Global Automotive Wheel Bearings Market 2017-2021

Overview of the global automotive wheel bearings market

Market research analysts at Technavio predict that the global automotive wheel bearings market will grow steadily over the next four years and in terms of units post a CAGR of almost 5% by 2021. This market research analysis identifies the development of public transport facilities and the push toward green mobility as some of the key growth factors for the global automotive wheel bearings market. The rising pollution levels coupled with the increasing road congestion are inducing countries to invest highly in public transport systems. Also, major countries are also promoting the sale of electric vehicles as an alternative to internal combustion engines on roads. Moreover, the countries interest to curb the dependence on petroleum-based fuels without compromising the environment will also spur the growth of the electric vehicles market over the years. This robust spending on developing public road systems and the popularity of electric vehicles will fuel the growth of the automotive wheel bearings market in the next four years.

In addition to the growing shift toward public transport facilities, the integration of sensors in automotive wheel bearings will also contribute to the growth of the market. Factors such as the vulnerability to dirt and other microparticles are driving the focus of the market towards the integration of robust sensors. Also, when the vehicle is running in all terrains such as mountains and slopes, the wheels of the vehicle are prone to deterioration due to the frequent contact with harsh environments. These signs of wear may not be visible during the vehicle maintenance session. To avoid these circumstances, the wheel bearings are integrated with robust sensors that help in understanding the stability and quality of the wheel bearings, which in turn, will play a significant role in boosting the growth of the market.

Competitive landscape and key vendors

The automotive wheel bearings market is characterized by the presence of a small number of players. The players in the market account for large market shares, thereby restricting the entry of new players. To retain their existing foothold in the market, key vendors are involved in cartels, to further keep the supply stable. However, the market is also witnessing the emergence of counterfeit products, which is also likely to affect the competition.

 The leading vendors in the market are –

• NSK
• NTN
• Schaeffler

The other prominent vendors in the market are JTEKT, Timken, and SKF.

Market segmentation by application and analysis of the automotive wheel bearings market

• Passenger cars
• LCVs
• MHCVs

During 2016, the passenger cars segment dominated the global automotive wheel bearings market. The sale of wheel bearings depends on the sale of passenger cars. Factors such as the growing disposable income and the robust incentives offered by the government through the reduction in sales tax, will fuel the growth of the passenger cars segment, which will subsequently fuel the growth of the market.

Market segmentation by geography and analysis of the automotive wheel bearings market

• Americas
• APAC
• EMEA

APAC accounted for the major share of the automotive wheel bearings market during 2016 and countries such as China and India contribute for the major shares in this region. The increasing demand for commercial and passenger cars in the region will spur the growth of the market. Additionally, the increased spending on infrastructure development for the transportation of people, raw materials, and other related items will also fuel the growth of the market in this region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global automotive wheel bearings market?
• What are the key market trends impacting the growth of the global automotive wheel bearings market?
• What are the challenges to market growth?
• Who are the key vendors in the global automotive wheel bearings market?
• What are the market opportunities and threats faced by the vendors in the global automotive wheel bearings market?
• Trending factors influencing the market shares in the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global automotive wheel bearings market?

Technavio also offers customization on reports based on specific client requirement.

Bearings are elements of the machine that are used to reduce energy loss caused by friction in the rotary motion parts of many types of equipment and machinery. Technological advancements and growing need to address energy efficiency in a range of applications continuously improve bearing designs. The prospects for market growth of bearing is therefore closely linked to the growth in the production of high-performance industrial equipment and automotive industry. Technavio’s reports for the automotive industry cover a wide range of product markets including automotive components, automotive electronics, and automotive manufacturing. In addition to providing information on a variety of parameters including the shift in customer behavior and several aspects driving the market growth, Technavio’s reports also include a detailed insight of the prominent vendors, their latest products and services, market size, and the competitive scenario.

By considering a combination of quantitative and qualitative research methods and by covering multiple factors including the rising demand for an array of products across geographical regions, research analysts at Technavio predict the automotive industry’s growth prospects, which will support clients devise effective business strategies. This upcoming market research report on the global automotive wheel bearings market for the assessment period of 2017 to 2021 projects insights derived from data collected from several reliable sources of information such as channel partners, key stakeholders, manufacturers, and various regulatory bodies.

This upcoming industry report on the global automotive wheel bearings market also considers the growth of resembling markets such as automotive resonator intake ducts and automotive air suspension, which are expected to project a CAGR of around 3% and close to 5%, respectively, until the end of the year 2021. According to our industry experts, the increasing production of automobiles around the world coupled with factors such as a rise in demand for luxury cars and the presence of big luxury car OEMs (original equipment manufacturers) will propel the growth of the automotive components market in the coming years. To help businesses enhance their market share, Technavio provides customized reports based on the specific requirements of numerous clients.

The upcoming industry research report for the global automotive wheel bearings market also identifies the prominent market drivers and major trends coupled with the challenges currently experienced by vendors in the automotive components sector. It also offers insights into automotive services and auto accessories market.