BURNABY, Canada, April 9, 2015 /PRNewswire/ --
Growing automobile sales coupled with expanding vehicle fleet to drive China automotive bearings market over next five years
According to a recently released TechSci Research report, "China Automotive Bearings Market Forecast & Opportunities, 2020", the automotive bearing market in China is forecast to grow at a CAGR of over 16% during 2015-20. Prominent reasons for this brisk growth are Increasing Automobile Sales, growing vehicle fleet size and improvement in automotive bearing quality.
SKF, FAG, Timken and NTN are the top automotive bearing suppliers in China. Other prominent automotive bearing suppliers include Wafangdian Bearing Group, Luoyang LYC Bearing, Xiangyang Automobile Bearing, Fujian Longxi Bearing, Changzhou NRB,etc. Growing need for high quality automotive bearing products in the country has led to substantial investments in R&D activities by automotive bearing companies.
Passenger car automotive bearing segment is dominating the automotive bearing market in China in followed by the Internal Combustion Engine (ICE) two-wheeler automotive bearing segment. Three-wheeler automotive bearing segment occupies a minute market share of less than a percent in China automotive bearing market. East China region comprising provinces like Shanghai, Shandong, etc. hold the largest market share of more than 33%.
"Passenger car automotive bearing segment will continue to dominate the market in the coming years. Increasing automobile sales, high motor vehicle fleet size, increasing automotive bearing exports and improvement in the bearing quality are expected to contribute for future growth of China Automotive bearing Market", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"ChinaAutomotive Bearings Market Forecast & Opportunities, 2020" has evaluated the future growth potential of China automotive bearing market and provides statistics and information on market structure, exports, imports and future growth of China automotive bearing market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in the Chinese automotive bearing industry.
About TechSci Research
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SOURCE TechSci Research