Automotive Bearings Market Size, Impacted by COVID-19, to Reach US$ 18.3 Billion in 2026, Says Stratview Research

DETROIT, April 20, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Automotive Bearings Market by Vehicle Type (Passenger Vehicle, Light Commercial Vehicle (LCV), and Medium & Heavy Commercial Vehicle (MHCV)), by Bearing Type (Ball Bearing, Roller Bearing, and Plain Bearing), by Material Type (Metallic, Non-Metallic, and Hybrid), by Application Type (Engine & Transmission System, Steering System, Wheels, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World) ), Size, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's automotive bearings market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for bearings at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as formulate growth strategies.

Automotive Bearings Market: Highlights from the Report

In the automotive industry, bearings are used to enable rotational or linear movement while reducing friction and handling stress. Bearings are usually designed to bear axial, radial, or a combination of both loads. The structure of bearing consists of rolling elements and inner and outer races. This assembly allows one part to bear another in automobiles. When selecting a bearing for a particular application, factors like bearing friction, temperature, and lubrication along with the design and construction of the bearing need consideration.

The industry had already been under stress in 2019 as new vehicle production had fallen prey to the economic downslide. Even emerging economies, such as China and India, the growth propellers of the industry, couldn't escape the grave impact of the falling production in the past year. The industry was looking forward to remedial growth in 2020, but the onset of the COVID-19 pandemic shattered all expectations of the stakeholders, creating havoc with its prolonged impact across regions. The automotive bearings market is highly dependent on the organic growth of automotive production and follows similar strides as automotive production.

The catastrophe of the COVID-19 pandemic shook the automotive industry to the core in 2020. The short-term impact on the market remains apparent - mass employee layoffs across regions and industry verticals, leading to the reduced purchasing power of consumers, and ultimately resulting in decreased demand for new vehicles. This, paired with cash-burnouts of several players, production halts and reductions, and shrinking economies across the globe collectively contributed towards the massive decline in the automotive industry, imprinting a decline of over 15% in the demand for bearings in the automotive industry in 2020. The market for bearings in the automotive industry is subjected to mark a healthy rebound in the coming years to reach an estimated value of US$ 18.3 billion in 2026.

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Based on the vehicle type, passenger vehicle is expected to maintain its indubitable lead till 2026, driven by a sustained increase in urban demand, rising consumer disposable income, increasing motorization rate, and reasonably higher production of passenger cars than commercial vehicles. Among all vehicles, passenger vehicle was least affected in 2020 and is expected to register the fastest recovery followed by LCV. In passenger car, electric vehicle is estimated to record a brilliant growth trajectory in the coming years.

Based on the bearing type, ball bearing is likely to remain the dominant type in the market till 2026, given its characteristics of efficient functioning at higher speed as compared to roller bearings and ability to bear both radial and axial load in moderate amounts.

Based on the type of material, metallic bearing is projected to maintain its invincible lead in the market till 2026, propelled by its ability to sustain in applications involving extremely high loads and fast rotations per minute (rpm). Stainless steel is the most widely used bearing material type, its excellent corrosion- and temperature-resistant properties make it superior to other competing materials. The non-metallic bearing type is anticipated to make the fastest recovery in the post-pandemic market developments, closely followed by hybrid bearing.

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All regions registered massive downfalls in 2020 in the wake of the pandemic. Asia-Pacific registered the minimum loss in 2020 and is projected to maintain its lead in the global market during the study. China, India, and Japan, with most of the world's population, are creating a massive demand for vehicles, which, in turn, is causing a stir in the region's automotive bearings market. The Chinese automotive industry is witnessing an advanced recovery after the strategic and efficient control of the COVID-19 outbreak. North America and Europe are also likely to bounce back, creating a healthy demand in the years to come.

Key automotive bearing manufacturers include Schaeffler Group, AB SKF, NSK Ltd., NTN Corporation, JTEKT Corporation, and The Timken Company. Formation of long-term contracts, application development, and development of innovative products are some of the key strategies adopted by the major players to gain a competitive edge in the market.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

This report studies the global automotive bearings market and has segmented the market in six ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the six ways in which the market is segmented:

Automotive Bearings Market, by Vehicle Type

• Passenger Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• LCV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• MHCV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Bearings Market, by Bearing Type

• Ball Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Roller Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Plain Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Bearings Market, by Material Type

• Metallic Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Non-Metallic Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Hybrid Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Bearings Market, by Application Type

• Engine & Transmission System (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Steering System (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Wheels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Bearings Market, by End-User Type

• OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Bearings Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Stratview Research has several high value market reports in the automotive and transportation industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Automotive-Transportation.html

About Stratview Research

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