Sensor Bearing Market to Witness Huge Growth by Key Players: SKF , Schaeffler Technologies AG & Co. KG , NTN Corporation, Timken , NSK Corporation, JTEKT Corporation, ABB Group

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The Sensor Bearing Market is projected to reach US$ 6.5 Billion by 2023 from US$ 5.1 Billion in 2018, at a CAGR of 5.2% between 2018 and 2023. The major factors driving the sensor bearing market are increasing demand for sensor bearings from end-use industries, such as automotive and transportation, and enforcement of stringent regulations related to the mandatory installation of ABS systems in cars in various Asia Pacific and European countries.

“Based on functionality, the speed functionality segment is expected to be the largest”
Speed functionality sensor bearings are mostly used in the ABS systems of automotive vehicles. Presently, over 90% of the vehicles that ply on roads are equipped with wheel speed sensors in the ABS systems. Additionally, the US and some member countries of the European Union have made the installation of ABS and ESC systems mandatory in passenger cars since 2011 and 2014, respectively, thereby leading to the increasing demand for sensor bearings in these countries

“Asia Pacific region is projected to grow at the highest CAGR in the sensor bearing market”
The Asia Pacific region is projected to grow at the highest CAGR in the global sensor bearing market. The sensor bearing market in Europe is expected to witness significant growth on account of the increasing demand for sensor bearings from end-use industries, such as automotive and transportation, and the enforcement of stringent regulations related to the mandatory installation of ABS systems in automotive vehicles in various Asia Pacific countries, such as India, Japan, and China.

Profile break-up of primary participants for the report:
• By Company: Tier 1 – 53 %, Tier 2 – 21%, Tier 3 – 26%
• By Designation: C level – 33%, Director level – 22%, Others – 45%
• By Region: North America – 50%, Europe– 17%, Asia Pacific– 25%, Middle East & Africa – 3%, and South America – 5%

The Study Objectives of this report are:

• To forecast the market size in terms of value with respect to main regions (along with countries), namely, Asia Pacific, North America, Europe, Middle East & Africa, and South America

• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the total market

• To analyze the opportunities in the market for stakeholders and draw a competitive landscape of the market

• To strategically profile key players and comprehensively analyze their market share and core competencies

• To analyze competitive developments, such as joint ventures, mergers & acquisitions, new product developments, and Research & Development (R&D) activities in the global sensor bearing market

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Top Key Players in the “Sensor Bearing Market” include are SKF (Sweden), Schaeffler Technologies AG & Co. KG (Germany), NTN Corporation (Japan), Timken (US), NSK Corporation (Japan), JTEKT Corporation (Japan), ABB Group (Switzerland), Mageba SA (Switzerland), BRTEC (China), ABB Group (Switzerland), Fersa Bearing SA (Spain), and Nachi Europe GmbH (Germany).

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