The market is poised to grow at a CAGR of 5.85% and is expected to touch USD XX billion by the end of 2022. 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 in reducing energy consumption between mechanical components. Development of seal technologies, lightweight materials in high-performance bearings and lubrication technology has created growing 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 also 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.
The demand for automotive bearings is expected to rise in China and India where the demand for passenger cars and commercial vehicles is increasing rapidly. Bearings sector is estimated to have steady growth in mature markets like Europe and North America. Brazil and South Africa are anticipated to enter the recovery phase over the forecast period.
The automotive bearings market has been segmented by raw material (metal polymer, solid polymer, fiber-reinforced composite material), bearing type (plain bearing, rolling element bearing, ball bearings, fluid bearings) and geography (North America, South America, Europe, Middle East & Africa and Asia-Pacific).
Some of the key players in the market are:
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