LONDON--(BUSINESS WIRE)--The global automotive steering bearings market is expected to grow at a CAGR of more than 3% during the period 2017-2021, according to a new market research study by Technavio.
The report presents a detailed analysis of the global automotive steering bearings market by application, including passenger cars, LCVs, and M&HCVs. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing vehicle production
The global automotive market showed robust growth, with 94.29 million units (passenger cars, LCVs, and M&HCVs) produced in 2016. This is an increase of around 5% compared to 2015, and the global automotive market showed its strength despite uncertainties in the market. The global automotive steering bearings market is growing due to the increase in demand from emerging markets such as India. An increase in the disposable income and lucrative consumer credit offers from automakers is leading to an increase in vehicle production which augurs well for the growth of the market.
According to Rohan Joy Thomas, a lead analyst at Technavio for automotive components research, “Manufacturers are coming up with innovative design changes in steering column bearings to provide a comfortable and smooth driving experience in passenger vehicles. Steering bearing maker SKF has come with an innovative angular bearing for passenger cars and LCVs. Similarly, collapsible steering columns for passenger cars have also been designed, which compress like a telescope on impact. Such innovations are expected to foster market growth during the forecast period.”
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Market trend: lead-free eco-friendly bearings
Technology is rapidly developing with more energy-efficient bearings, which are efficient and eco-friendly. Because of strict recycling regulations imposed on the automotive sector, removing lead from vehicles has been becoming necessary. Companies have developed or are developing lead-free aluminum and lead-free copper-based bearing alloys.
The key vendors in the market are currently growing their customer base and increasing their investments in automotive steering bearings market due to the growing demand for optimizing steering feedback performance and overall efficiency.
Market challenge: increasing competition in a fragmented market
The automotive industry has been witnessing robust growth over the last few years. The increasing demand for bearings has resulted in an increase in opportunities, and each opportunity comes with challenges. The most significant challenge for this industry is to deliver a better quality and technological product.
There is an increase in the need for innovation as today's automobiles utilize a lot of hi-tech devices to enhance the drive. Automakers are continuously innovating and experimenting with new technologies and vehicle concepts, which makes it further necessary for auto components manufacturers to innovate to meet the expectations. The bearing manufacturers are taking multiple steps to overcome the challenges and are entering technical alliances with foreign manufacturers to improve the bearing technology being used, to cater to the demand for low-friction and low torque bearings.
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Key vendors in the market
- SKF
- Federal-Mogul
- NTN Bearing
- Schaeffler
- NSK
The global automotive steering bearings market is highly fragmented, with both global and local players having considerable presence in the market. The top global players dominate the global automotive steering bearing market due to their direct supplier relationship with OEMs, the quality of products produced, the mass production facilities that they own, and their established distribution networks. The local players maintain their position in the market based on a keen understanding of the market and well-established aftermarket distribution channels.
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