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Market Research Reports, Business Consulting Services & Analytics YG15 K034 Tungsten Carbide
Automotive Wheel Bearing Market Drivers High Demand for Thrust Bearings and Demand for Automated Driving System (ADS)
HYDERABAD, TELANGANA, INDIA, December 26, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Automotive Wheel Bearing Market 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. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Click here to browse the complete report summary: https://www.industryarc.com/Report/16302/automotive-wheel-bearing-market.html
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1. 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.
2. 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.
3. 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.
4. 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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1. Ball Bearings has dominated the Automotive Wheel Bearing Market as compared to the other technologies. Ball bearings are rolling element metal balls that are placed between the moving parts of bearings to make them move smoothly.
2. Passenger cars are the fastest-growing vehicles on the Automotive Wheel Bearing segment by vehicle type. In passenger cars there are two types of bearings that are used which include taper roller bearing and ball bearings.
3. Asia-Pacific region accounted for the major share of automotive wheel bearings market. The rising demand for passenger cars and commercial vehicles in the region drives the market growth.
4. In 2019, Xin Guobin, vice-minister of industry and information technology of China had informed that car sales contribute for the lion's share of overall retail market of China and play a key role in the industrial economy. China remains the world's largest automotive manufacturing country and automotive market since 2009.
5. In 2018, annual vehicle production in China accounted for over 30 percent of worldwide vehicle production, which exceeds that of the European Union or that of the United States and Japan combined.
The top 5 players in the Automotive Wheel Bearing industry are -
Click on the following link to buy the Automotive Wheel Bearing Market Report: https://www.industryarc.com/reports/request-quote?id=16302
IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.
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