Market Trends of Europe Automotive Bearing Industry
This section covers the major market trends shaping the Europe Automotive Bearing Market according to our research experts:
Rolling 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.
