The automotive suspension bearings market will register a CAGR of around 7% by 2022
LONDON, Jan. 10, 2019 /PRNewswire/ -- About this market
Increasing popularity of air suspension system in Asia to gain traction in the market. The increasing need for comfort and convenience is increasing the demand for automotive air suspension system in Asian countries such as China, Japan, and India. These countries are also seeing growth in heavy-duty commercial vehicles. Technavio's analysts have predicted that the automotive suspension bearings market will register a CAGR of around 7% by 2022.
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Market Overview
Increasing demand for automobiles
The rising sales of automobiles plays a major role in determining the growth of the automotive suspension bearings market. The increasing demand for passenger cars and commercial vehicles in APAC will drive growth in the automotive suspension bearings market.
High price of raw materials
With the upward trend in raw material prices, the margin pressure on automotive suspension bearings manufacturers is increasing. This will be a major challenge for the global automotive suspension bearings market.
For the detailed list of factors that will drive and challenge the growth of the automotive suspension bearings market during the 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Schaeffler and SKF the competitive environment is quite intense. Factors such as the growing popularity of air suspension system in Asia and the increasing demand for automobiles, will provide considerable growth opportunities to automotive suspension bearings manufactures. JTEKT Corporation, NSK, NTN, Schaeffler, and SKF are some of the major companies covered in this report.
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