Asia-Pacific Excluding Japan Emerges as the Front-Runner in the Automotive Bearing Market

In 2021, the global APEJ (Asia Pacific excluding Japan) leading the automotive bearing market was valued at approximately USD 171 billion and is projected to grow at a year-on-year rate of 4.94% in 2022, reaching around USD 180 billion. The Asia Pacific region, excluding Japan (APEJ), is recognized as the largest market for automotive bearings, anticipated to grow at a CAGR of 5.2% throughout 2022.

Among the various segments, ball bearings remain the dominant type in the automotive bearing market. These components play a crucial role in enhancing vehicle efficiency and speed while maintaining stability. Automotive bearings consist of a ball situated between frictionless metal surfaces, both internal and external, which facilitate smooth movement. The load is primarily managed by the ball inside the bearing, enabling the rotation of the entire assembly.

Future Market Insights has conducted a comprehensive analysis of the global automotive bearing market, focusing on the emerging automotive sector and the bearing industry across key regions worldwide. The research report delves into various aspects of automotive bearings, including types, materials used, and sales channels, providing insights into the market dynamics across the globe.

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key takeaways for APEJ (Asia Pacific excluding Japan) leading the automotive bearing market:

Market Size and Growth: APEJ is the largest market for automotive bearings, projected to grow at a CAGR of 5.2% in 2022, reflecting strong demand.
Rapid Urbanization: Increased urbanization in the region leads to higher vehicle ownership rates, driving the demand for automotive components, including bearings.
Rising Automotive Production: APEJ countries, particularly China and India, are major automotive manufacturing hubs, contributing significantly to the bearing market's growth.
Technological Advancements: Continuous innovation in bearing technology, including the development of lightweight and high-performance materials, enhances product offerings in the region.
Increasing Vehicle Efficiency: Demand for improved vehicle efficiency and performance drives the adoption of advanced bearing solutions in various automotive applications.
Growing Aftermarket Segment: The expanding aftermarket for vehicle parts in APEJ boosts the sales of automotive bearings, as consumers seek quality replacements for worn components.
Regulatory Support: Supportive government regulations aimed at improving vehicle safety and efficiency promote the use of high-quality bearings in the automotive sector.

Competitive Scenario

The research study on automotive bearing market has covered several key player profiles that includes their SWOT analysis, company overview, key financials, product portfolios and key developments. Companies such as ILJIN Bearing Co., Ltd., JTEKT Corporation, MinebeaMitsumi Inc., NRB Bearings Ltd., NTN Corporation, RKB Bearing Industries, Schaeffler AG and The Timken Company are profiled in this research study.

In-Depth Market Analysis: A Complete Report
https://www.futuremarketinsights.com/reports/automotive-bearings-market

Market segmentation

Region

North America
Latin America
Europe
Japan
APEJ
MEA

Bearing Type

Ball Bearing
Roller Bearings
Ball Thrust Bearings
Roller Thrust Bearings
Tapered Roller Bearings
Specialized Bearings
Others

Material Type

Metal-Polymer
Engineered Plastics
Fiber Reinforced Composite
Metal and Bimetal

Sales Channel

OEM
Aftermarket

Vehicle Type

Compact Passenger Cars
Mid-sized Passenger Cars
Premium Passenger Cars
Luxury Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two-Wheeler

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This release was published on openPR.