The [FURL=https://www.industryarc.com/Report/16302/automotive-wheel-bearing-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Global Automotive Wheel Bearing Market[/FURL] is estimated to surpass $46.5 billion mark by 2026 growing at an estimated CAGR of more than 4.2% during the forecast period 2021 to 2026. The market research analysis identifies the development of public transport facilities and the push towards green mobility as some of the key growth factors for the global automotive wheel bearings market. However replacement of internal combustion engine cars with electric cars result in declining of wheel bearings market as electric cars require less bearings compared to combustion engine cars. The robust spending on developing public road systems and the popularity of electric vehicles will fuel the growth of the automotive wheel bearings market in the next four years.Key Takeaways
Chrome steel is used in producing bearings of light weight than traditional ones and provide greater hardness, fatigue life and wear resistance. Tungsten carbide increases durability, wear and corrosion resistant and suitable for high impact, low stress, and high temperature conditions.
Growth of Electric Vehicles will hinder the market the demand for automotive wheel bearings as compared to ICEs these vehicles have lower number of automotive wheel bearings.
There has been an increase in technology development such as incorporating automotive wheel bearings with various sensors that monitor the performance and quality of the bearings. This trend has become one of the most significant factors playing a key role in boosting the growth of the market.
Recent Government regulations have prohibited overloading of vehicles. The new generation of trucks has undergone vast changes with new design wheels and axles. Improved vehicle systems and road infrastructure are slowly making bearings a non-replacement part. Bearings are being designed to last for a lifetime. So, the aftermarket business over the year is expected to shrink in years to come.
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Automotive Wheel Bearing Market Drivers
High demand for thrust bearings and demand for Automated Driving System (ADS)
There is increase in demand for thrust bearings in automotive sector. Increase in agricultural and mining activities with the use of high technological vehicles such as harvesters, trucks, tractors in farming increases the thrust bearings market. There is high adoption of bearings for automated driving systems as they are totally controlled by sensors drives the market growth.
Automotive Wheel Bearing Market top 10 companies are NTN, Schaeffler, NSK, Koyo Bearings, SKF, JTEKT, American Axle and Manufacturing, Timken, CW Bearings, NKE Bearings.
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