Growing Automotive Sales to Drive Global Automotive Bearings Market

Increasing vehicle production, growing automobile demand, growing demand for repairing, maintenance, and replacement, to drive the Global Automotive Bearings Market through 2023

According to TechSci Research report, “Global Automotive Bearings Market, By Vehicle Type (Two-Wheeler, Passenger Car, Off-the-Road, Light Commercial Vehicle, Three-Wheeler & Medium & Heavy Commercial Vehicle), By Bearing Type (Ball Bearings, Roller Bearing and Others), By Application (Wheel Hub and Others), By Demand Category (OEM Vs. Replacement), By Company and By Geography, Forecast & Opportunities, 2023’’, Global Automotive Bearings Market is projected to reach USD 187.59 Billion, at a CAGR of over 6% from 2018 to 2023. The main factors driving the global automotive bearings market are growing technological advancements, increasing production of vehicles and increasing demand from the developing countries. Moreover, rising fleet is rapidly putting out the aftermarket demand for automotive bearings, which is identified to be another key driver to market growth.

Moreover, the rising need for lightweight materials in high performance automobiles have propelled the demand for lightweight bearings made by a combination of aluminium and titanium for automotive components, which is anticipated to drive the growth of the market in the next five years. Further, increasing automotive fleet is anticipated to drive the demand for replacement of automotive bearings during the forecast period. Additionally, the increasing automotive sales, especially in the emerging economies will propel the demand of automotive bearings by 2023.

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Based on the demand category, the Global Automotive Bearings Market has been segmented into OEM and Replacement. The OEM segment lead the Global Automotive Bearings Market  in 2017, owing to increasing use of automotive bearings in wheel hubs, engine, interior as well as transmission system in both two-wheelers as well as four-wheelers. The Replacement segment is expected to grow at a very high CAGR during the forecast period, owing to increasing automotive fleet and rising vehicular sales which will propel the demand for the replacement of damaged bearings.

NTN Corporation, Timken Company, CW Bearing, Svenska Kullagerfabriken AB, Schaeffler AG. etc, are major companies operating in the Global Automotive Bearings Market.

Asia-Pacific is projected to lead the Global Automotive Bearings Market by 2023, owing to rapidly increasing population in the region coupled with increasing disposable incomes and growing GDP, which has in turn increased the vehicular sales in the region. Moreover, the increasing demand of automotive bearings from the aftermarket in the region coupled with the growing vehicular fleet is will enable the region to maintain its dominance in the coming years.

“The Global Automotive Bearings Market is likely to witness steady growth in the coming years due to the increasing technological advancements like the use of electrohydraulic power steering pump in heavy commercial vehicles, as well as the use of lightweight aluminium-titanium bearings. Moreover, the increasing two-wheeler as well as four-wheeler sales, coupled with the rising popularity of aftersales market is anticipated to drive the Automotive Bearings market through 2023.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Automotive Bearings Market, By Vehicle Type (Two-Wheeler, Passenger Car, Off-the-Road, Light Commercial Vehicle, Three-Wheeler & Medium & Heavy Commercial Vehicle), By Bearing Type (Ball Bearings, Roller Bearing and Others), By Application (Wheel Hub and Others), By Demand Category (OEM Vs. Replacement), By Company and By Geography, Forecast & Opportunities, 2023” has evaluated the future growth potential of Global Automotive Bearings market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market inclinations along with indispensable drivers, challenges and opportunities in Global Automotive Bearings Market.

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