(MENAFN- Market Press Release) The production of automobiles all across the globe is rising rapidly, owing to the increasing consumer base, rising disposable income of people, and strong economic growth in emerging economies. In addition to this, automobile manufacturers are increasingly focusing on reducing the weight of vehicles in order to increase their efficiency. Owing to this, the demand for advanced automotive parts, including bearings, which are less heavy than their conventional counterparts. All parts that move in a vehicle need bearings in order to function. Automotive bearings improve the performance of vehicles, reduce friction, and bear heavy loads. Therefore, owing to the rising production of vehicles is leading to the increasing need for bearings.
Automobile manufacturers are making use of advanced bearings particularly in sport utility vehicles and modern cars, as they can considerably decrease the weight of automobiles. These advanced automotive bearings have high stiffness and durability and are light in weight, owing to the fact that lightweight raw materials are used for their manufacturing. Ascribed to all these factors, the global automotive bearings market is predicted to reach a value of $53.3 billion by 2025, from $33.4 billion in 2018, growing at a 6.9% CAGR during the forecast period (2019–2025).
The different types of automotive bearings are plain bearing, ball bearing, and roller bearing. Out of these, ball bearings were the most in demand in the past, as they are extensively utilized in passenger cars and two-wheelers. Types of ball bearings are self-aligning ball bearing, deep-grove ball bearing, thrust ball bearing, and angular contact ball bearing. Apart from this, the demand for roller bearings, including thrust roller bearing, tapered roller bearing, needle roller bearing, cylindrical roller bearing, and spherical roller bearing, is expected to grow in the years to come.
Fiber-reinforced composite, solid polymer, and metal polymer are the major materials which are used for the manufacturing of automotive bearings. Metal polymers were the most in demand in the past, because they offer advantages such as cost-effectiveness, negligible stick-slip, longer-lasting, and dimensional stability. Among the different vehicle types, including electric vehicles, two-wheelers, commercial vehicles, and passenger cars, the demand for automotive bearings is projected to rise substantially for electric vehicles in the near future. This is attributed to the rising government support in the form of subsidies for electric vehicles and growing acceptance of these vehicles by the general public.
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Different sales channels for automotive bearings are independent aftermarket (IAM), original equipment supplier (OES), and original equipment manufacturer (OEM). The largest sales of automotive bearings done through OEM sales channel in the past. Asia-Pacific emerged as the largest automotive bearing market instead of North America. In the region, China is the major automotive bearings industry, which is ascribed to the surging demand for automobiles in the country. Moreover, the exports of small-sized and low-end bearings is considerably leading to their growing demand in the country.
Hence, the growing automotive industry and need for light weight vehicles is driving the requirement for automotive bearings.
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