Automotive Bearing Market Research Report with Top Players and Growth Opportunity


Posted November 9, 2020 by Rahul_Gautam

What are Automotive Bearings and What are their Different Types?
 
The affordability of vehicles has increased significantly over the past few years. Technological advancements have paved the way for cheaper vehicles, along with which, the increasing disposable income of people has made it easier for them to buy private vehicles. Owing to these factors, the global automotive industry has been registering considerable growth over the past few years. Developing countries, including China, Indonesia, India, and Thailand are majorly contributing to the growth of the automotive industry.

Owing to this, the global automotive bearing market is expected to generate a revenue of $53.3 billion by 2025, increasing from $33.4 billion in 2018, and is projected to progress at a 6.9% CAGR during the forecast period (2019–2025), as stated by a P&S Intelligence report.

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Bearings are made of different kinds of materials, such as fiber-reinforced composite, solid polymer, and metal polymer. Out of these, the demand for metal polymer bearings has been the highest in the past, owing to the various advantages of this material, including long-lasting nature, cost-effectiveness, dimensional stability, and negligible stick-slip. Among the different vehicle types, the demand for automotive bearings is predicted to rise significantly for electric vehicles in the years to come.

The increasing acceptance of electric vehicles and government policies for encouraging their adoption are projected to drive the demand for automotive bearings in the years to come. The Asia-Pacific region emerged as the major automotive bearing market in the past and the situation is likely to remain the same in the years to come as well. The regional domain is being led by China, as the demand for automobiles in the country is on a rise. In addition to this, the exports of small-sized and low-end sized bearings are leading to the expansion of the domain in the country.

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In conclusion, the market is growing due to the rapid expansion of the automotive industry in developing countries.
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Issued By Rahul Gautam
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Categories Automotive , Business , Research
Tags automotive bearing market , automotive bearing market 2020 , automotive bearing market share , automotive bearing market trend
Last Updated November 9, 2020