Los Angeles, October 21, 2019 –Needle roller bearings are cylindrical rollers with a small in diameter relative to their length. The needle roller bearing has a high loading carrying capacity that uses long thin rollers known as bearing needles. The latest report published by QY Research, titled, “Global Needle Roller Bearing Sales Market Report 2019”, studies about the market forecast, and categorizes the market into geography, key segments, and market dynamics to detail analyzed the report.
According to the report, the global needle roller bearing sales market is anticipated to exceed US$4500 mn by 2025, with an approximate CAGR of over 2% during the forecast period.
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Increasing Adoption of Automatic Transmission Drives Market
The global needle roller bearing sales market will witness significant growth due to the booming demand for internal combustion engine vehicles in passenger cars. Needle roller bearings reduce friction and improve performance automotive parts such as transmission systems, driveshafts, and rocker arm pivots. In the needle roller bearing, thin cross-section and lighter weight of the bearing provides a solution to friction. These are mainly used in industries such as automotive, industrial, and aerospace.
In addition, rapid developments in electric vehicles will positively impact the growth of the needle roller bearing market. Manufacturers are introducing multiple vehicle modules with automatic transmission, which will further enhance the growth of the needle roller bearing market.
Automotive Segment to Hold Lion’s Share as Electric Vehicles Trend
The global needle roller bearing sales market is segmented into application and product type. The application segment includes aerospace, automotive, industrial, and others. The automotive segment will dominate the global needle roller bearing sales market due to the growing usage of needles roller bearings in electric vehicles. The emerging trend of replacing existing vehicles with electric vehicles is expected to keep the automotive segment in the lead. The product type segment includes thrust type needle roller bearing and radial type needle roller bearing.
Asia Pacific to Remain Promising Market In the Needle Roller Bearing
Asia Pacific will be the largest market for needle roller bearing sales due to the increasing demand for automatic transmission systems in the passenger cars. The rise of the automotive industry in this region due to low product costs is expected to be an indirect driver for this regional market. North America is also expected to grab significant market share in the needle roller bearing sales market due to high adoption of automatic transmission systems.
Global Needle Roller Bearing Sales Market: Key Players
The top players operating in the global needle roller bearing sales market are Xiangyang Automobile Bearing, Schaeffler, ZWZ, NSK, Nanfang Bearing, SKF, RBC Bearings, JTEKT, LYC, IKO, Suzhou Bearing, NTN, C&U Group, and Timken.
● Rapid developments in the electric vehicle to boost needle roller bearing sales market
● Asia Pacific to dominates the global needle roller bearing sales market as automotive industry picks pace
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