Published on : Sep 12, 2019
The global automotive ball and roller bearings market is predicted to witness growth as it finds many uses across various end-user segments. From its application in wind turbines to conveyor belts to farm equipment to household appliances to defense and aerospace industries, automotive ball and roller bearings is used almost everywhere.
Varied Requirements across Different Industries Boosts Market Demand
Global automotive ball and roller bearings market is expected to gain momentum from the increased demand for exclusive bearing solutions, which would cater to the need of requirements of various industries.
A case in point is growing use of high capacity bearing products in wind turbines is analyzed to accelerate their demand globally. Wind turbines need high quality and maintenance-free ball bearings, which would improve the performance and reliability of wind turbines. The increasing number of windmill farms across the globe is generating humungous demand for automotive ball and roller bearings for the wind turbine industry.
The expansion of the global automotive ball and roller bearings market is driven by their extensive use by road rollers, electric motors, and conveyors. Manufacturers have come up with sensor elements for all of these bearing products so to facilitate their smooth functioning. Weight carrying capacity, axial movement, deceleration, revolution speed, and acceleration are digitally monitored by these elements.
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In May 2019, NTN Corporation introduced a brand new product called the “Low Friction Hub Bearing III”, which diminishes rotational friction by 62% when compared with other traditional products and fuel efficiency is bettered by around 0.53%.
In terms of geography, it is anticipated that Asia Pacific would witness a fast-paced growth in terms of revenue. Countries like India and China would contribute largely towards such high growth and revenue generation. The growth of the region is ascribed to the increased motor vehicle production and fast growth of the machinery segment with a excellent aftermarket services.