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