Inclination toward lowering weight of vehicles and rise in production and sales activities of automobiles worldwide fuel the growth of the global automotive bearings market
PORTLAND, Ore., Oct. 7, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Bearings Market by Bearing Type (Ball Bearing, Roller Bearing, and Others) and Vehicle Type (Passenger Car, Commercial Vehicle, and Two-wheeler), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global automotive bearings industry generated $31.60 billion in 2019, and is estimated to reach $48.41 billion by 2027, growing at a CAGR of 6.8% from 2020 to 2027.
Prime determinants of growth
Focus on overall weight reduction of vehicles and surge in production and sales of automobiles across the globe drive the global automotive bearings market. However, rise in vehicle electrification and variations in raw materials hinder the market growth. On the other hand, advent of sensor bearing units and development of additive manufacturing technologies and materials present new opportunities in the coming years.
Download Report Sample (249 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/6122
Owing to lockdown restrictions, manufacturing factories have shut down their operations. Moreover, lockdown resulted in the disrupted supply chain, which in turn, created a shortage of raw materials.
Labors have returned to their hometowns with the closedown of manufacturing facilities. Though manufacturing activities resumed post-lockdown, there is a shortage of laborers.
Research and development activities have been stopped due to the shutdown of facilities. However, they would gain traction as facilities begin to operate with full capacity.
Vehicle sales and demand for advanced technology-based bearings would boost post-lockdown, as daily operations in production plants and supply chain get on track.
Get detailed COVID-19 impact analysis on the Automotive Bearings Market Request Here!
The ball bearing segment to maintain its dominance during the forecast period
Based on bearings type, the ball bearing segment accounted for the highest share in 2019, contributing to nearly half of the global automotive bearings market, and is projected to maintain its dominance during the forecast period. This is due to product innovations and extensive R&D activities leading to the emergence of different integrated and advanced sensor ball bearing units. However, the roller bearing segment is projected to portray the highest CAGR of 7.3% from 2020 to 2027.
The passenger car segment to lead throughout the forecast period
Based on vehicle type, the passenger car segment contributed to the largest market share, holding nearly three-fifths of the total share of the global automotive bearings market in 2019, and will continue to lead throughout the forecast period. This is attributed to higher production of passenger vehicles in comparison to commercial vehicles, rise in the standard of living, and a decline in car loan rates while improved interest rates. However, the two-wheeler segment is expected to witness the fastest CAGR of 7.5% from 2020 to 2027, owing to high adoption rate of antilock braking system (ABS) and a significant role in commercial purposes.
Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/6122
Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific accounted for the highest market share with nearly two-fifths of the global automotive bearings market in 2019, and is projected to continue its leadership position in terms of revenue by 2027. Moreover, this region is expected to manifest the highest CAGR of 7.7% from 2020 to 2027. This is due to surge in adoption of fuel-efficient and eco-friendly vehicles, technological developments, and increase in demand for mild hybrid vehicles in the region. However, North America would grow steadily at a CAGR of 5.8% during the forecast period.
Leading market players
ILJIN co., ltd.
Nippon Thompson Co., Ltd. (IKO International, Inc.)
RBC Bearings Incorporated
THK Co., Ltd.
The Timken Company
Schedule a Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/6122
Similar Reports We Have on Automotive & Transportation Industry:
Automotive Engine Bearings Market Type (Ball Bearings, Plain Bearings, Roller Bearings, and Others), Vehicle Type (Light Commercial Vehicles, Heavy Commercial Vehicles, Two-wheelers, and Passenger Cars), and Sales Channel (OEM and Aftermarket) – Global Opportunity Analysis and Industry Forecast, 2016-2025.
Bearing Market by Type (Ball Bearing and Tapered Bearing), Size (30 to 40, 41 to 50, 51 to 60, 61 to 70 and 70 & above), Distribution Channel (Original Equipment Manufacturers (OEMs) and Aftermarket), Machine Type (ICE Vehicles, Electric Vehicles, Industrial Machinery and Aerospace Machinery), End Use (Automotive, Industrial and Aerospace) and Group (Group 1, Group 2 and Group 3): Global Opportunity Analysis and Industry Forecast, 2020–2027.
Anti-lock Braking System (ABS) Market by Sub-Systems (Sensors, Electronic Control Unit (ECU), Hydraulic Unit), Vehicle Type (Two Wheelers, Passenger cars, Commercial Vehicles) – Global Opportunity Analysis and Industry Forecast, 2014 – 2022.
Autonomous Emergency Braking System Market by Product Type (Low-speed AEBS and High-speed AEBS), Technology (Crash Imminent Braking, and Dynamic Brake Support), and Vehicle type (Passenger Vehicle and Commercial Vehicle) – Global Opportunity Analysis and Industry Forecast, 2017-2023.
Automotive Regenerative Braking System Market by System (Electric, Hydraulics, Flywheel and spring), Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles) – Global Opportunity Analysis and Industry Forecast, 2014 – 2022.
About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
1-800-792-5285, 1-503-894-6022, 1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | Twitter | LinkedIn |
View original content:http://www.prnewswire.com/news-releases/automotive-bearing-market-to-reach-48-41-bn-globally-by-2027-at-6-8-cagr-allied-market-research-301147410.html
SOURCE Allied Market Research