With the presence of a large pool of participants, the Global automotive hub bearing market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). FKG Bearing, SKF, Nachi-Fujikoshi, ILJIN GROUP, Schaeffer, and GMB Corporation are some of the key vendors of the automotive hub bearing across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development state the market study.
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In a major boost to the automotive hub bearing business in North America, in May 2018, JTEKT North America declared to allocate funds worth US$ 19.4 million for expanding its Koyo Bearings manufacturing establishment near Oconee County. The strategic move is likely to generate nearly 56 new jobs.
As estimated in this report, the global automotive hub bearing market stood at US$ 5.50 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this market is expected to reach US$ 8.50 billion by the end of the forecast period.
High Popularity Of Passenger & Commercial Vehicles To Propel Market Growth
“Swiftly rising need for effective vehicle transport across the globe is projected to upswing the growth of automotive hub bearing market in the years to come,” says the author of this study. Apart from this, the growing trends of using advanced technology in the automotive sector are anticipated to generate more demand for automotive hub bearing over the next few years. Increasing demand for the passenger as well as commercial vehicles as a result of sudden gush in global population will stimulate the growth of automotive hub bearing market in the near future.
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The rising costs associated with auto spare parts required in the automotive assembly, however, are expected to obstruct the automotive hub bearing market’s growth, in the forthcoming years. Nevertheless, efficient materials can create a lucrative demand for the product over the years ahead, normalizing the impact of hindrances on the automotive hub bearing market, reports the study.
Demand For Luxury Cars To Enhance Europe’s Regional Market Dominance
Regionally, Europe has been leading the worldwide automotive hub bearing market and is predicted to continue its dominant position in the years to come, states the market study. In 2015, the region accounted for more than 25% of the overall product consumption in terms of volume.
High preference for luxury cars having enhanced safety & comfort features blended with advanced technology is expected to favorably impact the production of automotive hub bearings in the region, thereby driving the regional market trends. The presence of a large number of renowned players headquartered in Europe is another significant factor driving the regional automotive hub bearing market growth.
The global automotive hub bearing market is segmented as follows:
- Passenger Vehicle
- Commercial Vehicle
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- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa