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The rising stringent government regulations to reduce the carbon footprint is likely to force bearing manufacturers to develop advanced bearing. Also, the bearings add weight to the vehicle, so many bearing manufacturers are developing lightweight bearings with lightweight alloys to lower the weight of the vehicle. For example, ceramic bearings are designed to withstand extreme operating environments such as high temperature, vacuum, and contamination and corrosive conditions. Ceramic bearings are highly heat resistant and have a longer life span. Also, growing demand for the high-performance bearings has resulted in OEMs to develop integrated bearings.
Key Market Driver -
The rising automobile sales and production is expected to drive the growth of the market.
Key Market Restraint -
The rise in the cost of raw material is expected to be hamper the growth of the market.
The increasing automobile sales and production in developing countries is expected to drive the market’s growth over the forecast period. The rising sale of passenger cars in the Asia-Pacific and also growing sales of commercial vehicles in Europe is likely to boost the market for the automotive bearings over the forecast period. The fluctuation in the price of the raw material of bearings is expected to restrain the growth of the automotive bearings market over the forecast period.
The global automotive bearings market has been segmented into type, market type, vehicle type, and region. By type, the global automotive bearings market is segmented into the roller bearings, ball bearings, and others. The ball bearings segment is expected to dominate the market over the forecast period owing to simple design coupled with the high-speed operation and high-running accuracy capabilities. The roller bearing segment is also expected to show good growth in the market over the forecast period owing to having higher radial load-carrying capacity than ball bearings. Based on market type, further, the market has been segmented into OEMs and aftermarket. The OEMs segment is expected to show exponential growth in the market over the forecast period owing to rising sales of vehicles globally. The aftermarket segment is also expected to show good growth in the market over the forecast period owing to regular replacement of bearing due to shorter service life span. By vehicle type, further, the market has been segmented into passenger cars and commercial vehicles. The passenger car segment is expected to dominate the market over the forecast period. The rising sales and production of the passenger cars in developing countries owing to the increasing disposable income of the individuals is likely to propel the growth of this segment in the market. The commercial vehicle segment is also expected to show good growth in the market over the forecast period.
Some of the major companies that are present in the automotive bearings market include Schaeffler AG, SKF Bearings, NSK Ltd., NTN Corporation, JTKET Corporation, among others.
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Geographically, the automotive bearings market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia-Pacific is expected to dominate the market over the forecast period. The increasing sales and production of passenger cars in developing countries such as India and China due to the growing disposable income of consumers is likely to drive the market’s growth in this region. North America is also expected to show good growth in the automotive bearings market over the forecast period. Owing to the rising stringent government regulations for vehicle emission in this region is expected to propel the market for the advanced lightweight bearings. Europe is also expected to show good growth in the market over the forecast period. Also, the presence of the market players in this region is expected to drive the growth of the market in this region.
By Market Type
By Vehicle Type
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