The global automotive wheel bearings market to grow at a CAGR of 4.62% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global automotive wheel bearings market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is antifriction automotive wheel bearings. Friction is one of the major reasons for causing wear in wheel bearings. Ball bearings always undergo slight amounts of friction due to certain amounts of elastic deformation. Elastic deformation is caused when the wheel bearings are subjected to extreme amounts of load.
According to the report, one driver in the market is increase in passenger car sales in emerging countries. Passenger cars occupy a major share of the automotive wheel bearings market. Hence, an increase in the sales of passenger cars will lead to higher demand for automotive wheel bearing units. Emerging countries like China and India have a lower penetration of vehicles per capita when compared with the developed economies. Hence, car OEMs are focusing on effectively penetrating passenger car markets in emerging countries. The growth of the passenger car markets in China and India is driving the demand for automotive wheel bearings in these countries.
Further, the report states that one challenge in the market is penetration of counterfeit wheel bearings. Counterfeit and used wheel bearings are increasingly being sold to reduce cost and increase profits. Many of the automotive wheel bearings imported from Brazil, Russia, China, India, and South Africa are made of sub-standard materials, which cause engine breakdowns and other operational malfunctions. End users seeking large consignments of goods with standard design parameters prefer low-priced Asian products because they bring down investments considerably.