Engine Bearings Market Size, Share and 2020 Trends Analysis | Industry Forecast to 2027
Engine Bearings Market size is expected
to showcase an exponential growth by reaching USD 5.28 billion by 2027.
This is ascribable to the increasing sales of automotive leading to the massive
production rate of vehicles by the manufacturers across the globe.
Fortune Business Insights, in its
latest report, titled, “Engine Bearings Market Size,
Share & COVID-19 Impact Analysis, By Product Type (Main Bearing, Connecting
Rod Shell, Flange Bearing, Small End, and Camshaft Bush), By Market Type (OEM
and Aftermarket), By Vehicle Type (Passenger Cars and Light Commercial
Vehicles, Heavy Commercial Vehicle) and Regional Forecasts, 2020-2027,” observes
that the market was worth USD 5.35 billion in 2019 and is
projected to exhibit a CAGR of 12.6% between 2020 and 2027.
COVID-19 to Result in Sluggish Growth of Automotive Sector
The COVID-19 pandemic has put a
tremendous strain on the healthcare sector owing to its fast-paced outbreak in
humans resulting in the loss of millions of lives. Additionally, scores of
people are under medical observation, while the government has imposed a total
lockdown to contain the spread of the disease. Owing to the lockdown, the
automotive industry is experiencing a total halt in the manufacturing and
production operations globally. This is expected to have a drastic effect on
the industry that will grow at a snail’s pace in the foreseeable future.
We are constantly striving to help your
business grow and sustain during the COVID-19 pandemic. Therefore, with the
help of our proficient team of research analysts, we offer you a detailed
analysis of the market, based on our expertise and high experience across
different sectors.
An engine bearing is a component that is extensively adopted in an automotive
to reduce friction between the moving parts. They facilitate the desired
movement of the engine without experiencing a loss in power. Considered to be
one of the revolutionary human innovations amongst machines, they are capable
of carrying heavy-duty loads and aid in the optimum functioning of the
crankshaft. The engine bearing is located in the crankcase and has an average
lifespan of about 1, 36,000 to over 1, 60,000 kilometers.
What does the Report Include?
The market report includes a detailed
assessment of various growth drivers and restraints, opportunities, and
challenges that the market will face during the projected horizon.
Additionally, the report provides a comprehensive research into the regional
developments of the market, affecting its growth during the forecast period. It
includes information sourced from the advice of expert professionals from the
industry by our research analysts using several methodologies. The competitive
landscape offers further detailed insights into strategies such as product
launches, partnerships, mergers and acquisitions, and collaborations adopted by
the companies to maintain a market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Sales of Automotive to Aid
Growth
The growing urbanization and high
disposable income of the working population are driving the demand for
automotive across the globe. The growing preference for light-weight vehicles
is propelling the automotive manufacturers to reduce the weight of several
components such as engine bearings to improve its performance. Furthermore, the
adoption of advanced technologies such as the industrial internet of things
(IIoT) and machine learning to reduce the operating cost and improve the engine
efficiency by the companies is expected to drive the global engine bearings
market during the forecast period.
SEGMENTATION
Main Bearing Segment to Dominate Owing
to Increasing Focus by Companies to Develop Quality Products
The main bearing segment, based on
product type, is expected to experience a strong growth owing to the increasing
focus to develop quality and light-weight engine bearings by the manufacturers
in the forthcoming years. The flange bearing segment held a market share of
1.50% in 2019 and is likely to showcase a considerable growth during the
forecast period.
REGIONAL INSIGHTS
Increasing Automotive Production in
Asia Pacific to Augment Growth
Among all the regions, Asia Pacific is
expected to remain at the forefront and hold the highest global market share
during the forecast period. This is attributable to the increasing production
of automotive in countries such as India and China in the region. Additionally,
several manufacturers in the region are heavily investing in developing
superior quality and light-weight engine bearings that will contribute to the
market growth. The region was worth USD 2.81 billion in 2019.
COMPETITIVE LANDSCAPE
Product Launches by Major Companies to
Consolidate Their Market Positions
The global market is highly fragmented
by the presence of major players such as MAHLE and the Timken Company. They are
introducing innovative engine bearings of superior quality and are striving to
improvise the design of the product to cater to the evolving consumer demand
globally. Moreover, the adoption of strategies such as merger and acquisition,
partnership, and collaboration by key players is expected to contribute to the
market growth during the forecast period.
Industrial Development:
- February 2020: King
Bearings introduced a new MC engine bearing to complement its current
combustion engine development program. According to the company, the new
product is likely to provide the required solution for the aftermarket
demand for optimum performance and service life in engines.
List of the Leading Companies Operating in the Engine Bearings Market are:
- MAHLE Aftermarket GmbH (Stuttgart, Germany)
- ORS - Ortadoğu Rulman Sanayi ve Tic. A.Ş. (Ankara, Turkey)
- SNL (Maharashtra, India)
- NACHI-FUJIKOSHI CORP. (Tokyo, Japan)
- JTEKT Corporation (Osaka, Japan)
- MinebeaMitsumi Inc. (Minato, Tokyo, Japan)
- RBC Bearings Incorporated (Oxford, Connecticut, United States)
- NSK Ltd (Tokyo, Japan)
- King Engine Bearings Inc. (Livingston, USA)
- Schaeffler AG (Herzogenaurach, Germany)
- THE TIMKEN COMPANY (North Canton, Ohio, United States)
- WAFANGDIAN BEARING GROUP CORP.LTD. (Liaoning, China)
Browse Detailed Market Insights of this
Research Report with TOC:
https://www.fortunebusinessinsights.com/engine-bearings-market-103471
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Engine Bearings Market Analysis, Insights and Forecast,
2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Main Bearing
- Connecting Rod Shell
- Flange Bearing
- Small End
- Camshaft Bush
- Market Analysis, Insights and Forecast – By Market
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
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https://www.fortunebusinessinsights.com/press-release/global-engine-bearings-market-10164
Great Blog, i like your way of explaining keep it up. flange bearing supplier
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