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Automotive Bearing Market Growth Projections and Opportunities
The Automotive Bearing market is expected to increase at a compound annual growth rate (CAGR) of 6.30% between 2023 and 2032, from USD 33.16 billion in 2023 to USD 54.06 billion by 2032. In 2022, the automotive bearing market was estimated to be worth USD 31.2 billion. Technological progress, increased demand for cars, and the expanding utility of heavy-weight vehicles are the main factors driving the market expansion.
The automobile sector is always looking for new and creative bearing solutions to improve durability, performance, and safety. The use of sensors in bearings allows for the instantaneous monitoring of crucial factors including load, temperature, vibration, and speed. With the use of this data, vehicle dependability may be increased, and problems can be avoided through condition monitoring and predictive maintenance.
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 31.2 Billion |
| Market Size Value In 2023 | USD 33.16 Billion |
| Growth Rate | 6.30% (2023-2032) |
Automotive Bearing Market Highlights:
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