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Engine Bearings Market Size 2021 | Worth USD 5.28 Billion at 12.6% CAGR by 2027; Rising Demand for Light-weight Automotive Components to Favor Growth: Fortune Business Insights™

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Pune, India, March 25, 2021 (GLOBE NEWSWIRE) — According to the report, Engine Bearings Market size is projected to reach USD 5.28 Billion value by 2027, exhibiting a CAGR of 12.6%. This is ascribable to the increasing sales of automotive leading to the massive production rate of vehicles by the manufacturers across the globe.
               
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.

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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.

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 Bearings Market during the forecast period.

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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 Bearings 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.

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Product Launches by Major Companies to Consolidate Their Market Positions

The global Engine Bearings 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.

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.

List of the Companies Operating in the Market:

  • MAHLE Aftermarket GmbH (Stuttgart, Germany)
  • ORS – Ortadoğu Rulman Sanayi ve Tic. A.Ş. (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)

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Global Engine Bearings Market Segmentation:

By Product Type:

  • Main Bearing
  • Connecting Rod Shell,
  • Flange Bearing
  • Small End,
  • Camshaft Bush

By Market Type: 

  • OEM
  • Aftermarket

By Vehicle Type:

  • Passenger Cars and Light Commercial Vehicles
  • Heavy Commercial Vehicle

By Geography

  • North America (U.S. and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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