Emerging Technologies in the Automotive Bearing Market: An Opportunity for GrowthPosted by Kumar on February 21st, 2023 ![]() According to the TechSci Research report, "Automotive Bearing Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027F", the global automotive bearing market is expected to reach USD 64,367.35 million by 2027, growing at a CAGR of 6.67% by 2027. This is owing to the fact that demand for global automobile production is increasing, and bearing is essential part in the automobile. Moreover, smart bearings which are better designed and technologically efficient, with hi-tech application and higher reliability with long service life is also a factor in increasing demand of the automotive bearings. The main function of the bearing is to reduce friction, bear heavy loads, and enhance the performance of the vehicle. Thus, in every component of automobile, be it wheel, steering suspension, engine, and transmission bearing is used everywhere. Also, with increasing number of models and new type of vehicles entering in the market such as electric vehicle in which specialized customised bearing are installed, thus it is also increasing the bearing market. Innovation in the bearing market is also making great strides. Bearing is now used with simulation software that will measure the bearing performance, service life, and reliability, but it will also protect the bearing by detecting the faults before sudden failure may happen. Even now the manufacture are making the advancement in the bearing material with hard coating, ceramics, and speciality steels are used for manufacturing bearing.
Some of the major players operating in the Global Automotive Bearing Market include:
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