Automotive industry to stimulate the growth of the BEARING INDUSTRY

The global automotive bearing market was valued at $31,606.67 million in 2019 and is projected to reach $48,415.95 million by 2027. By vehicle type, the passenger car segment was the highest revenue contributor in 2019, accounting for $18,801.9 million and is estimate to reach $28,369.8 million by 2027, registering a CAGR of 6.6% during the forecast period. Asia-Pacific was anticipated to account for major market share, according to the ‘automotive bearing market statistics 2027’.

Bearing is a machine element that constraints relative motion and reduces friction between moving parts. Automotive bearings are a vital component in automobiles and are responsible for efficient and smooth running of the vehicle. Their major function is to enable linear motion or rotational movement along with handling high stress. Various types of bearings used in the automotive sector include engine bearings, steering system bearings, tapered roller bearings, rolling element bearings, needle roller bearings, cylindrical roller bearings, spherical roller bearings, thrust bearings, spherical roller thrust bearings, clutch release bearings and so on.

Organizations have to continuously improve standards to grow and stay on top of new trends. Creating a brand that adheres to these norms of the industry, showcases quality and dedication of the company towards a continuous evolution to meet the highest standard available in the market.Our commitment to a better future – leading through all market conditions, ensuring business continuity and driving long-term sustainability – is something we are passionate about for our customers.

We want to encourage customers to prefer Indian Brands primarily, which in return will motivate us to serve them to our best.

– Devesh Singh Sahney, Chairman and Managing Director, NRB Industrial Bearings Limited

The growth of the global automotive bearings market is driven by increase in focus towards reduction of vehicle weight, rise in automobile production along with sales. However, increase in vehicle electrification, fluctuation in raw material prices, and high maintenance cost are the key restraining factors of the global market. Furthermore, the emergence of sensor bearing units and development of additive manufacturing technologies and materials to manufacture bearings are anticipated to provide lucrative growth opportunities for the players operating in the automotive bearings market.

The global automotive bearings market is segmented into vehicle type, distribution channel, and region. On the basis of bearings type, the market is categorized into ball bearings, roller brings and others. Depending on the vehicle type, it is segregated into passenger car, commercial vehicles and two wheelers, OEMs and after-market. Region wise, the market is analyzed across North America, Europe, Asia Pacific and LAMEA.

Technological advancements are expected to provide high growth potential. There has been a rising demand for bearings with lower maintenance requirements, higher efficiency, and longer service life. Moreover, a rise in demand for specialized bearing solutions that meet different industry-specific requirements and challenges is projected to boost the market.

Modern Automobile powertrain technology is transforming to enable connected, autonomous, shared and electric. Modern automobiles are targeting to achieve the maximum vehicle uptime, utilization, and better total cost of ownership.

Technological advancements including smart bearings, the development of advanced materials and lubricants, and integrating sensor units, are anticipated to provide high growth potential to the market. With the objective of enhancing performance, vendors are incorporating sensor units of the product.

 – Miten Makwana, Managing Director RMP Bearings Ltd.

Reduction of vehicle weight

Owing improvement in fuel efficiency and lower CO2 emissions, automakers across the world are focusing on reducing the overall weight of vehicles. Lightweight bearings significantly contribute to reducing the overall weight of vehicles. For this purpose, bearing makers are focusing on using low tolerance and enhanced forging techniques in production, in a bid to remain competitive and to comply with the changing norms, says the report.

All moving parts of automobiles require bearings to function. Bearings enhance the performance of vehicles, bearing heavy loads, and reduce friction. Some major subsystems where bearings are used are engines, gearboxes, transmission, wheels, steering, electrical motors, and pumps. In addition, even wipers, rear view mirrors, doors and bonnet hinges need bearings for smooth functioning. Moreover, with increase in a number of models and new types of vehicles entering the market, the demand for bearings is witnessed to increase considerably. Furthermore, with expanding middle-class population and increasing disposable income, automobile sale is expected t grow in the coming years. For instance, according to the data by the International Organization of Motor Vehicle Manufacturers, global production of passenger vehicles stood at 67 million units in 2019. The sale of commercial vehicles was to a tune of 27 million units in 2019, registering a growth of 3.8%, as compared to the 2018. Therefore, surge in production of vehicles globally will directly influence the growth of the automotive bearing market.

Use of Technology for online condition monitoring & predictive maintenance is the key technology trend. 

Bearing industry is poised to grow steadily at a CAGR of 6-7% for the next 5-10 years. The global growth will be driven by developing economies predominantly from Asia.  Mobility sector, mainly air & land, will be the major areas of focus. While the existing big players are focusing on growth through inorganic route, new players from emerging markets are likely to become global companies.

