Global automotive hub bearing market expected to reach USD 8.50 billion in 2021, growing at a CAGR of 8.5% during 2015 and 2021
Sarasota, FL -- (SBWIRE) -- 03/27/2017 -- Zion Market Research has published a new report titled "Automotive Hub Bearing Market by Technology (Ball and Tapered) for Passenger Vehicle and Commercial Vehicle Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015-2021." According to the report, global demand for automotive hub bearing market was valued at USD 5.50 billion in 2015 is expected to reach USD 8.50 billion in 2021 and is anticipated to grow at a CAGR of 8.5% between 2015 and 2021. In terms of volume, the global automotive hub bearing market stood at 425 million units in 2015.
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The bearing is an important part that is employed in the vehicles or automotive machine. The term "bearing" is derived from the verb "to bear", a bearing being a machine element that allows one part to bear (i.e., to support) another. The bearing is of different types especially used in the wheel hub, interior, engine, and transmission system for reducing friction between moving parts of the automobile.
Rapidly growing demand for vehicles for transportation purpose across the globe is a major driving factor of the automotive hub bearing market. In addition, the efficient and effective attributes are exercised by using the advanced technology and trends in automotive industry. The changing technical perspective measured as an important factor for the automotive industry. That in turn expected to the demand for automotive bearing in the near future. However, growing cost of spare parts that is required in the automotive assembly may impede the growth of automotive hub bearing market. Moreover, efficient materials can grow new opportunities in automotive hub bearing market.
Ball and tapered are the key technologies involved in the automated hub bearing market. Utilization of ball bearing technology is one of the most efficient and effective ways of producing high-quality product. A tapered roller bearing can take thrust (axial) loads, albeit in only one direction. This attribute makes ball bearing technology as one of the dominating technologies used in automotive hub bearing assembly process. Hence, ball bearing was leading technology segment in 2015 and is expected to remain to prolong segment over the forecast period.
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The passenger vehicle was the largest application segment among the other segment and accounted over 55% shares of the total automotive hub bearing market in the year 2015. However, this trend is supposed to remain to prolong application segment over the forecast period. Rapidly growing demand for a number of vehicles owing to ever-increasing population across the globe reasoned to the growth in production of passenger vehicles. Moreover, a commercial vehicle is also foreseen to have immense growth over the years to come.
Europe was a dominating region for the automated hub bearing market and accounted over 25% shares of the entire volume consumption in 2015. Asia Pacific together with being the biggest market is additionally the fastest growing market for automated hub bearing and further expected to continue this trend over the years to come. Moreover, Europe and North America, it is estimated to have a stable growth for automotive bearings. Developing countries like Brazil and South Africa are projected to have a high growth rate.
Some of the key players in the global automotive hub bearing market include SKF, Schaeffer, NSK, JTEKT, NTN, TIMKEN, GKN, ILJIN GROUP, GMB Corporation, Nachi-Fujikoshi, FKG Bearing, PFI, and among others.
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The report segments the global automotive hub bearing market as:
Automotive Hub Bearing Market: Technology Segment Analysis
Automotive Hub Bearing Market: Application Segment Analysis
Automotive Hub Bearing Market: Regional Segment Analysis
The Middle East and Africa
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