ZMR has released a new research entitled “Global Automotive Hub Bearing Market by Technology (Ball and Tapered for Passenger Vehicle and Commercial Vehicle Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast,” which is available for purchase now on the company’s website. In the analysis, In 2021, the global Automotive Hub Bearing Market generates revenue of around 31.09 (USD Billion) and is expected to generate revenue of roughly 47.62 (USD Billion) by 2028, with a CAGR of nearly 6.27 percent.
A bearing is a vital component that is used in cars or automotive machines of all kinds. The phrase “bearing” is derived from the verb “to bear,” with a bearing being a machine element that permits one part to bear (i.e., support) another, and the term “bearing” being derives from the verb “to bear.” There are many different types of bearings, and they are specifically utilized in the wheel hub, the interior, the engine, and the transmission system to reduce friction between moving elements of a car.
Global demand for automobiles for transportation purposes is increasing at an alarming rate, and this is a significant reason behind the growth of the automotive hub bearing market. As a result, the demand for automobile bearings is likely to increase in the near future. The rising cost of spare components, which are necessary in vehicle assembly, may, on the other hand, limit the expansion of the automotive hub bearing market. Furthermore, efficient materials have the potential to open up new prospects in the vehicle hub bearing industry.
Market Growth Drivers
Ball and roller bearings are the two most important technologies used in the automates hub bearing industry. When it comes to making high-quality products, one of the most efficient and effective methods is to make use of ball bearing technology. A tapered roller bearing is capable of withstanding thrust (axial) stresses, however only in one direction. As a result of this characteristic, ball bearing technology has emerged as one of the dominant technologies utilized in the assembly process of automobile hub bearings. As a result, ball bearings were the leading technology category in 2021 and are predicts to continue to be the leading technology segment during the projection period.
While there were a number of different application segments, passenger vehicles were the largest, accounting for more than 55 percent of the overall automotive hub bearing market in 2021. Nonetheless, this tendency is expects to continue in the extended application category during the projected period. As the world’s population continues to rise at an alarming rate, there is an increasing need for automobiles, which is driving up the number of vehicles produced. Also expected to see significant expansion in the next years is the commercial vehicle industry.
When it comes to automated hub bearings, Europe was by far the most dominant area, accounting for more than 25% of the total amount used in 2015. Additionally, in addition to being the largest market, Asia Pacific is also the fastest expanding market for automated hub bearings. This trend is projecting to continue in the foreseeable future. Furthermore, it is predicts that the automotive bearings market would rise steadily in Europe and North America. Growth is expectes to be particularly rapid in developing nations such as Brazil and South Africa.
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.
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
Middle East and Africa
Zion Market Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Zion Market Research experienced team of Analysts, Researchers, and Consultants uses proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.