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The automotive industry is constantly evolving, with technological advancements and market demands shaping its trajectory. One crucial component that plays a significant role in ensuring smooth operation and efficiency is automotive bearings. According to Fortune Business Insights, the global automotive bearing market is projected to witness substantial growth, reaching a value of USD 47.60 billion by 2028, at a remarkable CAGR of 6.28% from 2021 to 2028. Let's delve into the market growth factors, emerging trends, and future opportunities that are shaping this industry.
Market Growth Factors
Bearings serve as indispensable components in various moving parts of automobiles, including gearboxes, steering systems, engines, transmissions, wheels, electrical motors, and pumps. With a growing emphasis on reducing vehicle weight, coupled with the rise in automobile production and sales, the demand for automotive bearings is on the rise. Furthermore, components like wipers, door mechanisms, rear-view mirrors, and bonnet hinges also rely on bearings for smooth functioning. As the automotive market witnesses an influx of new models and vehicle types, the demand for automotive bearings is expected to surge substantially.
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