What is Motor Bearing Market Scope?
Bearing is a machine element that constrains relative motion to only desired motion and reduces friction between moving parts. Motor Bearing is a vital component in automobiles and is responsible for the efficient and smooth running of the vehicle. Their major function is to enable linear or rotational movement along with handling high stress. With the outbreak of the COVID-19 pandemic across the globe, the automotive bearings market has been negatively impacted, as manufacturing units have been shut down due to the lockdown imposed in major countries across the globe. Although the unavailability of skilled labor has affected the market, it is expected to register significant growth in the near future, owing to a rise in vehicle sale and adoption of advanced technology-based bearing for various automotive components/applications.
The Motor Bearing market study is being classified by Type (Rolling Bearing, Sliding Bearing, Joint Bearing and Others), by Application (Control Motor, Power Motor and Signal Motor) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Vendors from Asian will contribute to the maximum growth of Global Motor Bearing market throughout the predicted period.
JTEKT Corporation (Japan), Nippon Thompson Co., Ltd. (Japan), NSK Ltd (Japan), NTN Corporation (Japan), RBC Bearings Incorporated (United States), Schaeffler AG (Germany), SKF (Sweden), THK CO., LTD. (Japan) and The Timken Company (United States) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Motor Bearing market by Type, Application and Region.
On the basis of geography, the market of Motor Bearing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Market Trend
- Increase in trend of vehicle electrification
- Increase in focus toward reduction of vehicle weight
- The rise in automobile production and sales
- The increasing demand for vehicles and technological advancement
- The emergence of sensor bearing units
- Increase in development of additive manufacturing technologies & materials to manufacture bearings
- Fluctuating raw material prices and high maintenance cost
Key Target AudienceManufacturers, Traders, distributors, and suppliers, Government and research organization and Others
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