List of the Companies Operating in the Engine Bearing Market:
- MAHLE Aftermarket GmbH (Stuttgart, Germany)
- ORS – Ortadogu Rulman Sanayi ve Tic. A.S. (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)
Final Report will add the Impact of COVID-19 Analysis on Engine Bearing Industry:
The global engine bearing 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 Bearing Market Size, Share and 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,” 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.
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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.
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 bearing to improve its performance. Furthermore, the adoption of advanced technologies such as 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 bearing market during the forecast period.
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 bearing 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.
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 engine bearing 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 bearing that will contribute to the market growth. The region was worth USD 2.81 billion in 2019.
Product Launches by Major Companies to Consolidate Their Market Positions
The global engine bearing market is highly fragmented by the presence of major players such as MAHLE and the Timken Company. They are introducing innovative engine bearing 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.
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- 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.
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