Automotive Bearing Market Strong Application, Emerging Trends And Future Scope By 2030
Market Overview
Market Research Future (MRFR), in its research study, emphasizes that the global market 2020 is projected to rise rapidly over the forecast period, ensuring significant market valuation and a healthy 6% CAGR over the review period.
Drivers and Restraints
As per the trend, ball bearings of ceramic and white metal alloy are expected to capture the automotive bearing market as they are lightweight and improve product quality by reducing friction and energy consumption during operations. Over the forecast period, growth in automotive production is expected to fuel the demand for automotive bearing. Demand for vehicles with technologically advanced solutions is growing, leading to increased vehicle production requiring instrumented products.
High pricing and forging, however, are major challenges facing the global automobile bearings market. Despite the total decrease in the number of bearings in the new electric vehicles, product innovations are expected to continue to generate bearings demand in the near future. In addition , the market is currently polarizing to the most prominent players in the competitive landscape, which is also expected to boost market growth during the review period.
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Segmental Analysis
The Automotive Bearing Market can be segmented based on type and vehicle type.
Segmentation by Type has been done into Ball Bearings, Roller Bearings, Plain Bearings, Thrust Bearings, and Others. The roller bearings will continue to roll to the top by product type compared to other types of bearings, comprising ball bearings and plain bearings.
Vehicle type segmentation was conducted into 2-Wheeler, Passenger, and Commercial. Based on vehicle type, passenger vehicles (PV) will remain the largest consumer of automotive bearings in near future, among all vehicle types, such as commercial vehicles (CV) and two wheelers.
Regional Assessment
The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
The key regions for the automotive bearing market are Asia-Pacific. The Asia-Pacific market for automotive bearings is expected to show substantial growth. Emerging economies like China, India, are expected to drive the market as a result of rising demand for automobiles, the automotive bearing industry is expected to drive the increased disposable income & buying power of individuals. China, which is currently the second largest country-specific market in terms of revenue, Strong growth is expected in the coming years, gaining substantial market value to become the largest country-specific automotive bearing market. The Asia-Pacific market is also growing due to factors such as increasing numbers of vehicle manufacturing facilities due to low cost of production , increased capacity of production and increased demand for light and heavy vehicles.
Developed regions like North America and Europe will show static growth for the automobile bearing industry. The North America field is a developed market for car bearings. Original manufacturers of equipment in the region focus on efforts to improve production quality to deliver quality product. Many original machinery manufacturers are building manufacturing plants in Mexico and Canada, which is increasing demand for car bearings.
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Competitive Analysis
Jtekt Corporation, Schaeffler AG., NTN Corporation, Iljin Bearing Co. , Ltd., Svenska Kullagerfabriken AB, Timken Company, Timken Company, ORS Bearings, RKB Bearings, and CW Bearing are the major players operating in the global market as identified by MRFR.
The market is experiencing increased competition which is expected to further intensify during the forecast period. Market players combine acquisition, partnership, alliance and expansion to gain competitive advantage in the sector and retain market place.
Technological advances in the manufacture of automotive test equipment and the increasing expenditure of key players in research and development are expected to increase the level of competition in the automotive bearing market.
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