Press Release

Asia-Pacific Automotive Bearings Market to Witness Double Digit Growth through 2023

Expanding vehicle fleet, rising automobile sales, favorable government initiatives and growing exports to drive Asia-Pacific automotive bearings market through 2023

According to TechSci Research report, Asia-Pacific Automotive Bearings Market By Bearing Type, By Vehicle Type, By Demand Category, By Country, Competition Forecast & Opportunities, 2013-2023, the automotive bearings market in Asia-Pacific is forecast to grow at a CAGR of 11.7% during 2018-2023, driven by rising demand for automotive bearings from OEM as well as replacement segments. Presence of major automotive OEMs such as Ford, Hyundai, Honda, Mahindra, Maruti Suzuki, TATA, BMW, etc., is propelling OEM automotive bearings demand in the region. Some of the global automotive bearing companies operating in Asia-Pacific automotive bearings market include NSK, NTN, Schaeffler, SKF, JTEK, and Timken, among others.


Browse 9 market data Tables and 72 Figures spread through 129 Pages and an in-depth TOC on "Asia-Pacific Automotive Bearings Market"

Asia-Pacific is emerging as a hub for production of automobiles, with the automotive sector accounting for the largest private sector investment in research & development in the region. Owing to low production cost, an increasing number of automobile manufacturers are shifting their manufacturing bases to the region. Moreover, with growing urban population and increasing disposable income, sale of passenger cars, two-wheelers and commercial vehicles across the region are likely to grow at a robust pace in the coming years, thereby positively influencing Asia-Pacific automotive bearings market over the course of next five years.

Deep groove ball bearing (DGBB) and tapered roller bearing (TRB) are the most preferred types of automotive bearings in Asia-Pacific. Over the past few years, there has been a significant increase in the exports of automotive bearings, especially of these two types. Continuous increase in the exports of automotive bearings from Asian countries is likely to further aid growth in the automotive bearings market in Asia-Pacific. China and India are the leading demand generating countries for automotive bearings in the region, on account of increasing vehicle sales and large automobile fleet. The two countries are also expected to maintain their dominance in the Asia-Pacific automotive bearings market through 2023.

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“Growing investments in research & development by flagship automotive bearing companies to launch technologically advanced products, expanding network of dealers & distributors and increasing penetration of transnational players are few of the major factors anticipated to aid automotive bearings market in the region over the coming years. Moreover, rising demand for high-quality automotive bearings and increasing sales through online platforms are expected to significantly boost Asia-Pacific automotive bearings market in the foreseeable future.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Asia-Pacific Automotive Bearings Market By Bearing Type, By Vehicle Type, By Demand Category, By Country, Competition Forecast & Opportunities, 2013-2023 has analyzed the potential of Asia-Pacific automotive bearings market, and provides information and statistics on market structure, size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Asia-Pacific automotive bearings market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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