Automotive Bearing Market Is Anticipated To Grow At A CAGR Of 7.4% By 2018 : Radiant Insights,Inc

San Francisco, May 03, 2016 (GLOBE NEWSWIRE) -- Bearings facilitate linear or rotational movement in vehicles. They eliminate unwanted friction and enhance a vehicle’s efficiency and speed. Bearings are used in almost all of the vehicle’s rotating parts. Automotive bearings may be of various types, namely, housed units; plain bearings; thrust, roller, & ball bearings; needle roller bearings; plummer blocks; slim section bearings; etc.

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Global automotive bearing market is anticipated to grow at a CAGR of 7.4% from 2014 to 2018. Demand is spurred by growing market for motorcycles. Development of integrated bearings is observed to have a favorable impact on the automotive bearing industry. Vehicles are now equipped with technologically advanced features. This is boosting automotive bearings demand. However, European financial crisis may prove to be a restraining factor for market growth.

Automotive bearing market is segmented as per bearing type, vehicle type, channel type and region. Bearings are split into ball, roller, and others. Vehicles include passenger cars and commercial vehicles. Commercial vehicles are further split into heavy trucks, light commercial vehicles, and coaches & buses. OEMs (Original Equipment Manufacturers) and the aftermarket are the two channels.

APAC (Asia Pacific and China), EMEA (Europe, Middle East & Africa) and the Americas (North America, South America and Central America) are the main regional markets for automotive bearings. APAC is a critical region and will grow at fast pace. Low resource costs and high population are some of the factors driving growth in this region. Governments in China and India support growth of the automobile industry. Initiatives like ‘Make in India’ have opened up immense opportunities for the automotive sector in India. Regional vendors in APAC cater to domestic as well as international demand for vehicle bearings.

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Europe and North America, on the other hand, have reached the stage of maturity. The U.S., with 7.5 million vehicles being sold in 2013, was a major consumer of automotive bearings in market North America. OEMs like Ford Motors, General Motors, etc. have played an important role in furthering the automotive bearing market in North America.

Key players in the worldwide market are Schaeffler Technologies AG, Timken Co., NSK Ltd., and Svenska Kullagerfabriken AB. Other well-known operators include Xiangyang Automobile Bearing Co. Ltd., Harbin Bearing Manufacturing Co. Ltd., Nachi-Fujikoshi Corporation, and Wafangdian Bearing Group.

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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.

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Source: Radiant Insights