Besides the booming automotive sector globally, it has been foreseen that growing average vehicular age is considered to significantly drive the requirement for replacement, maintenance and repairing of automotive components, consecutively bringing up the automotive bearings sales. An upsurging fleet is quickly putting forward the aftermarket requirement for automotive bearings that is expected to be also a major impeller to market growth. The worldwide market is projected to forecast a moderate increase at 4.4% CAGR all through an eight-year assessment period 2018-2026. The worldwide market was projected to record an evaluation of about US$ 18.47 Billion during 2017 and is pegged to touch around US$ 27.02 Billion towards 2026 end.
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There are various types of products available in the global market such as roller bearings (includes thrust roller bearings, cylindrical roller bearings, needle roller bearings, spherical roller bearings, and tapered roller bearings), ball bearings (includes deep groove ball bearings, angular contact ball bearings, thrust ball bearings and self-alignment ball bearings) and plain bearings. Among these, the roller bearings will be capturing a notable value market share quite the opposite with plain bearings as well as ball bearings over the calculated period. Based on the vehicle type, the overall market comprises passenger car (PC), commercial vehicle (CV) and two-wheelers. Among these, the passenger cars category is expected to be getting the maximum requirement in contrast to the other two categories. Although, the two-wheelers category is likely to forecast a sturdy increase over the years to come.
The automotive bearing is largely applicable into various categories such as suspension & others (interior & exterior), transmission system, wheel hub, engine and steering system. Among these, the transmission system category is likely to forecast its largest application, pursued by steering system as well as wheel hub. Furthermore, the engine category is likely to be steadily growing all through the estimated years.
Among the various sales channels such as original equipment supplier (OES), independent aftermarket (IAM) along with original equipment manufacturer (OEM), the OEM category is likely to continue its dominance all through 2026. The IAM category will evidently anticipate the greatest expansion in excess of a 5% CAGR.
Region-wise, presently, Europe regional market is leading the market nonetheless China is expected to surpass the European market based on value, growth rate along with value share. The SEAP regional market will be representing a significantly lucrative market in the years to follow.
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The foremost market players active in the worldwide market are C&U Bearing, Mahle GmbH, Nachi Fujikoshi Corp., Minebea Co., Ltd., Timken Company, NRB Bearings Ltd., Continental Group (Contitech), Rheinmetall AG (KSPG AG), Wafangdian Bearing Group Corp, NSK Ltd., NTN Bearing Corporation, Schaeffler AG, Federal-Mogul Corp., AB SKF, JTEKT Corp. And Others.