Automotive Wheel Bearings Market Growth Report 2021 to 2031
The automotive wheel bearings market is expected to register a CAGR of 6.9% during 2023–2031. The evolution of advanced technologies and the introduction of high-end vehicles is likely to remain a key trend in the market.
Automotive Wheel Bearings Market Analysis
- The market for automotive wheel bearings is expanding steadily due to factors such as growing vehicle production, increased demand for fuel-efficient cars, and advancements in technology for bearing materials and design.
- Lightweight wheel bearings significantly aid vehicle weight reduction. To remain competitive and meet new standards, wheel bearing manufacturers are focusing on employing more advanced techniques and reduced tolerance in their manufacturing processes.
- Furthermore, due to increased rigidity, weightlessness, and durability, lightweight wheel bearings are highly sought after in modern cars and sport utility vehicles (SUVs).
- Thus, the automotive wheel-bearing market is anticipated to grow as a result of the increased emphasis on vehicle weight reduction.
Automotive Wheel Bearings Market Overview
- The Automotive Wheel Bearing Market is driven by the steady rise in global vehicle production as a result of rising consumer demand for automobiles.
- Critical parts used in car construction, such as wheel bearings, are in greater demand as more vehicles are produced. Automotive technology is always evolving, and this has resulted in the creation of new solutions, such as robust, effective, and dependable hub-bearing solutions. Innovations include lightweight materials, sophisticated lubrication systems, and precision manufacturing techniques.
- By encouraging the use of advanced hub bearings, these technological advancements enhance the functionality, durability, and safety of automobiles.
- Additionally, customers prefer to keep their old cars as second vehicles, which also significantly drives the need for maintenance and fuel in the automotive wheel bearing market.
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Automotive Wheel Bearings Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Automotive Wheel Bearings Market: Strategic Insights
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystAutomotive Wheel Bearings Market Drivers and Opportunities
Increasing Automobile Production to Favor the Market
- The manufacturing of wheel bearings for automobiles has expanded in tandem with the production of two-wheelers, specialty vehicles, and automobiles.
- These wheel bearings are advantageous to vehicles because they allow wheels to spin with the least amount of resistance while driving over different kinds of terrain and through potholes. In mining operations, which take place in dusty, polluted environments, off-highway trucks, and other specialized vehicles are frequently used.
- Technological advancement, such as the addition of sensors to car wheel bearings, allows users to evaluate the vehicle's stability and quality while safeguarding users against adverse weather conditions.
- The market's demand is stimulated by the initiative for environmentally friendly mobility and the large investment made in expanding the infrastructure for public road transportation.
Growing Adoption of Sensor Wheel Bearing Units
- Urbanization, rising disposable income in developing markets, and technological advancements and performance are driving a significant shift in the automotive industry's growth.
- Incorporating sensor units into wheel bearings is the among automotive industry to improve performance.
- The automotive wheel applications are where sensor wheel bearings are most commonly used. The majority of automotive hub unit wheel bearings come with speed sensors, which transmit wheel speed information to the traction control and anti-lock brake systems (ABS) of light- and two-wheeled vehicles.
Automotive Wheel Bearings Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive wheel bearings market analysis are product type, application, and vehicle type.
- Based on product type, the automotive wheel bearings market is divided into ball bearings, roller bearings, tapered roller bearings, precision ball bearings, and others.
- Based on application, the automotive wheel bearings market is divided into the engine, transmission systems, suspension, wheel hub, steering system, and others.
- Based on vehicle type, the automotive wheel bearings market is divided into passenger cars, commercial vehicles, and two-wheelers.
Automotive Wheel Bearings Market Share Analysis by Geography
- The automotive wheel bearings market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive wheel bearings market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive wheel bearings market in these regions.
Automotive Wheel Bearings Market Report Scope
Automotive Wheel Bearings Market News and Recent Developments
The automotive wheel bearings market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive wheel bearings market are listed below:
- NTN, the parent company of BCA Bearings, has announced the addition of 19 new product SKUs to the BCA aftermarket product line. BCA’s February and March releases include wheel bearings and hub assemblies for import and domestic applications and represent premium coverage for over 7.3 million vehicles in operation, including four first-to-market offerings announced in February. (Source: NTN Corporation, Company Website, March 2023)
- The Timken Company, a global industrial leader in engineered bearings and power transmission products, has reached an agreement to acquire Spinea, s.r.o. (Spinea), a European technology leader and manufacturer of highly engineered cycloidal reduction gears and actuators. Spinea's solutions primarily serve high-precision automation and robotics applications in the factory automation sector. (Source: The Timken Company, Company Website, April 2022)
Automotive Wheel Bearings Market Report Coverage and Deliverables
The “Automotive Wheel Bearings Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive wheel bearings market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive wheel bearings market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Automotive wheel bearings market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the automotive wheel bearings market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share an Excel dataset based on the request.
