Engine Bearings Market will exhibit a CAGR of 12.6% during the forecast period, and reach USD 5.28 billion by 2027, and the Market value as per 2019 was USD 5.35 billion.
Fortune Business Insights™ in a new report, titled, “Engine Bearings Market Size, Share & COVID-19 Industry 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.”
Engine Bearings Market Drivers and Restraint:
Increasing Production and Sales of Vehicles to Propel the Market Growth
Globally, the growing urbanization, developing infrastructures, and expansion in the industrial sector are the primary factors that are propelling the growth of the automotive industry. Also, the rise in disposable income has leveraged the living standards of people, thus, encouraging them to purchase new vehicles. Moreover, the support from the government authorities for promoting sales of automobiles as well as the rising trend for lightweight vehicles are consequently boosting the vehicle bearing market. Prominent automobile companies are investing in high capital in expanding their business in emerging economies owing to the increasing demand for high-performance vehicles.
Reduction in Vehicle Weight to Drive the Market Growth
Improvisation and development in the engine performance of vehicles have always been one of the significant challenges for the automotive industry. To attain this objective, manufacturers are working towards reducing the overall weight and size of all components of the engine. Bearings used in automobiles constitute heavyweight, so if they are redesigned and redeveloped to weight reduction property, they play a significant role in reducing the weight of automobiles. Nowadays, aluminum alloys are gaining high traction owing to their advantageous properties, such as lightweight, higher durability, greater strength, maximum corrosion resistance, and enhanced operating ability at high temperatures. Therefore, the utilization of aluminum alloys for making engine bearings will reduce the energy loss by friction and ensure high operating efficiency. Furthermore, automotive manufacturers are investing in research to develop lightweight materials thus improving the fuel efficiency and performance of the vehicles.
List of Key Players Covered in the Engine Bearings Market Report:
- 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)
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