy and light commercial and passenger vehicles in the public transport sector is likely to augment the market.
  • In addition to this, the increasing inclination of population towards automobiles with high mechanical performance and smooth acceleration is expected to propel the demand for automotive bearings in the forecast period.
  • The market is predicted to be further aided by the growing innovation and technological advancements in the automobile industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive bearings periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the bearing types, vehicle types, distribution channels, and regions of automotive bearings.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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