The leading players operating in the automotive wheel bearings market are Iljin Bearing Co. Ltd., JTEKT Corporation, Mahle GmbH, Nachi Fujikoshi Corp., NSK Ltd., NTN Corporation, ORS Bearings, Schaeffler Technologies AG & Co. KG, and The Timken Company.
An increase in sales of high-end vehicles is anticipated to play a significant role in the global automotive wheel bearings market in the coming years.
The global automotive wheel bearings market is expected to grow at a CAGR of 6.9% during the forecast period 2023 - 2031.
The rapid technological advancement in the automotive sector is one of the major factors driving the automotive wheel bearings market.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Automotive Wheel Bearings Market - By Product Type
1.3.2 Automotive Wheel Bearings Market - By Application
1.3.3 Automotive Wheel Bearings Market - By Vehicle Type
1.3.4 Automotive Wheel Bearings Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AUTOMOTIVE WHEEL BEARINGS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. AUTOMOTIVE WHEEL BEARINGS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. AUTOMOTIVE WHEEL BEARINGS MARKET - GLOBAL MARKET ANALYSIS
6.1. AUTOMOTIVE WHEEL BEARINGS - GLOBAL MARKET OVERVIEW
6.2. AUTOMOTIVE WHEEL BEARINGS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. AUTOMOTIVE WHEEL BEARINGS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. BALL BEARINGS
7.3.1. Overview
7.3.2. Ball Bearings Market Forecast and Analysis
7.4. ROLLER BEARINGS
7.4.1. Overview
7.4.2. Roller Bearings Market Forecast and Analysis
7.5. TAPERED ROLLER BEARINGS
7.5.1. Overview
7.5.2. Tapered Roller Bearings Market Forecast and Analysis
7.6. PRECISION BALL BEARINGS
7.6.1. Overview
7.6.2. Precision Ball Bearings Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. AUTOMOTIVE WHEEL BEARINGS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ENGINE
8.3.1. Overview
8.3.2. Engine Market Forecast and Analysis
8.4. TRANSMISSION SYSTEM
8.4.1. Overview
8.4.2. Transmission System Market Forecast and Analysis
8.5. SUSPENSION
8.5.1. Overview
8.5.2. Suspension Market Forecast and Analysis
8.6. WHEEL HUB
8.6.1. Overview
8.6.2. wheel Hub Market Forecast and Analysis
8.7. STEERING SYSTEM
8.7.1. Overview
8.7.2. Steering System Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. AUTOMOTIVE WHEEL BEARINGS MARKET - REVENUE AND FORECASTS TO 2028 - VEHICLE TYPE
9.1. OVERVIEW
9.2. VEHICLE TYPE MARKET FORECASTS AND ANALYSIS
9.3. PASSENGER CARS
9.3.1. Overview
9.3.2. Passenger Cars Market Forecast and Analysis
9.4. COMMERCIAL VEHICLE
9.4.1. Overview
9.4.2. Commercial Vehicle Market Forecast and Analysis
9.5. TWO-WHEELER
9.5.1. Overview
9.5.2. Two-Wheeler Market Forecast and Analysis
10. AUTOMOTIVE WHEEL BEARINGS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Automotive Wheel Bearings Market Overview
10.1.2 North America Automotive Wheel Bearings Market Forecasts and Analysis
10.1.3 North America Automotive Wheel Bearings Market Forecasts and Analysis - By Product Type
10.1.4 North America Automotive Wheel Bearings Market Forecasts and Analysis - By Application
10.1.5 North America Automotive Wheel Bearings Market Forecasts and Analysis - By Vehicle Type
10.1.6 North America Automotive Wheel Bearings Market Forecasts and Analysis - By Countries
10.1.6.1 United States Automotive Wheel Bearings Market
10.1.6.1.1 United States Automotive Wheel Bearings Market by Product Type
10.1.6.1.2 United States Automotive Wheel Bearings Market by Application
10.1.6.1.3 United States Automotive Wheel Bearings Market by Vehicle Type
10.1.6.2 Canada Automotive Wheel Bearings Market
10.1.6.2.1 Canada Automotive Wheel Bearings Market by Product Type
10.1.6.2.2 Canada Automotive Wheel Bearings Market by Application
10.1.6.2.3 Canada Automotive Wheel Bearings Market by Vehicle Type
10.1.6.3 Mexico Automotive Wheel Bearings Market
10.1.6.3.1 Mexico Automotive Wheel Bearings Market by Product Type
10.1.6.3.2 Mexico Automotive Wheel Bearings Market by Application
10.1.6.3.3 Mexico Automotive Wheel Bearings Market by Vehicle Type
10.2. EUROPE
10.2.1 Europe Automotive Wheel Bearings Market Overview
