Automotive Bearing Market to Reach $48.41 Bn, Globally, by 2027 at 6.8% CAGR: Allied Market Research
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Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific accounted for the highest market share with nearly two-fifths of the global automotive bearings market in 2019, and is projected to continue its leadership position in terms of revenue by 2027. Moreover, this region is expected to manifest the highest CAGR of 7.7% from 2020 to 2027. This is due to surge in adoption of fuel-efficient and eco-friendly vehicles, technological developments, and increase in demand for mild hybrid vehicles in the region. However, North America would grow steadily at a CAGR of 5.8% during the forecast period.
Leading market playersILJIN co., ltd. JTEKT Corporation Nippon Thompson Co., Ltd. (IKO International, Inc.) NSK Ltd. NTN Corporation RBC Bearings Incorporated Schaeffler AG SKF THK Co., Ltd. The Timken Company
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