The global automotive bearing market is estimated to reach a value of about US$ 180.9 Bn by the 2022 end from a valuation of around US$ 142.4 Bn in 2017.
Albany, NY -- (SBWIRE) -- 12/07/2017 -- Automotive bearings have become a vital component vehicles, and enable smooth and efficient running of automobiles. Primary function of automobile bearings is to offer a rotational or linear movement, while handling high stress. Along with maintaining balance of vehicles, automotive bearings enhance their efficiency and speed. Automotive bearings comprise a ball with frictionless internal and external metal surfaces. The ball handles the loads exerted on the bearing, further transmuting it into a rotational motion.
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Low-Friction Torque – An Essential Requirement in Automotive Bearings
Market Research Reports Search Engine has recently added a report, titled "Automotive Bearings Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2022)" to its vast repository. The report projects a steady rise for the global automotive bearings market during the assessment period. Revenues from global sales of automotive bearings are expected to surpass US$ 180 Mn by 2022-end, up from nearly US$ 145 Mn in 2017. Taking preventative measures for environmental response has become imperative in all industrial sectors, and the automotive industry is no exception. With stringent environmental regulations imposed on the automotive sector, lower friction torque in automotive bearings are becoming an essential requirement as it is expected to reduce the CO2 emissions by improving the vehicle efficiency.
On the basis of bearing type, ball bearings will continue to be sought-after among automobile manufacturers for large scale use in various applications on the back of their overall performance, wear resistance, strength, and load bearing capacity. Sales of ball bearings are projected to register a steady expansion in the market to account for approximately US$ 40 Mn revenues by 2022-end.
Compact Passenger Cars to Remain Dominant among Vehicles in Automotive Bearings Market
According to the report, compact passenger cars are expected to remain dominant among vehicles in the automotive bearings market in 2017. Exhibiting a CAFR of 5%, sales of automotive bearings in compact passenger cars will continue to account for the largest market revenue share during the forecast period.
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Asia-Pacific excluding Japan is anticipated to remain the most lucrative market for automotive bearings. The region has potential opportunities for new market entrants as well as established players in automotive bearings in the foreseeable future. Sales of automotive bearings in APEJ will register the fastest expansion through 2022. Revenues from automotive bearings sales in APEJ will account for over one-third share of the market throughout the forecast period.
The report has offered information about the competition landscape of the global automotive bearings market, wherein key market participants have been profiled in detail. These market players have been studied on the basis of their product overview, company overview, key developments, key financials and SWOT analysis. Active market players contributing to expansion of the global automotive bearings market include ILJIN Bearing Co., Ltd., MinebeaMitsumi Inc., NTN Corporation, Schaeffler AG, JTEKT Corporation, NRB Bearings Ltd., The Timken Company, and RKB Bearing Industries.
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