Market Size of Asia Pacific Automotive Bearing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.44 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Automotive Bearing Market Analysis
The Asia-Pacific automotive bearing market is valued at USD 41.33 billion and is expected to reach USD 60.10 billion, registering a CAGR of 6.44% during the forecast period.
- Approximately 95 percent of all automotive-related enterprises had to put their workforces on hold because of the COVID-19 outbreak. Because production activities were halted, the shutdown had massive and unprecedented global ramifications. However, as economic activity resumed and vehicle production grew around the world, the market was projected to regain its speed.
- Automotive bearing is an integral component of any vehicle due to its basic functionality of allowing the wheels to spin correctly. As a result, automotive bearings have always remained in demand, and with more extensive ownership of personal cars and growing technological advancements, the need for these bearings will only increase.
- Bearings provide linear or rotational movement, while they also handle high stress acting on the external and internal frictionless metal surface, which supports the smooth movement of the vehicles. However, bearings add significant weight to the car; as a result, original equipment manufacturers (OEMs) are working continually toward reducing the overall vehicle weight, which lowers the energy required to operate the vehicle, thereby increasing fuel economy.
- In India, government policies such as the 'Make in India' initiative to improve the manufacturing sector in the nation will also see a bright future for the automotive bearing market as well. Automotive component manufacturers are investing even more in India today through various investments or new product launches in the region.
