Press release
Global Automotive Hub Bearing Market will reach USD 8.50 Billion by 2021
Bearing is an important part that is employed in the vehicles or automotive machine. The term "bearing" is derived from the verb "to bear", a bearing being a machine element that allows one part to bear (i.e., to support) another. The bearing is of different types especially used in wheel hub, interior, engine, and transmission system for reducing friction between moving parts of automobile.
Browse the full "Automotive Hub Bearing Market by Technology (Ball and Tapered) for Passenger Vehicle and Commercial Vehicle Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at http://www.zionmarketresearch.com/report/global-automotive-hub-bearing-market
Rapidly growing demand of vehicles for transportation purpose across the globe is a major driving factor of the automotive hub bearing market. In addition, the efficient and effective attributes are exercised by using the advanced technology and trends in automotive industry. The changing technical perspective measured as important factor for automotive industry. That in turn expected to the demand for automotive bearing in the near future. However, growing cost of spare parts that is required in automotive assembly may impede the growth of automotive hub bearing market. Moreover, efficient materials can grow new opportunities in automotive hub bearing market.
Ball and tapered are the key technologies involved in the automated hub bearing market. Utilization of ball bearing technology is one of the most efficient and effective way of producing high quality product. A tapered roller bearing can take thrust (axial) loads, albeit in only one direction. This attribute makes ball bearing technology as one of the dominating technologies used in automotive hub bearing assembly process. Hence, ball bearing was leading technology segment in 2015 and is expected to remain prolong segment over the forecast period.
The passenger vehicle was the largest application segment among the other segment and accounted over 55% shares of the total automotive hub bearing market in the year 2015. However, this trend is supposed to remain prolong application segment over forecast period. Rapidly growing demand for number of vehicles owing to ever-increasing population across the globe reasoned to the growth in production of passenger vehicles. Moreover, commercial vehicle is also foreseen to have immense growth over the years to come.
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Europe was dominating region for the automated hub bearing market and accounted over 25% shares of the entire volume consumption in 2015. Asia Pacific together with being the biggest market is additionally the fastest growing market for automated hub bearing and further expected to continue this trend over the years to come. Moreover, Europe and North America, it is estimated to have a stable growth for automotive bearings. Developing countries like Brazil and South Africa are projected to have a high growth rate.
Some of the key players in the global automotive hub bearing market include SKF, Schaeffer, NSK, JTEKT, NTN, TIMKEN, GKN, ILJIN GROUP, GMB Corporation, Nachi-Fujikoshi, FKG Bearing, PFI, and among others.
The report segments the global automotive hub bearing market as:
Automotive Hub Bearing Market: Technology Segment Analysis
Ball
Tapered
Automotive Hub Bearing Market: Application Segment Analysis
Passenger Vehicle
Commercial Vehicle
Automotive Hub Bearing Market: Regional Segment Analysis
North America
U.S.
Europe
Germany
UK
France
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa
Zion Market Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Zion Market Research experienced team of Analysts, Researchers, and Consultants uses proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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