Research Offers 10-Year Forecast on Automotive Bearings Market
The structure of bearing is simple, it has a ball, which has internal & external smooth metal surfaces, which helps bearings to move. The ball in the bearing is responsible for carrying the weight of the load, and load’s weight is responsible for giving a push to the bearing’s rotation.
There are different types of bearings used in the automotive, such as ball, roller & thrust bearings, housed units, needle roller bearings, plain bearings, plummer blocks, sleeves, slim section bearings, spherical roller bearings, etc. For instance, applications such as wheels and transmissions use roller bearings, as roller bearings support heavy-duty applications.
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Global Automotive bearings Market: Drivers and Challenges:
The demand for automotive bearings is growing with the increase in the automotive production globally, especially in the Asia Pacific and Western Europe. The demand for vehicles with technologically advanced solutions is fueling the growth for the global automotive bearings market. Growing demand for automotive bearing in developing countries and above factors are propelling the growth for global automotive bearings market.
Though, the demand for automotive bearings is increasing in the developing countries, the industry is highly fragmented. As many players are present in the automotive bearings market, the industry experiences the price competition. Due to the competitive pricing structure, the manufacturers of automotive bearings have to compromise on the profit margins, and this is inhibiting the growth of the global automotive bearings market.
Global Automotive Bearings Market: Overview:
The global automotive bearings market by value is expected to expand at a CAGR of around 7-9% during the forecast period (2015-2025), due to increase in global automotive production.
Automotive Bearings Market: Segmentation:
The global automotive bearings market can be segmented by bearing type, by vehicle type, by Channel type and by regions
Based on vehicle type, the global automotive bearings market is segmented as:
Light Commercial Vehicles
Coaches and Buses
Based on bearing type, the global automotive bearings market is segmented as:
Based on channel type, the global automotive bearings market is segmented as:
Original Equipment Manufacturer
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Global Automotive Bearings Market: Region-wise Outlook:
The global automotive bearings market is expectedto register a single-digit CAGR for the forecast period. Depending on geographic regions, global automotive bearings market is segmentedinto seven key regions: North America, South America, Eastern Europe, Western Europe, Asia-Pacific, Japan, and Middle East & Africa. In terms of market volume and revenue, Asia Pacific automotive bearings market is projectedto register a significant CAGR during the forecast period. Growing automotive production, especially in the economies like India and China, is fueling the growth of global automotive bearings market in Asia Pacific. Western Europe and North America are also forecast to register a significant growth in the global automotive bearings market, as automotive production is expected to grow in these regions as well.
Global Automotive Bearings Market: Key Players:
Some of the key market participants in global automotive bearings market are Schaeffler AG., Jtekt Corporation, NTN Corporation, Iljin Bearing Co., Ltd., Timken Company, Svenska Kullagerfabriken AB, RKB Bearings etc.
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