10.2.2 Europe Automotive Wheel Bearings Market Forecasts and Analysis
10.2.3 Europe Automotive Wheel Bearings Market Forecasts and Analysis - By Product Type
10.2.4 Europe Automotive Wheel Bearings Market Forecasts and Analysis - By Application
10.2.5 Europe Automotive Wheel Bearings Market Forecasts and Analysis - By Vehicle Type
10.2.6 Europe Automotive Wheel Bearings Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Automotive Wheel Bearings Market
10.2.6.1.1 Germany Automotive Wheel Bearings Market by Product Type
10.2.6.1.2 Germany Automotive Wheel Bearings Market by Application
10.2.6.1.3 Germany Automotive Wheel Bearings Market by Vehicle Type
10.2.6.2 France Automotive Wheel Bearings Market
10.2.6.2.1 France Automotive Wheel Bearings Market by Product Type
10.2.6.2.2 France Automotive Wheel Bearings Market by Application
10.2.6.2.3 France Automotive Wheel Bearings Market by Vehicle Type
10.2.6.3 Italy Automotive Wheel Bearings Market
10.2.6.3.1 Italy Automotive Wheel Bearings Market by Product Type
10.2.6.3.2 Italy Automotive Wheel Bearings Market by Application
10.2.6.3.3 Italy Automotive Wheel Bearings Market by Vehicle Type
10.2.6.4 United Kingdom Automotive Wheel Bearings Market
10.2.6.4.1 United Kingdom Automotive Wheel Bearings Market by Product Type
10.2.6.4.2 United Kingdom Automotive Wheel Bearings Market by Application
10.2.6.4.3 United Kingdom Automotive Wheel Bearings Market by Vehicle Type
10.2.6.5 Russia Automotive Wheel Bearings Market
10.2.6.5.1 Russia Automotive Wheel Bearings Market by Product Type
10.2.6.5.2 Russia Automotive Wheel Bearings Market by Application
10.2.6.5.3 Russia Automotive Wheel Bearings Market by Vehicle Type
10.2.6.6 Rest of Europe Automotive Wheel Bearings Market
10.2.6.6.1 Rest of Europe Automotive Wheel Bearings Market by Product Type
10.2.6.6.2 Rest of Europe Automotive Wheel Bearings Market by Application
10.2.6.6.3 Rest of Europe Automotive Wheel Bearings Market by Vehicle Type
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Automotive Wheel Bearings Market Overview
10.3.2 Asia-Pacific Automotive Wheel Bearings Market Forecasts and Analysis
10.3.3 Asia-Pacific Automotive Wheel Bearings Market Forecasts and Analysis - By Product Type
10.3.4 Asia-Pacific Automotive Wheel Bearings Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Automotive Wheel Bearings Market Forecasts and Analysis - By Vehicle Type
10.3.6 Asia-Pacific Automotive Wheel Bearings Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Automotive Wheel Bearings Market
10.3.6.1.1 Australia Automotive Wheel Bearings Market by Product Type
10.3.6.1.2 Australia Automotive Wheel Bearings Market by Application
10.3.6.1.3 Australia Automotive Wheel Bearings Market by Vehicle Type
10.3.6.2 China Automotive Wheel Bearings Market
10.3.6.2.1 China Automotive Wheel Bearings Market by Product Type
10.3.6.2.2 China Automotive Wheel Bearings Market by Application
10.3.6.2.3 China Automotive Wheel Bearings Market by Vehicle Type
10.3.6.3 India Automotive Wheel Bearings Market
10.3.6.3.1 India Automotive Wheel Bearings Market by Product Type
10.3.6.3.2 India Automotive Wheel Bearings Market by Application
10.3.6.3.3 India Automotive Wheel Bearings Market by Vehicle Type
10.3.6.4 Japan Automotive Wheel Bearings Market
10.3.6.4.1 Japan Automotive Wheel Bearings Market by Product Type
10.3.6.4.2 Japan Automotive Wheel Bearings Market by Application
10.3.6.4.3 Japan Automotive Wheel Bearings Market by Vehicle Type
10.3.6.5 South Korea Automotive Wheel Bearings Market
10.3.6.5.1 South Korea Automotive Wheel Bearings Market by Product Type
10.3.6.5.2 South Korea Automotive Wheel Bearings Market by Application
10.3.6.5.3 South Korea Automotive Wheel Bearings Market by Vehicle Type
10.3.6.6 Rest of Asia-Pacific Automotive Wheel Bearings Market
10.3.6.6.1 Rest of Asia-Pacific Automotive Wheel Bearings Market by Product Type
10.3.6.6.2 Rest of Asia-Pacific Automotive Wheel Bearings Market by Application
10.3.6.6.3 Rest of Asia-Pacific Automotive Wheel Bearings Market by Vehicle Type
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Automotive Wheel Bearings Market Overview
