PORTLAND, Ore., Oct. 7, 2020
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.
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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.
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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
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