Global Automotive Needle Roller Bearing Market 2019-2023
About this market
Progress in the global electric vehicle market has a major impact on driving the automotive needle roller bearings market in terms of technology. Development of electric vehicle generates the need for different systems and components. This drives manufacturers to develop newer types of automotive needle roller bearings, compatible with electric vehicle systems. The development of electric vehicles is expected to drive the market in terms of technology and value. The electric vehicle market is witnessing tremendous support from governing bodies of various regions. These governing bodies undertake policies that restrict the sales and production of internal combustion engine vehicles to favor the use of electric vehicles. Certain countries have announced a timeframe to restrict the use of internal combustion engine vehicles. Thus, the development of electric vehicles is expected to drive the production of automotive needle roller bearings compatible with electric vehicles by 2023. Technavio’s analysts have predicted that the automotive needle roller bearing market will register a CAGR of close to 4% by 2023.
Rising stringent of automotive noise, vibration and harshness standards
Vehicle makers are given guidelines by vehicle noise, vibration, and harshness (NVH) standards that propose various measures to control vibration and eliminate noise in vehicles. Automotive needle roller bearings are the lightest and smallest roller bearings. These bearings have high roller length-to-diameter ratio. which allows them a higher load capacity than roller bearings or single-row balls. Vehicle makers are expected to design their vehicles according to the guidelines given in the NVH standards to eliminate noise and harshness.
Rising instances of counterfeiting
Counterfeit products hamper the sales of genuine automotive components and negatively affect the organized players. The increasing popularity of counterfeit automotive needle roller bearings poses a serious challenge to the major manufacturers of automotive bearings such as SKF and NTN.
For the detailed list of factors that will drive and challenge the growth of the automotive needle roller bearing market during the 2019-2023, view our report.
The market appears to be highly concentrated and with the presence of very few vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Automotive Needle Roller Bearing Market 2019-2023
Technavio recognizes the following companies as the key players in the global automotive needle roller bearing market: JTEKT, NSK, NTN, Schaeffler, SKF.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growth of electric vehicles has fostered the development of assorted components such as low- noise thrust needle roller bearings to decrease engine noise.”
According to the report, one of the major drivers for this market is the surging demand for internal combusting engine vehicles.
Further, the report states that one of the major factors hindering the growth of this market is the complications regarding replacement of automotive needle roller bearings.
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