The global automotive bearings industry generated $31.60 billion in 2019, and is estimated to reach $48.41 billion by 2027, growing at a CAGR of 6.8 percent from 2020 to 2027, according to a report by Allied Market Research.
A prime determinant of growth is the focus on overall weight reduction of vehicles and surge in production and sales of automobiles across the globe drive the global automotive bearings market. However, rise in vehicle electrification and variations in raw materials hinder the market growth. On the other hand, advent of sensor bearing units and development of additive manufacturing technologies and materials present new opportunities in the coming years.
Amid the COVID-19 pandemic, vehicle sales and demand for advanced technology-based bearings would boost post-lockdown, as daily operations in production plants and supply chain get on track.
Despite the supply chain disruption and shut down of operations amid COVID-19, research and development activities would gain traction as facilities begin to operate with full capacity. Furthermore, Vehicle sales and demand for advanced technology-based bearings would boost post-lockdown, as daily operations in production plants and supply chain get on track.
Asia-Pacific accounted for the highest market share with nearly two-fifths of the global automotive bearings market in 2019, and is projected to continue its leadership position in terms of revenue by 2027. Moreover, this region is expected to manifest the highest CAGR of 7.7 percent from 2020 to 2027. This is due to surge in adoption of fuel-efficient and eco-friendly vehicles, technological developments, and increase in demand for mild hybrid vehicles in the region.
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