Global Bearings Market| COVID-19 Impact, Key Drivers, Size, Share, Trends, Growth, Future Scope Analysis and Forecast To 2023

Global Bearings Market Dynamics

Surging focus on vehicle weight reduction, combined with the increasing emphasis on vehicular emission reduction are the chief factors backing the growth of the global automotive bearing market.

Key Players

RKB Bearings, NTN Corporation, Iljin Bearing Co., Ltd., Jtekt Corporation, Schaeffler AG., Timken Company, Svenska Kullagerfabriken AB

Market Segmentation

The Global Bearings Market has been segmented with respect to type and vehicle.

The market segments, in terms of type, are roller bearings, Global Bearingss, vehicle ball bearings, thrust bearings, motor vehicle bearings, plain bearings, vehicle wheel bearings, and others. Vehicle wheel bearings are an important component of the drivetrain in any vehicle since they offer the first connection between the static and moving areas of the vehicle. On the other hand, vehicle ball bearings refer to the rolling elements, which help reduce the rotational friction between the surface like cemented roads and the vehicle.

Vehicle types covered in the report are 2-Wheeler, Passenger, and Commercial. The passenger vehicles segment possesses the maximum potential to attain the top position in the market, because of the rising production volumes of passenger vehicles across the world.

Regional Insight

Europe, Asia Pacific (APAC), North America, along with the Rest of the World (RoW) are the primary markets for automotive bearing.

The APAC market for automotive bearing reigns over other regions across the globe, thanks to the presence of emerging nations like India and China that boast of an illustrious automotive industry. China is known for the highest vehicle production in the world and is making remarkable efforts to enhance the growth of the automotive sector, which works in favor of the Global Bearings Market. Automotive industry in the region is believed to be making fantastic progress, on account of the high concentration of manufacturing facilities belonging to renowned OEMs, which in turn, benefits the Global Bearings Market.

North America is a highly matured market for automotive bearings, with more and more original equipment manufacturers putting efforts to enhance the production quality of the product. A number of original equipment manufacturers have set up or are expected to set up manufacturing plants in Canada as well as Mexico, which can boost the demand for automotive bearings in the near future. Also, the fast adoption of the latest technologies paired with the mounting demand for advanced automobile products can usher in a host of growth opportunities for market expansion in the region.

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