According to ESOMAR-certified Future Market Insights’ (FMI) – In 2022, the market is anticipated to increase at a y-o-y rate of 4.94%, reaching US$ 180 Bn.
Automotive bearings are accountable for smooth, economical and frictionless running of automobiles. They are present in almost every part of the automobile to ensure movement safety, load handling as well as balance. Several types of bearings are used in automobiles. To name a few, thrust bearings, ball bearings, roller bearings, housed units, needle roller bearings, plummer blocks, plain bearings, spherical roller bearings, slim section bearings, ball thrust bearings, tapered roller bearings and specialized bearings are used. These bearings are made up of different material such as metal-polymers, engineered plastics, metals and bimetals and fibre reinforced composite.
The growth of the automotive bearing market is driven by various aspects such as rising technological developments, increasing production of vehicles across the globe, increasing demand for advanced bearings from emerging economies, increasing use of bearings in luxury cars etc. However, high pricing and counterfeiting are main challenges faced by the global market for automotive bearings.
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5 Key Highlights on Global Automotive Bearing Market
- Ball thrust bearings segment by bearing type category to represent significant share in the coming years. This segment is also expected to gain a high BPS by the end of the assessment period and is poised to register a CAGR of 5.3% throughout the 2017-2022 period
- Fibre reinforced composite segment by material type is expected to be the fastest growing segment during the assessment period. This segment is projected to reflect a high CAGR of 5.2% with a significant market share. It holds high potential in the coming years
- Asia-Pacific excluding Japan (APEJ) region is the most lucrative region for the growth of the automotive bearing market. This region is ahead of other regions with respect to growth rate as well as market valuation during the period of assessment. This region is poised to register CAGR of 5.2% through 2017-2022
- OEM segment by sales channel is expected to grow at a high pace during the assessment period. However, the aftermarket segment in this category, as of 2017, holds a high market share of 63.4%
- Light commercial vehicles segment by vehicle type is a potential segment with respect to the use of automotive bearings and is expected to register the highest CAGR of 5.3% throughout the period of assessment
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Key Player Profiles in the Global Automotive Bearing Market
The research report on global market for automotive bearings has included profiles of key players such as The Timken Company, Schaeffler AG, RKB Bearing Industries, NTN Corporation, NRB Bearings Ltd., Minebea Mitsumi Inc., JTEKT Corporation and ILJIN Bearing Co., Ltd.
- North America
- Latin America
- Ball Bearing
- Roller Bearings
- Ball Thrust Bearings
- Roller Thrust Bearings
- Tapered Roller Bearings
- Specialized Bearings
- Engineered Plastics
- Fiber Reinforced Composite
- Metal and Bimetal
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- Compact Passenger Cars
- Mid-sized Passenger Cars
- Premium Passenger Cars
- Luxury Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles