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Car Bearings Market Is Projected To Grow At A CAGR Of 6.1% During Forecast 2023

Summary

Global Car Bearings Market Information by Type (Ball Bearings, Roller Bearings, Plain Bearings, Thrust Bearings, and Others), by Vehicle Type (2-Wheeler, Passenger, and Commercial), and by Region – Forecast to 2022

Car Bearings Market Dynamics

The automotive bearing market is growing in sync with the rising use of transportation to deliver goods. Automotive bearings play a pivotal role in efficiently carry heavy loads. In addition, they provide reliability, durability, and ability to perform high-speed rotations with minimal sound and vibration. At the same time, it ensures smoother operation of a vehicle by reducing friction between the moving parts of a vehicle. The automotive bearing market is about to witness a CAGR of 6% during the forecast period (2016-2022).

Development, as well as incorporation of novel sealing technologies by original equipment manufacturers (OEMs) to seal the bearings from contamination, has also benefited the Car Bearings Market to a great extent.

Significant Players

RKB Bearings, NTN Corporation, Iljin Bearing Co., Ltd., Jtekt Corporation, Schaeffler AG., Timken Company, Svenska Kullagerfabriken AB, ORS Bearings, CW Bearing and Timken Company, are some of the most significant companies listed in MRFR Analysis and are leading the competition in the global Car Bearings Market.

Market Segmentation

The Car Bearings Market has been segmented with respect to type and vehicle.

The market segments, in terms of type, are roller bearings, Car Bearingss, vehicle ball bearings, thrust bearings, motor vehicle bearings, plain bearings, vehicle wheel bearings, and others. Vehicle wheel bearings are an important component of the drivetrain in any vehicle since they offer the first connection between the static and moving areas of the vehicle. On the other hand, vehicle ball bearings refer to the rolling elements, which help reduce the rotational friction between the surface like cemented roads and the vehicle. Due to these factors, both the segments are expected to achieve a high growth rate in the years to come, given their surging demand in the automotive industry.

Vehicle types covered in the report are 2-Wheeler, Passenger, and Commercial. The passenger vehicles segment possesses the maximum potential to attain the top position in the market, because of the rising production volumes of passenger vehicles across the world.

Regional Insight

Europe, Asia Pacific (APAC), North America, along with the Rest of the World (RoW) are the primary markets for automotive bearing.

The APAC market for automotive bearing reigns over other regions across the globe, thanks to the presence of emerging nations like India and China that boast of an illustrious automotive industry. China is known for the highest vehicle production in the world and is making remarkable efforts to enhance the growth of the automotive sector, which works in favor of the Car Bearings Market. Automotive industry in the region is believed to be making fantastic progress, on account of the high concentration of manufacturing facilities belonging to renowned OEMs, which in turn, benefits the Car Bearings Market.

North America is a highly matured market for automotive bearings, with more and more original equipment manufacturers putting efforts to enhance the production quality of the product. A number of original equipment manufacturers have set up or are expected to set up manufacturing plants in Canada as well as Mexico, which can boost the demand for automotive bearings in the near future. Also, the fast adoption of the latest technologies paired with the mounting demand for advanced automobile products can usher in a host of growth opportunities for market expansion in the region.

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