Europe Automotive Bearing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Automotive Bearing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Europe Automotive Bearing market was valued at a USD 7.77 Billion in 2021 and is expected to grow at a value of USD 9.55 Billion by 2027, registering a CAGR of 3.5% in terms of revenue during the forecast period.

COVID-19 had a negative impact on the automotive bearing market. Europe witnessed the major impact of pandemics on the supply chain and manufacturing sector. In addition, due to lockdowns and halted production, the demand for automotive bearings plummeted. However, with life returning to normalcy, the supply chain across the country gaining pace that will likely help the automotive bearing market grow during the forecast period.

Over the long term, the rise in vehicle sales across the region is likely to witness major growth for the market. As the automotive bearing is an integral component of any vehicle due to its basic functionality of allowing the wheels to spin correctly. As a result, automotive bearings have always remained in demand, and with more extensive ownership of personal cars and growing technological advancements, the need for these bearings will only increase.

To improve vehicle performance several manufacturers are introducing light weight bearings which are made of metals like ceramics. Light weight bearings help to increase the fuel efficiency of the vehicle which is likely to witness major growth for the market. Germany is the leader as a producer and an exporter of bearing part; as a result, it is a dominant market in bearing production in Europe. Many high-end bearing components are manufactured across Europe with manufacturing plants in countries France, Italy, Romania, Slovakia and Poland showing a positive growth.

Key Market TrendsRolling Element Bearing Holds the Significant Market Share by Product Type

Rolling element bearing is dominating the Europe automotive bearing market in terms of revenue during the forecast period. The rapid expansion of automotive industries across the region is likely to witness significant demand for rolling elements of bearings among vehicle manufacturers.

Although, there is tremendous competition in the market, resulting in taking manufacturers focusing more on improving their rolling element-bearing products. Nevertheless, the bearing manufacturers' main objective is to improve strength and reduce unnecessary weight. For instance,

• In October 2021, NSK Ltd. has developed the world's first 100% bioplastic heat-resistant cage for rolling bearings. This product addresses the low heat resistance of previous bioplastics, with the new cage able to withstand high operating temperatures of 120℃.

To provide more durable bearings, companies like SKF are developing bearing cages made of titanium alloys. Titanium alloyed bearings have proven to offer higher tensile strength with temperature resistance properties. Such an alloy is useful for high acceleration applications. All the above-mentioned points are likely to drive the market during the forecast period.

Germany Dominates the European Automotive Bearing Market

In Europe, the bearing manufacturer has to meet the high standards of contract suppliers that are approved by the government. The major presence of vehicle manufacturers and bearing manufacturers across the country who have advanced research and development facilities is likely to witness major growth in the market.

The rise in demand for electric vehicles across the county owing to the enactment of stringent emission norms is also witnessing significant growth in the market. Several manufacturers are introducing lightweight bearings to enhance the vehicle range which is likely to fuel the growth across the country during the forecast period. For instance,

• In May 2021, SKF has introduced a high-speed ball bearing 1.8 for e-Drive that delivers 30,000 r/min on the input shaft.
• In May 2021, AVL and SKF has collaborated on the development of high-speed technology to develop a cost-effective drive solution for EV applications. Through this collaboration, both company will expanding their footprints across the country.

Although the import of bearing components is expected to slow down in the coming years, to tackle the problem, Europe on European imports of bearing parts from third countries are levied by 8%. Countries like Turkey and South America benefit from 0% tariff rates under the Generalized System of Preferences or through bilateral arrangements.

Followed by Germany, the United Kingdom also holds a significant market share in terms of revenue during the forecast period. The rise in the sale of passenger vehicles across the country is likely to increase the demand for bearing across the country.

Competitive Landscape

The Europe Automotive bearings market is dominated by major existing players such as NSK Ltd, JTEKT Corporation, NTN Bearing Corporation, SKF, NTN Bearings, Schaeffler AG, and Many others. Companies are making joint-ventures, and partnerships, and launching new products with advanced technology. For instance,

• In October 2021, JTEKT Corporation merged with three subsidiaries that manufacture and sell bearings. Through this merger, the company aims to streamline the group structure, collect the technologies owned by the three companies, and expand the business domain to the processing of automobile parts. Utsunomiya Kiki Co., Ltd., Nippon Needle Roller Manufacturing Co., Ltd., and Tokyo Seiko (Hamura City, Tokyo) will be merged, and the company name will be changed to JTEKT FINETECH Co., Ltd.
• In September 2021, NSK Newark and NSK Peterlee plants in the United Kingdom switched to using entirely green energy, making it possible to significantly reduce and offset carbon emissions at all major plants in Europe.
• In March 2021, SKF invested an amount of SEK 400 million for the expansion and modernizing its manufacturing facility in Airasca, Italy. Such investment will bring the manufacturing of super-precision bearings for industrial applications.

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• The market estimate (ME) sheet in Excel format
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