Global Automotive Steering Bearings Market 2017-2021
About Automotive Steering Bearings
Bearings are crucial machine elements that constrain relative motions to the desired linear or rotational motion and reduce friction between the moving parts. Bearings are broadly classified according to the type of operation and motion. Steering bearings are the crucial elements of the steering columns that constraint relative motions to the desired linear or rotational motion and reduces the friction between the moving parts. Bearings are broadly classified according to the type of operation and motion.
Technavio’s analysts forecast the global automotive steering bearings market to grow at a CAGR of 3.02% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive steering bearings market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Steering Bearings Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive steering bearings market: SKF, Federal-Mogul, NTN Bearing, Schaeffler, and NSK.
Other Prominent Vendors in the market are: National Engineering Industries, The Timken Company, RBC Bearings, Ingersoll-Rand, ASAHI SEIKO, and TEXSPIN® Bearings.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is application of advanced ceramic materials for bearings. Bearing manufactures are continuously upgrading and experimenting with new materials to meet the required expectation of customers. Ceramic bearing is made of silicon nitride (Si2N4) or white zirconia oxide (ZrO2), or, in some special applications, even a combination of both is used.”
According to the report, one driver in the market is increasing vehicle production. The global automotive market showed robust growth, with 94.29 million units (passenger cars, LCVs, and M&HCVs) produced in 2016. This is an increase of 5.07% compared to 2015, and the global automotive market showed its strength despite uncertainties in the market. The growth of the automotive market declined in Japan, Russia, and Brazil, but the market overcame the shortcoming with the sales in China, India, and Europe.
Further, the report states that one challenge in the market is threat of low-cost and counterfeit products. Counterfeit is growing rapidly globally. Bearing is one of the popular counterfeiting items, and it is expected to exceed $103 billion by 2018 due to its high consumption in the market. Companies such as SKF and NSK are among the companies that are more prone to this threat. Such fake bearings are dangerous due to the possible design failures that may occur, leading to machine damage and injuries. NSK and SKF websites have presented several examples of counterfeit bearings, which affect the plant's downtime and risk the lives of employees.
SKF, Federal-Mogul, NTN Bearing, Schaeffler, NSK, National Engineering Industries, The Timken Company, RBC Bearings, Ingersoll-Rand, ASAHI SEIKO, and TEXSPIN® Bearings.
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