Global Automotive Wheel Bearing After Market Research Report Forecast 2027
Global Automotive Wheel Bearing After Market is valued approximately USD 176.18 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.8 % over the forecast period 2020-2027. Wheel bearings are safety components designed to sustain radial and axial loads caused by gravitation, acceleration, breaking & cornering forces, so they need to be replaced when they stop working properly. Wheel bearing is an essential component of automotive parts. The demand for automotive wheel bearings is surging owing to the rapid production of passenger and commercial vehicles with the increase in demand of vehicles among population. Thus, the demand for global automotive wheel bearings increased.
Further, the production of passenger vehicles has increased worldwide due to high demand. This has also fueled the demand for global automotive wheel bearings. Furthermore, rapid industrialization in developing and under-developed economies is also boosting the market for global automotive wheel bearings. The demand for commercial vehicles has significantly increased over the past few years. Due to this, the global automotive wheel bearings market is experiencing substantial growth opportunities However, maintenance and installation of automotive wheel bearing are expensive, thus, impedes the growth of the market over the forecast period of 2020-2027. Also, there is increase in consumer preference to keep their old cars as second vehicles, increases maintenance demand, in turn, fueling the demand.
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The regional analysis of global Automotive Wheel Bearing After market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. East Asia is the leading/significant region across the world in terms of market share owing to
The increase in automotive production and presence of well-developed manufacturing units are catering to the growth of East Asia automotive wheel bearing aftermarket. Whereas, Europe is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the presence of a highly developed commercial sector coupled with the rise in number of manufacturing hubs is driving growth in Europe. Increase in purchasing luxury vehicles in the countries such as the UK, France, Russia, and others would create lucrative growth prospects for the global Automotive Wheel Bearing aftermarket across Asia-Pacific region.
Major Market Player included in this report are:
- Federal – Mogul Corporation (Tennenco Inc.)
- Schaeffler AG
- Mahle GmbH
- Continental AG
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Last Update : Feb 18, 2021 5:43 AM
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