10.4.2 Middle East and Africa Automotive Wheel Bearings Market Forecasts and Analysis
10.4.3 Middle East and Africa Automotive Wheel Bearings Market Forecasts and Analysis - By Product Type
10.4.4 Middle East and Africa Automotive Wheel Bearings Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Automotive Wheel Bearings Market Forecasts and Analysis - By Vehicle Type
10.4.6 Middle East and Africa Automotive Wheel Bearings Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Automotive Wheel Bearings Market
10.4.6.1.1 South Africa Automotive Wheel Bearings Market by Product Type
10.4.6.1.2 South Africa Automotive Wheel Bearings Market by Application
10.4.6.1.3 South Africa Automotive Wheel Bearings Market by Vehicle Type
10.4.6.2 Saudi Arabia Automotive Wheel Bearings Market
10.4.6.2.1 Saudi Arabia Automotive Wheel Bearings Market by Product Type
10.4.6.2.2 Saudi Arabia Automotive Wheel Bearings Market by Application
10.4.6.2.3 Saudi Arabia Automotive Wheel Bearings Market by Vehicle Type
10.4.6.3 U.A.E Automotive Wheel Bearings Market
10.4.6.3.1 U.A.E Automotive Wheel Bearings Market by Product Type
10.4.6.3.2 U.A.E Automotive Wheel Bearings Market by Application
10.4.6.3.3 U.A.E Automotive Wheel Bearings Market by Vehicle Type
10.4.6.4 Rest of Middle East and Africa Automotive Wheel Bearings Market
10.4.6.4.1 Rest of Middle East and Africa Automotive Wheel Bearings Market by Product Type
10.4.6.4.2 Rest of Middle East and Africa Automotive Wheel Bearings Market by Application
10.4.6.4.3 Rest of Middle East and Africa Automotive Wheel Bearings Market by Vehicle Type
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Automotive Wheel Bearings Market Overview
10.5.2 South and Central America Automotive Wheel Bearings Market Forecasts and Analysis
10.5.3 South and Central America Automotive Wheel Bearings Market Forecasts and Analysis - By Product Type
10.5.4 South and Central America Automotive Wheel Bearings Market Forecasts and Analysis - By Application
10.5.5 South and Central America Automotive Wheel Bearings Market Forecasts and Analysis - By Vehicle Type
10.5.6 South and Central America Automotive Wheel Bearings Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Automotive Wheel Bearings Market
10.5.6.1.1 Brazil Automotive Wheel Bearings Market by Product Type
10.5.6.1.2 Brazil Automotive Wheel Bearings Market by Application
10.5.6.1.3 Brazil Automotive Wheel Bearings Market by Vehicle Type
10.5.6.2 Argentina Automotive Wheel Bearings Market
10.5.6.2.1 Argentina Automotive Wheel Bearings Market by Product Type
10.5.6.2.2 Argentina Automotive Wheel Bearings Market by Application
10.5.6.2.3 Argentina Automotive Wheel Bearings Market by Vehicle Type
10.5.6.3 Rest of South and Central America Automotive Wheel Bearings Market
10.5.6.3.1 Rest of South and Central America Automotive Wheel Bearings Market by Product Type
10.5.6.3.2 Rest of South and Central America Automotive Wheel Bearings Market by Application
10.5.6.3.3 Rest of South and Central America Automotive Wheel Bearings Market by Vehicle Type
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. AUTOMOTIVE WHEEL BEARINGS MARKET, KEY COMPANY PROFILES
12.1. ILJIN BEARING CO. LTD.
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. JTEKT CORPORATION
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. MAHLE GMBH
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. NACHI FUJIKOSHI CORP.
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. NSK LTD.
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. NTN CORPORATION
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. ORS BEARINGS
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. SCHAEFFLER AG.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. THE TIMKEN COMPANY
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. WAFANGDIAN BEARING GROUP CO. LTD.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Iljin Bearing Co. Ltd.
2. JTEKT Corporation
3. Mahle GmbH
4. Nachi Fujikoshi Corp.
5. NSK Ltd.
6. NTN Corporation
7. ORS Bearings
8. Schaeffler AG.
9. THE TIMKEN COMPANY
10. Wafangdian Bearing Group Co. Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.