Global Automotive Bearing Market - 2020-2027
Bearings are engineered precision-made components that allow machinery to move at high speeds and carry extraordinary loads with ease and efficiency. Moreover, it offers high precision, reliability and durability and the ability to rotate at high speeds with minimal noise and vibration. In addition, bearings enhance the performance of the vehicles, bear heavy loads, and reduce friction.
The global Automotive Bearing market is estimated to reach USD XX billion by 2027 from the recorded market size of worth USD XX billion in 2019, growing at a CAGR of XX% during the forecast period (2020-2027).
The growing automotive production sales are expected to increase the market size for automotive bearing during the forecast period. Moreover, global sales of automobiles are forecast to fall to just under 63 million units in 2020, down from a peak of almost 79 million units in 2017 due to the impact of Covid-19 and are expected to increase the market size during the forecast period. In addition, the properties such as the ability to resist seizure to the steel shaft during periods when there is metal-to-metal contact, mechanical compressive strength, fatigue strength, good bonding characteristics, conformability, corrosion resistance and embeddability are expected to boost the market growth. According to industry analysis, the global automotive market is expected to reach USD 3,791 billion by 2030, from the recorded value of USD 2,681 billion with a CAGR of 2.84%.
Owing to fuel efficiency advancements and lower carbon dioxide (CO2) emissions, the automotive industry focuses on decreasing vehicles' overall weight. Moreover, the lightweight bearings significantly contribute toward reducing the overall weight of vehicles. Also, modern cars and sports utility vehicles have increased the demand for lightweight bearings for better stiffness, durability and weightlessness. For this persistence, bearings makers focus on enhanced forging techniques and low tolerance in production. In addition, manufacturing companies are developing compact and lightweight bearings, which have been designed to run at extremely high speeds, superior load-carrying capability, enhanced stiffness and prolonged operating life.
Furthermore, the increasing demand for ball bearing is expected to drive market growth during the forecast period. Ball-bearing is a type of roller bearing comprised of inner and outer raceways, with hollow steel or ceramic balls between them. Moreover, the balls allow the transmission of loads, which in turn decreases friction between two surfaces, such as in the case of a road and vehicle because ball bearings can support radial and axial loads, it allows vehicles to keep balance during sudden braking, turning on sharp corners and during speed changes. In addition, ceramic ball bearings are famous in the automotive industry because they are heat resistant, making them perfect for applications such as in turbocharged engines.
However, an increase in vehicle electrification, fluctuation in raw material prices, and high maintenance costs are the key factors to hinder the global market. Moreover, prompted by global initiatives such as the Paris agreement, several countries worldwide establish stricter emissions controls on new vehicle models. As such, the manufacturer is beginning to expand its business into the electric mobility sector. Every third new car sold is expected to be driven or assisted by an electric battery by 2025. In addition, over the next decade, mobility services and autonomous vehicles are set to stir up yet another revolution in the auto sector. China is expected to lead the market by 2040, with projected autonomous vehicle sales of 14.4 million units.
By bearing type, the market is segmented into ball bearing, cylindrical & needle roller bearings, spherical roller bearings, tapered roller bearings and others. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles and two-wheelers. By application type, the market is segmented into crankshaft bearings, piston pin joint, balancer shafts, steering systems, transmissions, brake systems, engine management, wipers and others.
The increasing demand for smart bearings is expected to drive market growth during the forecast period. Smart bearings are commonly used in automotive wheel applications. Most automaker's unit bearings commonly include speed sensors that send wheel speed data to the ABS and traction control units of light vehicles.
In the industrial markets, housed bearing units are equipped with sensors that monitor bearing vibration, speed, temperature or combination of all three. Moreover, a smart bearing using a speed pickup proximity switch senses the presence of two targets on a unique locknut or collar inside the sensorized bearing installation. Meanwhile, a target comes into range, the proximity switch stops, allowing the supplied voltage to pass through. The period between the two pulses per revolution may be measured to determine the shaft speed.
APAC dominated the automotive bearings market and is expected to witness the highest growth rate during the forecast period. Passenger vehicles and two-wheelers dominated India's automotive market in the FY2020, with over 3.3 million units and over 20 million units were sold, respectively. The south Asian country became the fourth largest automotive industry in 2017. In 2020, over 21.5 million vehicles were sold domestically. Moreover, China dominated the market, followed by India and Japan in this region. The growing economy in China and the increasing disposable income of middle-class consumers are expected to drive market growth. Over the past five years, due to the country's low production costs, the demand for vehicle production has gone up drastically. In addition, in 2020, approx. 5.12 million commercial vehicles have been sold in China. The automobile industry has been a major driving factor in China's economy, and despite slowing growth, the Chinese automobile industry is expected to continue to boost the economy. China in 2019, producing approx. 20 million passenger cars and claiming a 26.4% share of total global vehicle production. However, industry experts predict a decline in vehicle sales in 2019. To overcome the same, the government has unveiled numerous measures to increase cars' sales, which is expected to drive market growth.
Furthermore, Europe and North America are expected to contribute the significant market growth for automotive bearing during the forecast period due to major players' presence in these regions.
The Automotive Bearing market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream application. NTN Bearing Corporation, JTEKT Corp., Schaeffler AG, Federal-Mogul Corp., Rheinmetall AG (KSPG AG), Wafangdian Bearing Group Corp, NRB Bearings Ltd., Minebea Co., Ltd., Mahle GmbH, RBC Bearings Incorporated are the major player in the sealants market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the Automotive Bearing market globally.
NTN Bearing Corporation
Deep Groove Ball Bearings
Deep groove ball bearings are widely used bearings in all global industries. They utilize a constant raceway that makes them optimal for radial loads. NTN radial ball bearings are typically manufactured with pressed steel cages and offer machined brass or molded nylon material with locating snap rings on the outside diameter.
Pre-lubricated bearings have integral shields or seals and are packed with long-life grease. These bearings can be used without closures, supplementary seals or protective devices in many applications. Moreover, shielded ball bearings are protected on one or both sides by metal shields fastened to the outer ring. Moreover, this close clearance shield retains lubricant and helps prevent the entrance of sizeable foreign matter.
Furthermore, sealed ball bearings include steel-reinforced rubber seals securely attached to a groove on the outer ring. Contact with the inner ring affords positive sealing at all times. The company offers various contact, light-contact, and non-contact seals to help you dial in your protection while balancing torque and speed as per requirements.
Thermal, mechanical ball bearing (TMB) are lighter weight and have a longer life. Moreover, with today's machinery's high performance, bearings are being used at higher speeds and loads. As a result, the industries use this bearing for compact designs at lighter weights, long-lasting and lower costs. Also, when manufacturing these bearings, stringent industry requirements must be met without changing the related parts' configuration.