Global Automotive Bearing Market size was valued at US$ XX Bn. in 2019 and the total revenue is expected to grow at 6.45% from 2019 to 2027, reaching nearly US$ XX Bn.
Global Automotive Bearing Market
The report study has analyzed the revenue impact of the COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Global Automotive Bearing Market: Market Overview
Automotive bearing is a machine element which can carry loads with smooth running of the vehicle. It reduces the friction between moving parts of a vehicle. The characteristic of automotive bearing includes high precision, durability, reliability, and the ability to rotate at high speed with minimal vibration and noise. These are used for several automotive application such as interior, engine, wheel hub, and transmission system.
Global Automotive Bearing Market: Market Dynamics
The manufacturers are focused on reduction of the weight of vehicle to improve the fuel efficiency, reduce the emission of CO2 which boost the demand of lightweight automotive bearing. Rapid growth of automotive industry across the world with rapid urbanization, increasing the demand of vehicles, in result rising the demand for electronic stability program. Rising the demand of comfort driving and advanced technology propel the global automotive bearing market. Increasing disposable income and purchasing power, people spending more on purchasing vehicles for their comfort. These are the major factors which work as drivers for the automotive bearing market over the forecast period.
High maintenance cost and fluctuation in the raw material prices hinder the growth of the market over the forecast period. Rising the adoption of electric vehicle for reducing the emission of CO2, the smaller number of bearing is used in electric vehicles as compared to fuel-based vehicles. The impact of pandemic COVID-19 on world economy, also affects the automobile sector, the disruption in the product supply chain create problems for manufacturers also hinder the growth of the market during the forecast period. In addition, liquidity shortage and cash crunch impacted the sales of automobile vehicle. These are the key factor working as restrain for global automotive bearing market during the forecast period.
Global Automotive Bearing Market: Market Segmentation
The transmission system and engine segment of application is projected to have the highest growth rate as the components of the transmission system and the engine are constantly in motion and undergo continuous wear and tear. Rising the sales of passenger vehicle due to rapid urbanization is driving the market growth. Increasing disposable income and purchasing power, and well-developed infrastructure increases the demand of passenger vehicles, hence the passenger vehicle segment of vehicle type is expected to dominate the global automotive bearing market. Aftermarket segment of sales channel holds the major shares of automotive bearing market owing to the replacement of bearing due to wear and tear after the bearing gets damaged.
Global Automotive Bearing Market: Regional Analysis
Asia Pacific is dominating the global automotive bearing market due to major sales of automotive. The increasing economic standard and living standard of individual will significantly drive the automotive bearing market in this region. Besides, increase in the number of automotive manufacturing industries, entry of foreign automaker in emerging nations such as India and China are driving the market during the forecast period. In addition, the high production of passenger vehicles in this region and rapid expansion of automotive industry in countries including South Korea, China and India is likely to drive the market.
The objective of the report is to present a comprehensive analysis of the Global Automotive Bearing Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Automotive Bearing Market dynamics, structure by analysing the market segments and projects the Global Automotive Bearing Market size. Clear representation of competitive analysis of key players by Sales Channel, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Automotive Bearing Market make the report investor’s guide.
Scope of the Global Automotive Bearing Market
Global Automotive Bearing Market, by Application
- Transmission system
- Steering system
Global Automotive Bearing Market, by Vehicle type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Passenger Vehicle
Global Automotive Bearing Market, by Sales Channel
Global Automotive Bearing Market, by Region
- Asia Pacific
Rest of Asia
- North America
Rest of Europe
- South America
Rest of South America
- Middle East & Africa
Rest of MEA
Global Automotive Bearing Market, Key Players
- JTEKT Corporation
- Schaeffler AG
- NSK Ltd.
- NTN Corporation
- Schaeffler AG
- Timken Company
- AB SKF
- RBC Bearings Inc.
- C&U Group Ltd.
- CW Bearing
- MINEBEA MITSUMI Inc.
- SNL Bearings Ltd.
- RKB Bearing Industries
- NACHI-FUJIKOSHI CORP
- Iljin Bearing Co. Ltd.
- Cixing Group Co. Ltd.
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