Automotive bearings are highly engineered, precision-made components which allow machinery to move with high speeds and carry significant loads for ease and efficiency. Various features that contribute to the safety and comfort of the vehicle mainly depend on selecting the ideal automotive bearings to meet strict criteria for the design, function, and performance.
The growth of the global automotive hub bearing market has been attributed to rising demand for vehicles due to growing population paired with high disposal income. In addition, ongoing technological development in the automotive hub bearing to enhance the durability of the product is expected to propel the growth of the market in coming years. Furthermore, increasing vehicle production is expected to stimulate demand of automotive hub bearing during the forecast period. However, fluctuation in the cost of raw materials used in automotive hub bearing production is expected to curtail the growth of automotive hub bearing market in years to come. Nonetheless, the advent of more efficient materials for the bearing is expected to open up new growth opportunities for the automotive hub bearing industry in near future.
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This study offers forecast and analysis of the automotive hub bearing market on a global and regional level. This research study gives historic data of the year 2015 and forecast for period 2016-2021 in terms of revenue (USD billion) and volume (million unit). This study offers Porter’s Five Forces model to review the level of competition within the market. This research study further includes drivers and restraints and their effect on the automotive hub bearing market in the forecast period. The report also gives the analysis of market attractiveness in which technology and application segments are assessed on the basis of their market size, general attractiveness, and growth rate.
This study segments automotive hub bearing market on the basis of technology, application, and region. By technology segment, the automotive hub bearing market has been classified into the ball and tapered. The ball bearing segment emerged as the largest segment with over 55% market shares in 2015. Ball bearing segment is expected to continue its dominance throughout the forecast period as it has the capability to carry and support more load than the tapered bearing.
Based on application, the market is categorized into passenger vehicle and commercial vehicle. Passenger vehicle application segment was the largest segment in 2015. It acquired over half of the share of the entire market. Rising population tend to raise production of vehicles which support the growth of passenger vehicle segment simultaneously automotive hub bearing market. Furthermore, commercial vehicle segment also expected to show significant growth owing to growing transport and logistics industry.
Prime regional segments analyzed in this study include Europe, North America, Asia Pacific, Middle East and Africa and Latin America with its further bifurcation into key countries including UK, China, France, U.S., Germany, Japan, Brazil, and India. Currently, Europe emerged as a largest regional market for automotive hub bearing and it acquired over 25% of share in term of volume consumption in 2015. Asia Pacific is one of the most opportunist regional markets for the growth of automotive hub bearing market due to the rapidly growing automotive industry in countries like China and India. In addition, Brazil and South Africa regions are expected to be the prominent contributor to the growth of automotive hub bearing market in coming years.
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Key players profiled in the report include NTN, TIMKEN, GKN, ILJIN GROUP, GMB Corporation, SKF, Schaeffer, NSK, JTEKT, Nachi-Fujikoshi, PFI and FKG Bearing among others.