The market research analysis identifies the development of public transport facilities and the push towards green mobility as some of the key growth factors for the global automotive wheel bearings market. The robust spending on developing public road systems and the popularity of electric vehicles will fuel the growth of the automotive wheel bearings market in the next four years.
Asia-Pacific Dominates with Major Growth in the Automotive Wheel Bearing Market
Asia-Pacific accounted for the major share of the automotive wheel bearings market during 2017, and countries such as China and India contribute for the major shares in this region. Apart from the automotive sector, the findings show APAC creating its share in industrial sector for bearing market.
The growing demand for commercial and passenger cars in the region will drive the growth of the market. North America and Europe will have a steady growth of the automotive wheel ball bearings. Developed countries such as Brazil and South Africa are expected to have a higher growth rate during 2018-2023.
Selected Bearing Type Analysis Done in the Full Report:
The Automotive Wheel Bearing Market is segmented into types of bearing, which includes ball bearing and roller bearing. Ball bearings are hardened spherical balls that decrease friction between moving parts. On the other hand, roller bearings comprise high load resonant capacity as the areas of interaction is of line type and the load is thus distributed on a larger area. Due to the advancement in the areas of lubricant technology, seal technology and lightweight materials, the automotive wheel bearings market has become very modest and is creating existence opportunities for companies which are in automotive ball bearing wheels business. The demand for commercial vehicles has significantly increased over the past few years. Due to this, the global automotive wheel bearing market is experiencing substantial growth opportunities. Also, the production of passenger vehicles has increased worldwide due to high demand. This has also fueled the demand for global wheel bearing market.
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Excerpts on Market Growth Factors
As vehicle performance is importantly dependent on the operative of bearings, it has become necessary for the manufacturers to design technologically advanced automotive tire bearing. Going through the recent trends, manufacturers have incorporated automotive wheel bearing with various sensors technology that will monitor the performance of the bearings. This trend has become one of the most important factors playing a significant role in boosting the growth of the market.
The companies have focused to reduce wheel bearing cost. This will led the automotive bearing industry a competitive job to produce integrated bearings that will improve the efficiency and restrict the new companies to enter in the market.
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Key players of the Automotive Wheel Bearing Market
The automotive wheel bearings market is characterized by the presence of small and renowned number of players. The players in the market account for enormous market shares, thereby restricting the new players. The Timken Company, Svenska Kullagerfabriken AB, Schaeffler AG., Jtekt Corporation, NTN Corporation are some of the major players increasing their production level due to the technological advanced solutions. Schaeffler AG. has bearing products that function in Truck Axle Module known as 1T Generation, hub unit offset design and for passenger vehicle it has All FAG wheel bearings with 1st, 2nd and 3rd generation. NTN Corporation has various number of wheel bearings used in Linear Motion, Spherical roller bearings, Tapered roller bearings, cylindrical roller bearings, High precision and others.
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