Market Research Future (MRFR) has published on the “Global Engine Bearings Market”.
The engine bearings market is estimated to register a CAGR of 3.80% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global engine bearings market - MAHLE Aftermarket GmbH (Germany), Daido Metal Co., Ltd. (Japan), JTEKT Corporation (Japan), NSK Ltd. (Japan), King Engine Bearing, Inc. (U.S.), Hartford Technologies, Inc. (U.S.), KS Kolbenschmidt GmbH (Germany), Schaeffler Technologies AG & Co. KG (Germany), ACL (Australia) and Menon Bearings Ltd. (India).
Market Highlights
The global engine bearings market is accounted to register a CAGR of 3.80% during the forecast period and is estimated to reach USD 4.336 billion by 2032.
The development of the automotive sector, changes in living standards, and an increase in disposable income in developing nations are the primary drivers of the global market for automobile engine bearings. Additionally, a major increase in automotive production is anticipated to fuel market growth in the near future. In addition, it is anticipated that technical advancements and research efforts to develop durable materials will accelerate market expansion.
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Segment Analysis
The global engine bearings market has been segmented into type, distribution channel and vehicle type.
On the basis of type, the market is segmented into Main Bearing, Connected Rod Bearing and Others. The main bearing segment was attributed to holding the largest market share in 2022. The crankcase houses the major bearings that support the crankshaft. A main bearing is made up of upper and lower bearing parts. On the inner side of the top part of the main bearing, there is an oil groove. Additionally, it has a hole that allows oil to be injected into the crankshaft's feeding holes.
Based on distribution channel, the global engine bearings market has been segmented into OEM and Aftermarket. The OEM segment was expected to hold the largest market share in 2022. Over the projected period, the expansion of the automotive performance engine bearings market would be aided by the enormous market for performance automobile engine development and research at OEM levels.
On the basis of vehicle type, the market is segmented into Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles. The passenger cars segment was attributed to holding the largest market share in 2022. The young generation is paying close attention to the quick advancements and innovations in autos, which is taking advantage of this market. Furthermore, encouraging government policies are implemented globally, accelerating the rise of passenger cars and fostering future industry expansion.
Regional Analysis
The global engine bearings market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe engine bearings market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The engine bearings market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World engine bearings market comprises of Middle East, Africa, and Latin America.
The largest market share for engine bearings was maintained by the North American regional sector. Over the next few years, market expansion in North America will be fueled by significant R&D expenditures and benevolent governmental rules. Additionally, rising disposable income and an expanding economy are probably going to support market expansion in the years to come.
Moreover, the Europe market has been persistently growing over the forecast period. Stringent restrictions in Europe have resulted in widespread adoption of lightweight bearings, and this trend is projected to continue during the forecast period. Government programs will place an emphasis on lowering vehicle weight to reduce emissions. The market will expand in the future as a result of the use of lightweight engine bearings.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The region has a significant presence of major automotive suppliers and strong manufacturing skills. As a result, the Asia Pacific area is expected to have a major market dominance. The market share for engine bearings is dominated by India, Japan, and China as a result of the fast growth of the auto sector.
Furthermore, the rest of the world's engine bearings market is divided into the Middle East, Africa, and Latin America. The market expansion in the rest of world is subsequently boosted by significant investments in R&D projects that create highly resilient and lightweight materials for cars.
Key Findings of the Study
- The global engine bearings market is expected to reach USD 4.336 billion by 2032, at a CAGR of 3.80% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market. The area boasts a sizable presence of large automotive suppliers as well as excellent manufacturing capabilities.
- Based on vehicle type, the passenger cars segment was attributed to holding the largest market in 2022, with an approximate market share of 45–65%.
- MAHLE Aftermarket GmbH (Germany), Daido Metal Co., Ltd. (Japan), JTEKT Corporation (Japan), NSK Ltd. (Japan), King Engine Bearing, Inc. (U.S.), Hartford Technologies, Inc. (U.S.), KS Kolbenschmidt GmbH (Germany), Schaeffler Technologies AG & Co. KG (Germany), ACL (Australia) and Menon Bearings Ltd. (India)
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Companies Covered | 15 |
Pages | 128 |
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