Bearings are devices that are primarily used for allowing devices to roll by either linear or rotational movements. While doing so, bearings ensure that the friction between the surface of the bearing and the surface it is rolling over is reduced. By fitting the bearings inside a vehicle, the vehicle gets loaded with additional weight. The power is shifted from the axle to the wheel using bearings. They are components that enable machinery to move faster while also carrying the loads easily without any hassle. There are various types of bearings that perform different functions. Bearings can be found in vehicle wheels, engines and so on. The sizes of these bearings differ based on the operation or load as the case may be. Some of the bearings used in automotive industry are ball bearings, roller bearings, ball thrust bearings, roller thrust bearings and tapered roller thrust bearings.
The growth of the global automotive bearings market is driven by factors such as advancements in technology taking place in automotive industry that is enabling the manufacturers to introduce vehicles that are lighter in weight which ensures better fuel efficiency of the vehicles and increase in demand for commercial vehicles across many regions globally. Moreover, there are a rising number of investments taking place globally in automotive sector for the purpose of designing bearings as per the standard requirements fixed for automobiles.
The global automotive bearings market is anticipated to grow at a CAGR of around 5.5% over the forecast period i.e. 2020-2027. The market is segmented by material, product type, application, vehicle type and sales channel out of which, the passenger vehicle segment belonging to vehicle type segment is anticipated to occupy the leading market share on account of a steady rise in the number of passenger vehicles sold over the last decade and the demand for cars that are much lesser in weight among the consumers.
The growth of the global automotive bearings market is driven by factors such as the growing need for aftermarket repair and maintenance services, owing to the average age of vehicles growing continuously, as consumers are retaining their vehicles for a longer number of years. The vehicles may undergo problems as they age and would require to be serviced periodically, including the requirement for various spare-parts such as bearings that would need replacements. This is estimated to increase the demand for automotive bearings globally among the consumers and is expected to drive the growth of the market over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
There is an increasing focus laid by governments on emission norms to be followed by vehicle manufacturers in most countries of the world, due to the steady rise in the number of vehicles occupying the roads that are contributing to the high pollution levels prevailing across the globe. Apart from that, the manufacturers are increasingly focusing on production of bearings that are much lighter, so that they would help to comply with the emission norms being laid out by governments across the globe that is helping to minimize the pollution levels and improve fuel efficiency. These factors are estimated to increase the demand for automotive bearings globally among the consumers and is expected to drive the growth of the market over the forecast period.
With the governments across the globe planning to shift to electrification of vehicles by slowly trying to phase out traditional fuel based vehicles over the next few years is anticipated to reduce the demand for automotive bearings, as the electrically powered vehicles require lesser number of bearings than traditional fuel based vehicles. Moreover, the use of wheel hub motor technology in electric vehicles is anticipated to decrease the demand for bearings, as they do not have any requirement for automotive gears. These factors may limit the growth of the market over the forecast period.
Our-in depth analysis of the global automotive bearings market includes the following segments:
On the basis of regional analysis, the global automotive bearings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific is anticipated to register the highest growth rate owing to the increase in automobile production in the Asia Pacific region particularly in countries such as China and India coupled with rising skilled working population. This is anticipated to generate the demand for vehicles in the region. The demand for commercial vehicles has risen globally especially in developing nations such as China and India which are seeing a significant demand for commercial vehicles, owing to expansion of the industrial sector and rise in construction activities that has resulted in increase in sale of commercial vehicles across these regions.
The global automotive bearings market is further classified on the basis of region as follows:
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