The global automotive bearing market has witnessed significant growth, during the last five years. The factors that act as opportunity for the market include usage of lightweight materials and governmental emission norms. The major factors restraining the growth of the market include availability of fake products in the market and increase in steel prices. The lifespan of bearings is increasing due to better technology and maintenance of the vehicle, which is leading to reduction in bearing replacement cycle. The factors driving the growth of the market include increase in vehicle manufacturing, surge in average age of vehicles, increasing demand for vehicles including two-wheelers. The automotive bearing market in China is emerging as the largest market, with the main global bearing manufacturing companies having about one third of the market, while the other two thirds of the market consists of local manufacturers.
The demand for automotive bearings is growing with the growth in the automotive production globally, especially in Asia Pacific and Western Europe. The demand for vehicles with technologically advanced solutions is fueling the growth of the global automotive bearings market. The increasing demand for automotive bearing in developing countries and above factors is driving the growth of the global automotive bearings market. The major factors driving the growth of the market include increasing manufacture of vehicles, growing demand from the developing countries, and increasing demand for technologically advanced solutions. In spite of the industry being highly uneven, the demand for automotive bearings is increasing in the developing countries. Owing to the presence of large number of companies, the in the automotive bearings industry is witnessing severe price competition which has led the manufacturers to compromise on their profit margins. This is hindering the growth of the global automotive bearings market.
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The global automotive bearings market In terms of market volume and revenue, the market in Asia-Pacific is projected to register a significant growth during the forecast period. The growing automotive production in Asia Pacific, specifically in the economies, such as India and China, is also driving the growth of global automotive bearings market.
The major players in the global automotive bearing market include Timken Company, Schaeffler AG, Jtekt Corporation, Iljin Bearing Co. Ltd., ORS Bearings, CW Bearing, C&U Bearing, RKB Bearings, Wafangdian Bearing Group Corp, and Minebea Co. Ltd.
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