The Asia Pacific Automotive Bearing market is valued at USD 5.1 Billion in 2020 and is expected to reach USD 6.2 Billion by 2026 registering a CAGR greater than 3.9% during the forecast period 2021-2026.
Approximately 95 percent of all automotive-related enterprises have had to put their workforces on hold because of the COVID-19 outbreak. Because production activities were halted, the shutdown had massive and unprecedented global ramifications. However, as economic activity resumes and vehicle production grows around the world, the market is projected to regain its speed.
Automotive bearing is an integral component of any vehicle due to its basic functionality of allowing the wheels to spin correctly. As a result, automotive bearings have always remained in demand, and with more extensive ownership of personal cars and growing technological advancements, the need for these bearing will only increase.
Bearings provide linear or rotational movement, while they also handle high stress acting on the external and internal frictionless metal surface, which supports the smooth movement of the vehicles. However, bearings add significant weight to the car; as a result, OEMs are working continually toward reducing the overall vehicle weight, which lowers the energy required to operate the vehicle, thereby increasing fuel economy.
In India, government policies such as ‘Make in India’ initiative to improve the manufacturing sector in the nation, will also see a bright future for the automotive bearing market as well. Automotive component manufacturers are investing even more in India today, through various investments or new product launches in the region.
Key Market Trends
There Is Growing Demand for Rolling Element Bearing
Automotive bearing is on the rise amongst bearing manufacturers, owing to the expansion of the automobile industry. Although, there tremendous competition in the market, resulting in taking manufacturers to focus more on improving their rolling element bearing products.
Wheel bearings tend to wear out after performing thousands of miles. Both the perpetual revolution of the wheels and the vehicle’s weight result in wearing out of wheel bearings, making the wheels unable to roll effectively.
In 2019, the automotive industry saw numerous developments of new rolling element bearings. Newer car models offer sealed units to keep the bearings away from dust, dirt, debris, and prevent contamination and reduce premature wear are in rising. However, it also limits servicing, cleaning, and greasing of bearing, which was accessible in the older model.
Nevertheless, bearing manufactures primary goal is to improve strength and reduce unnecessary weight. To provide more durable bearings, companies like SKF are developing bearing cages made of titanium alloys. Titanium alloyed bearings have proven to offer higher tensile strength with temperature resistance properties. Such an alloy is useful for high acceleration applications.
China likely to lead the Global Automotive Bearing Market
In China, the rise in economy and increased levels of income, especially amongst the middle-class consumers will drive the growth of the automotive market. This, in turn, will improve market opportunities for the automotive bearing industry as well. China is also the largest producer of automotive bearings, with one of the lowest production prices in the world.
There has been an increase in passenger car sales in the country is expected which would also to give rise to automotive bearing markets. Although automotive sales are expected slowdown shortly, causing the Chinese government to impose numerous measures to increase sales of cars.
Indian automotive bearings manufacturers received and 100% FDI from the government of India. With increasing production of vehicles in the country and the Bharat Stage-VI (BS-VI) norms have led to the growing demand for automotive bearings. Interestingly, GST on automotive bearing products was also slashed. Such factors will contribute to the growth of the automotive bearing market in India.
For instance, mergers such as the ABC Bearing Limited with Timken India Limited to develop a more extensive product portfolio for domestic car manufacturing companies such as Maruti Suzuki and Mahindra.
First of all this is very old data, please update it with new. Also, the current situation is very different in China from what you have mentioned.
Please go-through it once gain and make changes accordingly
Competitive Landscape
The Asia Pacific Automotive bearings market is fragmented. Although few of the existing players such as NSK Ltd, Myonic GmbH, JTEKT Corporation, NTN Bearing Corporation, SKF, and NTN Bearings hold the most significant shares. Although to have the edge over its competitors, the major actuators manufacturing companies are making huge investments to launch newer products.
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