Global Automotive Hub Bearing Market Expected To Reach $ 8.27 Billion By 2020 With A CAGR Of 8.5%

Date: 2016-09-18

The Automotive Hub Bearing market was estimated at USD$ 5.5 billion in 2015, and is anticipated to reach USD$ 8.27 billion by 2020, expanding at a CAGR of 8.5% between 2016 and 2020. Bearing is a crucial entity in vehicle that supports the two moving object employed in the vehicles. The bearing hubs are mainly used in variety of automotive applications that include wheel hub, interior, engine, and transmission system. Bearing are especially employed to support and basically it reduces the friction between the moving parts of automobile.

Rapidly growing demand of vehicles for transportation purpose across the globe is a major driving factor of the automotive hub bearing market. In addition, the efficient and effective attributes are exercised by using the advanced technology and trends in automotive industry. The changing technical perspective measured as important factor for automotive industry. That in turn expected to the demand for automotive bearing in the near future. However, growing cost of spare parts that is required in automotive assembly may impede the growth of automotive hub bearing market. Moreover, efficient materials can grow new opportunities in automotive hub bearing market.

Ball and tapered are the key technologies involved in the automated hub bearing market. Utilization of ball bearing technology is one of the most efficient and effective way of producing high quality product. A tapered roller bearing can take thrust (axial) loads, albeit in only one direction. This attribute makes ball bearing technology as one of the dominating technologies used in automotive hub bearing assembly process. Hence, ball bearing was leading technology segment in 2015 and is expected to remain prolong segment over the forecast period.

The automotive industry in Asia-Pacific region is on positive growth trend, the automobile production has witnessed a CAGR of 7.94% from 2008 to 2013. This market is more livelier than the matured Europe and North America due to the cost advantage and substantial population. The region has emerged as a hub for automotive production, OEMs, and suppliers have set up production facilities to cater to the growing demand of the market, which in turn has propelled the demand for automotives in this region. In the countries like China and India provides an encouraging government policies favouring automotive industry. The new government in India has come up with the MAKE IN INDIA campaign which allows 100% FDI in the auto sector which is a boost for the foreign as well as the local automotive manufactures.  OEMs in this region are not only catering to their local demands, but are also serving developed markets as well through exports. This helps them to remain globally competitive.
Read Full Report:

Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520

Contact With Us
Join templatemonster at google+
Customized Research
Request Sample