The automotive bearings market is poised to register a CAGR of 5.85% during the forecast period of 2018-2023. The market is extremely competitive and is driven by an increase in vehicle production, increasing the average age of vehicles, and growing demand for passenger cars and commercial vehicles.
Bearings reduce friction, which in turn, helps reduce energy consumption between mechanical components. The development of seal technologies, lightweight materials in high-performance bearings, and lubrication technology, has created opportunities in the automotive bearings market. Innovative material technologies have played a vital role in aero-engine bearing and automotive developments.
NTN Corporation has developed ‘Grease Lubrication Type High-Speed Deep Groove Ball Bearing’, with twice the rotational speed compared to conventional products. The filled grease has been optimized with a combination of consistency (thickening agents) that can resist centrifugal forces at high rotational speeds, and viscosity (base oil) that can supply lubrication constituents to the raceway surface at high speeds, resolving the problem of lack of lubrication, when operating at high rotational speeds.
Source: Statista / Mordor Intelligence Analysis
The demand for automotive bearings is expected to increase in China and India, where the demand for passenger cars and commercial vehicles is increasing rapidly. The bearings sector is estimated to record steady growth in the mature markets, such as Europe and North America. Brazil and South Africa are anticipated to enter the recovery phase, over the forecast period.
Major Players: C&U Bearings, CW bearings, Ilgin Bearing Co., Mineba Co. Ltd, and SNL Bearings, amongst others.
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