Market Research Future (MRFR), in its research study, emphasizes that the global market 2020 is projected to rise rapidly over the forecast period, ensuring significant market valuation and a healthy 6% CAGR over the review period.
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Drivers and Restraints
As per the trend, ball bearings of ceramic and white metal alloy are expected to capture the automotive bearing market as they are lightweight and improve product quality by reducing friction and energy consumption during operations. Over the forecast period, growth in automotive production is expected to fuel the demand for automotive bearing. Demand for vehicles with technologically advanced solutions is growing, leading to increased vehicle production requiring instrumented products.
High pricing and forging, however, are major challenges facing the global automobile bearings market. Despite the total decrease in the number of bearings in the new electric vehicles, product innovations are expected to continue to generate bearings demand in the near future. In addition , the market is currently polarizing to the most prominent players in the competitive landscape, which is also expected to boost market growth during the review period.