According to the TechSci Research report, "Automotive Bearing Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027F", the global automotive bearing market is expected to reach USD 64,367.35 million by 2027, growing at a CAGR of 6.67% by 2027. This is owing to the fact that demand for global automobile production is increasing, and bearing is essential part in the automobile. Moreover, smart bearings which are better designed and technologically efficient, with hi-tech application and higher reliability with long service life is also a factor in increasing demand of the automotive bearings.
The main function of the bearing is to reduce friction, bear heavy loads, and enhance the performance of the vehicle. Thus, in every component of automobile, be it wheel, steering suspension, engine, and transmission bearing is used everywhere. Also, with increasing number of models and new type of vehicles entering in the market such as electric vehicle in which specialized customised bearing are installed, thus it is also increasing the bearing market.
Innovation in the bearing market is also making great strides. Bearing is now used with simulation software that will measure the bearing performance, service life, and reliability, but it will also protect the bearing by detecting the faults before sudden failure may happen. Even now the manufacture are making the advancement in the bearing material with hard coating, ceramics, and speciality steels are used for manufacturing bearing.
Browse more than 145 market data Figures spread through 110 Pages and an in-depth TOC on "Global Automotive Bearing Market"
Global automotive bearing market can be segmented based on vehicle type, application type, bearing type, by region, and by company. Based on vehicle type, the passenger car segment currently dominates the global automotive bearing market with highest share among all vehicle type. This is due to the rising demand of the passenger car in production, disposal income of consumers and sales. In the application type, the wheel bearing is leading in the overall global automotive bearing market because without the wheel bearing, the wheel assembly will not work. Wheel and engine bearing market remain in competitive landscape as both are in high number in vehicles, but their different numbers of wheel are installed in the different type of vehicles are different thus leading to higher wheel bearing market. Based on bearing type, ball bearing dominates the Global Automotive Bearing market with more than 44 % share due to the smooth functionality, cost effective, and protect from leakage in casing. Based on region, the Asia-Pacific occupies the largest share in the bearing market due to the automotive production is this region is more.
Some of the major players operating in the Global Automotive Bearing Market include:
- AB SKF
- Schaeffler (FAG)
- NSK Ltd.
- NTN Corporation
- NMB Technologies Cooperation
- TIMKEN Company
- Torrington Company
- JTKET corporation
- Nachi-Fujikoshi Corp
- Wafangdian Bearing Group Co Ltd.
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“Many companies are investing in research and development of bearing, which will lead to introduction of innovative bearing that will meet the demand of new vehicle segment, cost effective, and smart bearing.," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Automotive Bearing Market by Vehicle Type (Two Wheeler, Passenger Car ,Light commercial vehicles, medium and heavy commercial vehicles,), By Application Type (Engine, Transmission, Wheel , Steering and others), By Bearing Type (Ball, Roller, Plain), By Region(Asia-Pacific, Europe, North America, South America, and Middle East & Africa) By top 10 Company Competition Forecast & Opportunities, 2018- 2028F, has evaluated the future growth potential of the Global Automotive Bearing Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Automotive Bearing market.
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About TechSci Research:
TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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UpMarketResearch offers a latest published report on “Global Automotive Wheel Bearing Market Industry Analysis and Forecast 2018-2025” delivering key insights and providing a competitive advantage to clients through a detailed report.
It presents a comparative detailed analysis of all the regional and major player segments, offering readers a better knowledge of areas in which they can place their existing resources and gauging the priority of a particular region in order to boost their standing in the global market.
Automotive Wheel Bearing market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period.
The numerical data is backed up by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, PESTLE analysis and so on.
The statistics are represented in graphical format for a clear understanding on facts and figures.
The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
Industry InsightAs per Market Research Future’s report on COVID-19 facts and insights, the global bearing market has been amongst the least affected sectors due to COVID and is estimated to reach approximately USD 190 billion by the year 2025, at a pace of ~8.5% CAGR over the assessment period (2019–2025).The report indicates that industrial automation and equipment companies have not only regained the share price drop since the start of lockdown, but the share prices are also now higher even in YTD (year-to-date) terms.
These are indications of positive sentiments in the global bearing marketplace about the industrial automation and equipment sector.Various types of bearings are widely used across a host of industrial sectors such as automotive, construction, power transmission, and oil & gas.
Due to exponential surge in demand for durable and high-performing bearings that can function at higher speeds, handle heavy loads, the bearing market might inflate at a steady pace during the assessment period.Get Free Sample PDF @ https://www.marketresearchfuture.com/sample_request/2183Numerous market players operating in the bearings market landscape are progressively focusing on testing and development of products to establish a strong brand presence and market share, which is letting the market to expand more even in the time of lockdown due to Coronavirus pandemic.
On the other hand, manufacturers operating in the bearing market are gradually inclined toward the manufacturing of novel patented products to fulfil the mounting demand for optimized materials and designs.The Industry 4.0 trend is yet another critical factor that is probable to boost the demand for bearings during the assessment period, as factory and industrial automation gains momentum.
Consistent advancements in the bearing technology, mainly, for high-speed applications is also an essential factor that is estimated to boost the market augmentation in the future.Leading SegmentsIn terms of product segment, the global bearing market has included ball bearing, plain bearing, roller bearing, and others.
Among these, the ball bearing segment might be leading throughout the assessment period owing to rising uses from various industry verticals such as railway, automotive, and aerospace.In terms of application segment, the global bearing market has included electronics, automotive, construction, aerospace & defence, and others.
