Increasing Demand for Vehicles in Emerging Economies Driving Demand for Automotive Bearings

The affordability of vehicles has increased significantly over the past few years. Technological advancements have paved the way for cheaper vehicles, along with which, the increasing disposable income of people has made it easier for them to buy private vehicles. Owing to these factors, the global automotive industry has been registering considerable growth over the past few years. Developing countries, including China, Indonesia, India, and Thailand are majorly contributing to the growth of the automotive industry.

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Owing to this, the global automotive bearing market is expected to generate a revenue of $53.3 billion by 2025, increasing from $33.4 billion in 2018, and is projected to progress at a 6.9% CAGR during the forecast period (2019-2025), as stated by a P&S Intelligence report. Bearings are of great importance in the automotive industry, as all the moving parts of the vehicle need them in order to function. Bearings further improve the performance of the vehicle, decrease friction, and bear heavy loads .

Bearings are majorly of three types, namely plain bearing, roller bearing, and ball bearing, among which, the demand for ball bearings has been the highest up till now. These bearings are utilized widely in two-wheelers and passenger cars. Ball bearings are further of different types, namely self-aligning, deep-grove ball bearing, angular contact ball bearing, and thrust ball bearing. In the coming years, however, the demand for roller bearings is projected to grow significantly.

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This is due to the increasing sales of heavy-duty vehicles. In addition to this, the latest enhancements in heat generation and reducing friction by these bearings is also predicted to create their high demand for off-road vehicles and commercial vehicles. Thrust roller bearing, needle roller bearing, spherical roller bearing, cylindrical roller bearing, and tapered roller bearing are the different types of roller bearings. Among all these, the demand for tapered roller bearings is expected to be significantly high in the years to come.

In conclusion, the market is growing due to the rapid expansion of the automotive industry in developing countries.

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