Automotive Bearing Market will Reach US$ 27.02 Bn by 2026

Automotive Bearing Market to Exceed US$ 27.02 Bn by 2026
Over an eight-year forecast period 2018-2026, the global automotive bearing
market is projected to witness moderate growth at a 4.4% CAGR. According to a
recently published research report by Persistence Market Research, the global
market for automotive bearing registered a value worth US$ 18.47 Bn in 2017,
which is poised to reach around US$ 27.02 Bn by the end of 2026. While exploding
growth of the automotive industry is considered to be the key factor driving the demand for
automotive bearings, Persistence Market Research has discovered a heap of other important factors
and recently observed trends, which are foreseen to positively impact the performance of global
automotive bearing market.
Amplified Investments in R&D to Support Market Growth : Increasing average lifespan of vehicles
is expected to raise substantial demand for vehicular component repairing, replacement, and
maintenance, eventually pushing the bearing market up in near future. Rapidly expanding fleet is
generating decent aftermarket demand for automotive bearings, which is another key factor
responsible for market growth. Manufacturers are increasingly investing in the expansion of
production capacity of automotive bearings; moreover, a majority players are focusing more on
R&D in order to bring in innovation to the marketplace.
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Technological Advances Poised to Bring in Innovation : With advent of technology including IoT
and emergence of cyber-physical systems, manufacturers are inclining more towards sensorised
automotive components and mechatronic products, which enable digital service integration. This
strategy is anticipated to help them prepare for the future manufacturing, i.e. Industry 4.0.
Persistence Market Research identifies this as a significant development in shaping the future of
automotive bearings market. The global market for automotive bearings is currently trending with
the growing use of ceramic ball bearings in a bid to open up new doors to several innovative
application areas, such as in electric vehicles. The market for automotive bearings is observed to be
polarized towards a limited number of companies operating globally, which is estimated to fuel the
market growth in next few years.
By Product Type, : Ball Bearings, Deep groove ball bearings, Angular contact ball bearings,
Thrust ball bearings, Self-alignment ball bearings, Roller Bearings, Tapered roller bearings,
Cylindrical roller bearings, Spherical roller bearings, Needle roller bearings, Thrust roller
bearings, Plain Bearings,,Roller bearings are likely to maintain a major market value share over
ball bearings and plain bearings throughout the forecast period.
By Vehicle Type,, Two Wheeler, Passenger Car (PC), Commercial Vehicle (CV),,Passenger
cars will continue to generate the maximum demand for bearings compared to commercial vehicles
and two wheelers. However, two wheelers segment is expected to witness robust growth in coming
years, exhibiting a promising CAGR over the assessment period.,
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,By Application,, Engine, Transmission System, Wheel Hub, Steering System, Suspension
& Others (interior & exterior),,Highest applications are apprehended to exist in the transmission
system segment, followed by wheel hub and steering system. Engine is also identified to be a
steadily growing application segment.,,By Sales Channel,, Original equipment manufacturer
(OEM), Original equipment supplier (OES), Independent Aftermarket (IAM),,While OEMs are
expected to continue their dominance through to 2026, IAM segment will reportedly witness the
highest growth at a CAGR of over 5%.