LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive wheel bearings market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global automotive wheel bearings market for 2017-2021. The report also lists passenger cars, light commercial vehicles (LCVs), and medium and heavy commercial vehicles (MHCVs) as the three major application segments, of which the passenger cars segment accounted for more than 83% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive wheel bearings market:
- Increase in passenger car sales in emerging countries
- Demand for commercial vehicles for freight transport by road
- Development of public transportation facilities and push toward green mobility
Increase in passenger car sales in emerging countries
Passenger cars occupy a major share of the automotive wheel bearings market. Hence, an increase in the sales of passenger cars will lead to higher demand for automotive wheel bearing units. Emerging countries like China and India have a lower penetration of vehicles per capita when compared with the developed economies. Hence, car OEMs are focusing on effectively penetrating passenger car markets in emerging countries.
“The growth of the passenger car markets in China and India is driving the demand for automotive wheel bearings in these countries, due to which suppliers of automotive wheel bearings are directing their production to meet the rising need for automotive wheel bearings in these markets,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
Demand for commercial vehicles for freight transport by road
Increased urbanization rates lead to a rise in consumption within an economy. About 55% of the global population resided within urban and semi-urban areas in 2016. Most of the urbanization occurred in developing nations like India, China, and Brazil. Adequate amount of transportation is required to meet the rising demands of the population within urban areas.
“The increased urbanization rates are driving freight operators to increase their fleet of commercial vehicles to process more freight transport orders. This demand for commercial vehicles is expected to drive the market for automotive wheel bearings,” says Praveen.
There is a growing preference for road transportation in emerging countries like India and China due to the limited number of freight rail services within these countries. LCVs and MHCVs are used extensively for transporting freight in China.
Development of public transportation facilities and push toward green mobility
The rising levels of vehicular pollution and the increasing road congestion are driving government bodies of various countries to invest in developing their public transport systems. Government bodies are also focusing on increasing the sales of electric vehicles to reduce the number of vehicles that use internal combustion engines on roads.
Increased government spending on developing public road transport systems and the rising popularity of electric vehicles will drive the demand for automotive wheel bearings within commercial vehicles and electric passenger cars. The global sales of electric vehicles increased by about 45% in 2016, with Europe seeing the highest growth followed by China.
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