As the conventional bearings offered for automotive sector are becoming cost-sensitive and commoditized, organizations are moving up the value chain to create the differentiation from their counterparts. Use of Technology for online condition monitoring & predictive maintenance is the key technology trend in the industry. Most of the bearing manufacturers are involved in design & development of ‘Smart Bearings’ that operate smoothly,  keep manufacturing processes moving and adopt a proactive approach to maintenance by monitoring machine processes such as pressure, force, and vibrations. In addition to this, design and development work on bearing lubrication and metallurgy is in focus, to make the bearing efficient and reduce friction.

– Vikas Manral,  Co-Founder, SolutionBuggy

EV market is gearing up

Electric vehicles need less number of bearings as compared to conventional fuel-based vehicles. In addition, as motor vehicles manufacturers embrace hybrid-electric and all-electric drive systems to meet the fuel economy mandates and reduce fuel use, OEMs are introducing new wheel drive systems. Electric vehicles are equipped with in-wheel motor system , replacing the transmission, drive shaft, axles, and differentials, normally used in conventional vehicles that are equipped with the set of bearings. The motor supplies torque directly to the wheels, thus making drive shafts and differential gears obsolete. Thus, increase in electrification in vehicles acts as a major restraint of the automotive bearing market.

The cost of raw materials remains the topmost concern for manufacturers. Raw material price accounts for 62% of bearings manufacturers’ revenue. The raw material price of automotive bearing continuously fluctuates as per the market economic conditions. As high grade steel and alloy steel are the primary raw materials used for manufacturing bearings, bearing price is highly coordinated with the global steel price and movement. This fluctuation of raw material price creates challenges for bearing manufacturers to produce bearings for vehicles in comparative price and high quality.

Easy availability of counterfeit products is a major threat to the bearing market in India, Deepak Sultania,  Managing Director, Durga Mechatronics Pvt. Ltd.

Impressive growth: In India, the market for bearing has gained an impressive impetus owing to the rising utilization of bearing in motors and increasing demand for automotive electrification. Moreover, the Indiangovernment’s initiatives such as ‘Make in India’ and ‘Aatmanirbhar Bharat’ aimed at reviving themanufacturing sector and “China +1” strategy adopted by all major MNCs in turn increases the demand for bearings. However, the low-cost, and easy availability of counterfeit products are major threats to the India-bearing market.

We have also seen the past few years many MNCs like THK and NSK expanding their manufacturing capabilities in India to serve the growing domestic market as well as exports. With the government impetus on localizing semiconductor manufacturing in India, we believe the demand for precision bearings, LM guideways and balls crews to grow very rapidly. In Durga we are continuously investing in our warehousing capabilities to cater to this increased demand. We have constructed a new warehouse-cum-office complex in Andheri, Mumbai with a stocking space of up to 24,000 sq. ft. and an office space of 16,000 sq. ft. We have also begun construction of our state-of-the-art warehouse in Ahmedabad measuring 6,000 sq. ft. to provide just-in-time deliveries to our customers which will be operational by mid-2023. We are also   planning to open warehouses in Nashik & Pune by 2024.

Emerging trends: The widespread adoption of condition monitoring technologies such as vibration analysis is a testament to the early adopters who pioneered their use within the industry.The industrial internet of things (IIoT), coupled with declining sensor costs, has further accelerated the use of these technologies and enabled remote monitoring of real-time data, automated analysis, and instantaneous alerts.

In recent years, machine tools such as machining centers have been required to meet the demands for heavy cutting in response to increasing utilization of difficult-to-cut materials such as titanium, ceramics, and composite materials, as well as for long-term, stable operation under low-maintenance or maintenance-free conditions. In order to meet these demands, machine tool industry has been posed with the challenge of increasing load capacity to achieve both heavy cutting and high-speed operation performance. NSK has launched the RobustDyna series with high load capacity, high impact resistance which contributes to reducing machining time and enables highly versatile machining by achieving excellent performance across both roughing and finishing. High impact resistance is ideal for heavy cutting and also contributes to long-term stable operation and improved productivity (avoiding unplanned downtime).

We have also developed our in-house brand named “Bearic” which has a complete range of hybrid ceramic bearings and insulated bearings.

The bearing industry to immensely bennifit from the PM’s Gati Shakti National Master Plan

Harsha Kadam,  Managing Director & CEO, Schaeffler India Limited.

The bearing industry in India has a positive sentiment for growth. Reports suggest growth rates at 10.9% CAGR between 2022 and 2027. Looking at global economic figures touching new highs and registering one of the strongest post-recession recoveries last year, the outlook of the industry remains positive. – Read More >>