The affordability of vehicles has increased significantly over the past few years. Technological advancements have paved the way for cheaper vehicles, along with which, the increasing disposable income of people has made it easier for them to buy private vehicles. Owing to these factors, the global automotive industry has been registering considerable growth over the past few years. Developing countries, including China, Indonesia, India, and Thailand are majorly contributing to the growth of the automotive industry.
Owing to this, the global automotive bearing market is expected to generate a revenue of $53.3 billion by 2025, increasing from $33.4 billion in 2018, and is projected to progress at a 6.9% CAGR during the forecast period (2019–2025), as stated by a P&S Intelligence report. Bearings are of great importance in the automotive industry, as all the moving parts of the vehicle need them in order to function. Bearings further improve the performance of the vehicle, decrease friction, and bear heavy loads.
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Till now, “the automotive bearing market registered the highest growth, in terms of volume, in Asia-Pacific (APAC)”. “In the APAC region, China recorded large-scale usage of these bearings in the past and this trend is predicted to continue in the forthcoming years as well". This is predominantly because of the increasing sales of automobiles in the country and the subsequent surge in the demand for these bearings, especially the small-sized and low-end ones in the country.
Therefore, it can be said with confidence that the sales of automotive bearings will shoot-up throughout the world in the coming years, mainly on account of the rising demand for lower vehicle weights and the ballooning sales of automobiles all over the world.