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"
https://www.techsciresearch.com/report/asia-pacific-automotive-bearings-market/3072.html
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.
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