Automotive Bearing Market
According to latest report published by Research Nester, the global Automotive Bearing Market size is projected to expand at CAGR of 6% from 2023 to 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.
The global automotive bearing industry is expected to record a valuation of USD 52 billion by 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.
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.
Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.
Source – https://www.researchnester.com/reports/automotive-bearing-market/1996
