Automotive Bearing Market Research Global Industry Analysis 2033
Research Nester published a report titled “Automotive Bearing Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global automotive bearing market in terms of market segmentation by product type, vehicle type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automotive bearing market is anticipated to grow with a CAGR of ~6% during the forecast period, i.e., 2023-2033. The market is segmented by vehicle type into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Out of these segments, the light commercial vehicle segment is anticipated to garner the largest market share over the forecast period, owing to the increasing sales volume of light commercial vehicles. In addition, increasing demand of commercial vehicles amongst industries is also expected to boost the growth of the segment in the coming years.
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The global automotive bearing market is estimated to garner a revenue of ~USD 52 billion by the end of 2033, backed by the increasing number of heavy vehicles worldwide. Various features provided by automotive bearing including friction reduction, ensuring safe operation are also projected to boost sales of these tools in the coming years. Moreover, increasing production of commercial vehicles as well as increasing penetration bearings is also projected to propel the growth of the market during the forecast period.
Geographically, the global automotive bearing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific is estimated to garner the largest market share over the forecast period, owing to the rising penetration of vehicles. Apart from this, the market in Europe is anticipated to register significant growth in the coming years.
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Penetration of Cars to Drive the Market Growth
According to the data, over 55,800,000 passenger cars were produced in 2020 around the globe.
The penetration of cars is expected to accelerate the market growth in the coming years. Many of a car’s significant functions would be far less effective or may be even impossible without the use of bearings as bearings are used for all the crucial functions of a vehicle from the air conditioning systems and water pumps to seat and mirror adjustment mechanisms. Moreover, the increasing technological advancements as well as growing number of wheels the are also expected to drive the growth of the global automotive bearing market during the forecast period.
However, the fluctuating cost of raw materials as well as high maintenance cost are expected to operate as key restraints to the growth of global automotive bearing market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the of global automotive bearing market which includes company profiling of NTN Corporation, Timken Company, Schaeffler Group, NSK Ltd., SNL Bearings Ltd., JTEKT Corporation, Nippon Thompson Co., Ltd., Aktiebolaget Svenska Kullagerfabriken (SKF), NTN-SNR Roulements, MinebeaMitsumi Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the of global automotive bearing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
