Recent report titled published by research nester “Automotive Engine Bearings Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2027) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global automotive Engine Bearings market in terms of market segmentation by type, by vehicle type, by sales channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
he global automotive engine bearings market is segmented into sales channel such as OEM and aftermarket. Among these segments, OEM engine bearings segment is expected to occupy top position in overall automotive engine bearings market during the forecast period. This can be attributed to healthy automotive production trend. Moreover, automotive production is believed to increase in the upcoming years on the account of growing urbanization and increasing disposable income of the population. This factor is anticipated to intensify the growth of the automotive engine bearings market in the years ahead.
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Global automotive engine bearings market is expected to flourish at a significant CAGR of 5.7% during the forecast period. The market stands to benefit from increasing automotive production and replacement in aftermarket. Moreover, the global Automotive Engine Bearings Market is expected to garner USD 211.8 Billion by the end of 2027.
Asia Pacific captured the largest market share in overall automotive engine bearings market and is expected to continue its dominance over the forecast period. Highest automotive production is the primary reason behind the Asia Pacific lion’s market share. Further, growing purchasing power of the people in developing nations is anticipated to foster the growth of automotive market in the upcoming years. Europe automotive engine bearings market is anticipated to showcase significant growth during the forecast period. Moreover, Latin America is anticipated to grow at modest CAGR during the forecast period. Further, positive GDP growth coupled with growing automotive market in the region is anticipated to drive the growth of the automotive engine bearings in Latin America.
Healthy Automotive Production
Increasing automotive production is the major growth driver of global automotive engine bearings market. According to OICA, total motor vehicle production was held to be 97,302,534 units in 2017. This represented a growth of 2.4% in 2017 as compared to 2016. Further, automotive production is expected to increase on the account of rising demand. This factor is envisioned to bolster the growth of automotive engine market.
Automotive Aftermarket Industry Reflects Significant Opportunities
Growth in automotive vehicle size on the road is creating significant aftermarket opportunities for automotive engine bearings market. As engine bearing falls in wear and tear replacement category of automotive part, demand for replacement automotive engine bearings is likely to uplift during the forecast period on the account of growing number of aging vehicles.
Although, volatility in raw material price is likely to dampen the growth of automotive engine bearings market during the forecast period.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
This report also provides the existing competitive scenario of some of the key players of the global automotive engine bearings market which includes company profiling:
MAHLE Aftermarket Inc., Schaeffler AG, SNL Bearings Ltd., ORS Bearings, Nachi Fujikoshi Corp., RBC Bearings, NSK Ltd. King Engine Bearings, Inc., Timken Company, Svenska Kullagerfabriken AB and NTN Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive engine bearings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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