Nov 22, 2021 (AmericaNewsHour) -- Bearings are devices which are primarily used for permitting devices to roll by either linear or rotational movements, by which the friction between the surface of the bearing and the surface it is rolling over is reduced. The global automotive bearings market is anticipated to grow at a CAGR of around 5.5% over the forecast period (2020-2027), owing to growing technological advancements in automotive industry such as introduction of vehicles that weigh lesser thereby ensuring better fuel efficiency for vehicles and growing demand for commercial vehicles from several regions globally.
Research Nester released a report titled "Global Automotive Bearings Market: Global Demand Analysis & Opportunity Outlook 2027" which delivers detailed overview of the global automotive bearings market in terms of market segmentation by material, product type, application, vehicle type, sales channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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The market is anticipated to grow at a steady pace, owing to several factors taking place such as significant demand for aftermarket repair and maintenance services globally, owing to vehicle owners retaining their vehicles for a considerable number of years that would lead to maintenance and services including replacement of parts and accessories arising at regular intervals for such vehicles that are aging with time. Additionally, the stringent norms being implemented by governments across the globe, due to the increasing number of vehicles that have caused heavy pollution has led to manufacturers finding ways to produce bearings that are lighter in weight, which could help to reduce the pollution levels and improve fuel efficiency.
The automotive bearings market consists of fivesegmentsthat are segmented by material, product type, application, vehicle type and sales channel. The vehicle type segment is estimated to hold the leading market share, owing torise in the sales of passenger vehicles across the globe and demand for light weight cars among the consumers globally.The market is anticipated to observe rapid growth, owing to technological advancements taking place in vehicles that weigh lesser which also helps improve fuel efficiency in vehicles and rising demand for commercial vehicles across several regions of the world. Additionally, aftermarket repair and maintenance services are in high demand, owing to regular maintenance and service required for vehicles that are aging with time. As the vehicles grow older, the demand for spare-parts such as bearings for these vehicles are anticipated to increase, due to any defects or problems that may arise in vehicles that would also include maintenance of these vehicles to help them stay in good conditions. Moreover, global emission norms and standards that are to be followed are being stringently laid out by most governments globally which is estimated to raise the demand for automotive bearings and is expected to increase the growth of the market over the forecast period.
The market in Asia Pacific region is anticipated to witness the largest growth rate, owing tothe increase in production of automobiles taking place especially in countries such as China and India where there is a huge presence of skilled working population.
This report also provides the existing competitive scenario of some of the key players of the global automotive bearings market which includes company profiling of key companies such asNSK Ltd. (tyo:6471) SNL Bearings (bom:505827), Svenska Kullagerfabriken AG (skfb:SS), Timken Company /zigman2/quotes/200714911/composite TKR -3.12% , Schaeffler AG (sha:GR), Minebea Mitsumi Inc.(tyo:6479), RBC Bearings /zigman2/quotes/207482423/composite ROLL -2.00% , Nachi-Fujikoshi Corp. (tyo:6474), NTN Corporation (tyo:6472) and Wafangdian Bearing Group Corp. (200706:CH). The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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