Growing Automotive Sales to Drive Global Automotive Bearings Market
Increasing vehicle
production, growing automobile demand, growing demand for repairing,
maintenance, and replacement, to drive the Global Automotive Bearings Market through
2023
According to TechSci Research report, “Global
Automotive Bearings Market, By Vehicle Type (Two-Wheeler, Passenger Car,
Off-the-Road, Light Commercial Vehicle, Three-Wheeler & Medium & Heavy
Commercial Vehicle), By Bearing Type (Ball Bearings, Roller Bearing and
Others), By Application (Wheel Hub and Others), By Demand Category (OEM Vs.
Replacement), By Company and By Geography, Forecast & Opportunities, 2023’’, Global Automotive Bearings Market is projected to reach
USD 187.59 Billion, at a CAGR of over 6% from 2018 to 2023. The main factors
driving the global automotive bearings market are growing technological
advancements, increasing production of vehicles and increasing demand from the
developing countries. Moreover, rising fleet is rapidly putting out the
aftermarket demand for automotive bearings, which is identified to be another
key driver to market growth.
Moreover,
the rising need for lightweight materials in high performance automobiles have
propelled the demand for lightweight bearings made by a combination of
aluminium and titanium for automotive components, which is anticipated to drive
the growth of the market in the next five years. Further, increasing automotive
fleet is anticipated to drive the demand for replacement of automotive bearings
during the forecast period. Additionally, the increasing automotive sales,
especially in the emerging economies will propel the demand of automotive
bearings by 2023.
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Based on the demand category, the Global Automotive Bearings Market has been segmented
into OEM and Replacement. The OEM segment lead the Global Automotive Bearings Market in 2017, owing to increasing use of automotive
bearings in wheel hubs, engine, interior as well as transmission system in both
two-wheelers as well as four-wheelers. The Replacement segment is expected to
grow at a very high CAGR during the forecast period, owing to increasing automotive
fleet and rising vehicular sales which will propel the demand for the
replacement of damaged bearings.
NTN Corporation, Timken Company, CW Bearing, Svenska
Kullagerfabriken AB, Schaeffler AG. etc, are major companies operating in the
Global Automotive Bearings Market.
Asia-Pacific is projected to lead the Global Automotive Bearings Market
by 2023, owing to rapidly increasing population in the region coupled with
increasing disposable incomes and growing GDP, which has in turn increased the
vehicular sales in the region. Moreover, the
increasing demand of automotive bearings from the aftermarket in the region
coupled with the growing vehicular fleet is will enable the region to maintain
its dominance in the coming years.
“The Global Automotive Bearings Market is likely to witness
steady growth in the coming years due to the increasing technological advancements like
the use of electrohydraulic power steering pump in heavy commercial vehicles,
as well as the use of lightweight aluminium-titanium bearings. Moreover, the increasing
two-wheeler as well as four-wheeler sales, coupled with the rising popularity
of aftersales market is anticipated to drive the Automotive Bearings market through
2023.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global
Automotive
Bearings Market, By Vehicle Type (Two-Wheeler, Passenger Car, Off-the-Road,
Light Commercial Vehicle, Three-Wheeler & Medium & Heavy Commercial
Vehicle), By Bearing Type (Ball Bearings, Roller Bearing and Others), By
Application (Wheel Hub and Others), By Demand Category (OEM Vs. Replacement),
By Company and By Geography, Forecast & Opportunities, 2023” has evaluated the future growth
potential of Global Automotive Bearings market and provides statistics and information
on market size, structure and future market growth. The report offers decision
makers superior market intelligence, thereby enabling them conduct thorough
investment appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Global Automotive
Bearings Market.
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