Technavio, a tech-focused market research firm, has published a new report on the global automotive wheel bearings market, which is expected to grow at a CAGR of close to 5% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global automotive wheel bearings market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Top three contributors for the global automotive wheel bearings market are elaborated below:
Automotive wheel bearings market in APAC: In 2016, the automotive wheel bearings market in APAC registered shipment of almost 159 million units. India and China are the two main countries contributing to the growth of the automotive wheel bearings market in APAC. The growth of the market in this region is driven primarily by the demand for commercial as well as passenger vehicles.
According to Siddharth Jaiswal, a lead analyst at Technavio, specializing in research on automotive components, “Increase in disposable income and the launch of newer car models by OEMs are the main drivers for the automotive market in China and India. Growing job opportunities in both India and China is pushing the per capita income higher. Both the countries are vying for global attention due to their low manufacturing cost. This is driving the market for passenger cars in China and India, and subsequently the demand for automotive wheel bearings.”
Automotive wheel bearings market in the Americas: The recovering economy of the Americas is expected be the key driving force behind the growth of the automotive wheel bearings market in the passenger car, LCV, and MHCV categories over the next four years. The decrease in the prices of gasoline, which came down to about USD 3 per gallon, and the easy availability of credit is propelling the demand for passenger cars in the region. According to Technavio’s industry analysts, the automotive wheel bearings market in the Americas is projected to account for more than 109 thousand units by 2021.
Automotive wheel bearings market in EMEA: During 2016, the automotive wheel bearings market in Europe accounted for the highest share of the market in EMEA. An inclination toward quality automobiles and the higher income levels in the region are expected to contribute to the demand for automotive wheel bearings in EMEA in the coming years.
The leading vendors operating in the global automotive wheel bearings market are:
- NSK
- NTN
- Schaeffler
Other prominent vendors in the market include JTEKT, Timken, and SKF.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Wheel Bearings Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Locking System Market 2017-2021
- Global Automotive Oil Pump Market 2017-2021
- Global Bicycle Carbon Frames Market 2017-2021
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