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Oct 1, 2020 9:00 PM ET

Global Automotive Hub Bearing Market Set for Rapid Growth, To Reach Around USD 8.50 Billion by 2021

iCrowd Newswire - Oct 1, 2020

Zion Market Research has published a new report titled “Automotive Hub Bearing Market by Technology (Ball and Tapered) for Passenger Vehicle and Commercial Vehicle Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2026”. According to the report, global demand for automotive hub bearing market was valued at approximately USD 6.55 billion in 2019, and is expected to generate revenue of around USD 9.67 billion by end of 2026, growing at a CAGR of around 5.8% between 2020 and 2026.

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High Popularity of Passenger & Commercial Vehicles to Propel Market Growth

“Swiftly rising need for effective vehicle transport across the globe is projected to upswing the growth of automotive hub bearing market in the years to come,” says the author of this study. Apart from this, the growing trends of using advanced technology in the automotive sector are anticipated to generate more demand for automotive hub bearing over the next few years. Increasing demand for the passenger as well as commercial vehicles as a result of sudden gush in global population will stimulate the growth of automotive hub bearing market in the near future.

The rising costs associated with auto spare parts required in the automotive assembly, however, are expected to obstruct the automotive hub bearing market’s growth, in the forthcoming years. Nevertheless, efficient materials can create a lucrative demand for the product over the years ahead, normalizing the impact of hindrances on the automotive hub bearing market, reports the study.

Demand For Luxury Cars to Enhance Europe’s Regional Market Dominance

Regionally, Europe has been leading the worldwide automotive hub bearing market and is predicted to continue its dominant position in the years to come, states the market study. In 2019, the region accounted for more than 25% of the overall product consumption in terms of volume.

High preference for luxury cars having enhanced safety & comfort features blended with advanced technology is expected to favorably impact the production of automotive hub bearings in the region, thereby driving the regional market trends. The presence of a large number of renowned players headquartered in Europe is another significant factor driving the regional automotive hub bearing market growth.

This report segments the global automotive hub bearing market as follows:

Global Automotive Hub Bearing Market: Technology Segment Analysis

Global Automotive Hub Bearing Market: Application Segment Analysis

Global Automotive Hub Bearing Market: Regional Segment Analysis

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Keywords:    Global Automotive Hub Bearing Market

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