ReportCrux Market Research has published a new report titled “Automotive Bearing Market by Bearing Type (Roller Bearing, Ball Bearing, Plain Bearing, Tapered Roller Bearing, Specialized Bearing, and Others); by Vehicle Type (Two-Wheelers, Light Commercial Vehicles, Heavy Commercial Vehicles, and Passenger Vehicles); by Sales Channel (OEM, and Aftermarket); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Automotive Bearing Market is estimated to grow from USD 75.45 Billion in 2019 to USD 123.46 Billion by 2027, at a CAGR of 6.4% during 2020-2027
Bearing is a machine element that restricts relative movement and reduces friction between moving parts. In almost all equipment or machinery, bearings are used, ranging from farm equipments, vehicle components, and household appliances to defense and aerospace equipments. Demand for bearings with higher performance, lower maintenance, and longer service life is growing.
In addition to the increasing automotive industry worldwide, it has been observed that the rising average age of vehicles is expected to increase demand for maintenance, repair and replacement of automotive components, which in effect promotes sales of automotive components like automotive bearing.
Technology advances are being made in the automotive engine bearing market, so that the engine bearings work properly and have longer life. The proper functioning of the engine bearing is accomplished when the building material possesses the properties including high strength and softness.
Overall innovation in the automotive sector is the prime factor leading to business growth. The changing standard of living and increasing disposable incomes in the developing countries have made it possible for customers to use vehicles which have complete aftermarket products fitted for the successful use of the automobiles. In addition, the production of automobiles has increased, which in turn has fuelled the growth of the demand for automotive engine bearing in the coming years.
Developments are being made in the technology and researchers are focusing on developing strong materials that can withstand more load is further fueling the growth and demand for automotive engine bearings. Besides, the replacement rate for automotive engine bearing is high, and thus the automotive aftermarket holds a considerable share in the market.
Moreover, with one third of the world's population being in India and China the demand for vehicles will in turn raise the order for bearing from these countries. Rising vehicle electrification and ambitious proposals by various governments to go fully electric, and ban traditional fuel based vehicles worldwide in the coming years, greatly can limit the growth of the automotive bearing industry.
Compared to traditional fuel powered vehicles, electric vehicles require fewer bearings. In addition, market growth is expected to be slowed by the introduction of wheel hub or in-wheel technology, used in electric vehicles. The vehicles that come with such technology need no differential gears which can further restrict market growth.
|By Bearing Type||Ball Bearing:31%|
|By vehicle type||Passenger Vehicle:29%|
|By Sales Channel||OEM:61%|
|By Region||Asia Pacific:36%|
|Place a Direct Order of this Report Here!!|