According to a recent report published by Allied Market Research, titled, โAutomotive Bearings Market by Bearing Type, Vehicle Type, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020โ2027โ, the global automotive bearings market was valued at $31.66 billion in 2019, and is projected to reach $48.41 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027. By vehicle type, the passenger car segment was the highest revenue contributor in 2019, accounting for $18.80 billion, and is estimated to reach $28.36 billion by 2027, registering a CAGR of 6.6% during the forecast period. In 2019, Asia-Pacific was anticipated to account for major market share.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ : https://www.alliedmarketresearch.com/request-sample/6122
The Asia-Pacific region is dominating the market in term of revenue in year 2019, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the automotive bearings market in 2019, whereas India is expected to grow at a significant rate during the forecast period.
Automakers across the world are focusing on reducing the overall weight of vehicles, owing to improvement in fuel efficiency and lower carbon dioxide (CO2) emissions. Lightweight bearings play a major role in reducing the overall weight of vehicles. For this purpose, bearing makers are focusing on using low tolerance and enhanced forging techniques in production, in a bid to remain competitive and to comply with the changing norms.
Factors such as increase in vehicle production, development to reduce overall weight of the vehicle, rise in demand for luxury feature in vehicles, rise in disposable income, and surge in sales of luxurious vehicles in developing countries drive the market growth. However, electrification in vehicles and fluctuating raw material cost needed for manufacturing bearings limit the stated growth. On the contrary, increase in safety & comfort features in vehicles, emergence of sensor bearing units, and development of additive manufacturing technologies & materials to manufacture bearings are anticipated to offer remunerative opportunities for the players operating in the automotive bearings market.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/automotive-bearings-market/purchase-options
The globalย automotive bearings market sizeย is segmented into bearings type, Vehicle type, distribution channel, and region. On the basis of bearings type, the market is fragmented into ball bearing, roller bearing, and others. Depending on vehicle type, it is segregated into passenger car, commercial vehicle, and two-wheeler are categorized under. By distribution channel, it is bifurcated into OEM and aftermarket. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
๐๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐ :
In 2019, by bearings type, the ball bearing segment generated the highest revenue.
On the basis of vehicle type, the passenger car vehicle segment was the highest revenue contributor in 2019.
Region wise, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/6122
The key players analyzed in the report include ILJIN Co., Ltd., JTEKT Corporation, Nippon Thompson Co., Ltd. (IKO International, Inc.), NSK Ltd, NTN Corporation, RBC Bearings Incorporated, Schaeffler AG, SKF, THK CO., LTD., and The Timken Company.