Overview of the global automotive steering bearings market
Research analysis on the global automotive steering bearings market identifies that the rising innovation in steering column bearing will be one of the major factors that will have a positive impact on the growth of the market. The rising demand for comfortable and smooth driving experience in passenger vehicles have led the automotive steering bearing manufacturers to introduce new design changes in steering column bearings to counter the NVH problems. For instance, one of the prominent steering bearing manufacturers SKF introduced an innovative angular bearing for passenger cars and LCVs. The main aim of SKF in developing this product is to lower the noise levels and vibrations transmitted from the road to the driver. Also, the launch of collapsible steering columns for passenger cars absorb the energy produced during frontal collision and reduce the damage by compressing the steering column sleeve like a telescope. The increasing innovations in steering bearing and columns will the drive market growth for automotive steering bearings. Technavio’s market research analysts predict that in terms of units, this market will grow at a CAGR of about 3% by 2021.
The introduction of lead-free eco-friendly bearings is one of the key trends that will contribute to the market growth in the forthcoming years. The advancements in technology have led to the development of energy-efficient bearings that are efficient and eco-friendly. Due to the presence of strict recycling regulations in the automotive sector, removing lead from vehicles is becoming essential. Companies are coming up with lead-free aluminum and lead-free copper-based bearing alloys. These eco-friendly materials are verified to be equal, and are better in some applications compared to the leaded bearing materials.
Competitive landscape and key vendors
The automotive steering bearings market consists of both global and local players with substantial presence in the market. The key vendors in the market are presently expanding their customer base and raising their investments in steering bearings due to the rising demand for optimizing steering feedback performance and increase overall efficiency.
The leading vendors in the market are –
The other prominent vendors in the market are National Engineering Industries, The Timken Company, RBC Bearings, Ingersoll-Rand, ASAHI SEIKO, and TEXSPIN® Bearings.
Segmentation by application and analysis of the automotive steering bearings market
During 2016, the passenger cars segment accounted for the major shares of the automotive steering bearings market. Factors such as the increasing passenger car numbers in developed economies, such as the US, Canada, and Germany, and emerging countries such as China, India, Indonesia, and Thailand will contribute to the growth of this industry segment in the coming years.
Geographical segmentation and analysis of the automotive steering bearings market
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the automotive steering bearings market throughout the forecast period. The rise in the disposable income of middle-class families in the developing countries, rising demand for vehicles, and increasing manufacturing activities in the region will drive the market growth.
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 steering bearings market?
What are the key market trends impacting the growth of the global automotive steering bearings market?
What are the challenges to market growth?
Who are the key vendors in the global automotive steering bearings market?
What are the market opportunities and threats faced by the vendors in the global automotive steering bearings market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global automotive steering bearings market?
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