LONDON--(BUSINESS WIRE)--The global automotive needle roller bearing market is expected to post a CAGR of almost 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The surge in the demand for internal combustion (IC) engines is one of the key factors driving the growth of the automotive needle roller bearing market. Factors such as increasing household incomes, urbanization, and rising number of commercial and manufacturing activities are increasing the demand for IC engine-powered passenger and commercial vehicles in developing regions such as APAC. The automobile industry is also witnessing a strong demand for IC engine vehicles in mature regions such as the Americas due to the introduction of new car models with high degree of personalization options. Automotive needle roller bearings are widely used in IC engine components to reduce friction and ensure smooth performance of parts. With the rising adoption of IC engine vehicles, the demand for automotive needle roller bearings will increase during the forecast period.
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As per Technavio, the development of low-noise thrust needle roller bearings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Needle Roller Bearing Market: Development of Low-Noise Thrust Needle Roller Bearings
The growing adoption of electric vehicles has fostered the development of assorted components such as low-noise thrust needle roller bearings. These bearings ensure a smoother driving experience by producing minimal engine noise compared to IC engine vehicles. The rising popularity of EVs is encouraging many market vendors to develop low-noise thrust needle bearings, specifically for electric vehicles. This trend is expected to boost the growth of the global automotive needle roller bearing market during the forecast period.
“Development of active magnetic bearings and rising average operational life of vehicles will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Needle Roller Bearing Market: Segmentation Analysis
This market report segments the global automotive needle roller bearing market by application (passenger cars and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing demand for automatic transmission systems from the growing passenger car segment in China and India.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Customer Landscape
Geographical Segmentation
- Geographic comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Vendor classification
- Market positioning of vendors
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