The sensor bearing market is estimated to grow from USD 5.1 billion in 2018 to USD 6.5 billion by 2023, at a CAGR of 5.2%. The major factors driving the sensor bearing market are increasing demand for sensor bearings from end-use industries, such as automotive and transportation, and the enforcement of stringent regulations related to the mandatory installation of ABS systems in cars in various Asia Pacific and European countries.
Download PDF Brochure to Know More: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=100317544
The automotive end-use industry segment of the sensor bearing market is expected to grow at the highest CAGR
The automotive end-use industry segment is expected to grow at the highest CAGR during the forecast period. Due to the growing awareness about safety among masses, various countries across the globe have mandated the use of ABS as a standard fitment in vehicles. For instance, India and several European countries have made ABS a mandatory fitment for passenger vehicles, such as cars, utility vehicles and vans, commercial vehicles, and 2-wheelers with over 125cc displacement. In Japan, the installation of ABS is mandatory for new motorcycles with over 125cc displacement effective from October 2018. In the US, the National Highway Traffic Safety Administration (NHTSA) has mandated the use of ABS in conjunction with Electronic Stability Control under the provisions of the Federal Motor Vehicle Safety Standard (FMVSS) 126 effective from September 2013.
The speed functionality segment of the sensor bearing market is projected to be the largest functionality segment
Sensor bearing is increasingly being used to measure the speed of the wheel in the automotive ABS system, and the rotation shafts of motors, among others. Countries such as China, India, Japan, US, and Germany, among others are enforcing stringent regulations related to the installation of the ABS system as a standard fitment on automotive vehicles, which is expected to drive the speed functionality sensor bearing market during the forecast period.
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Growth in demand from the growing automotive end-use industry in this region is expected to fuel the growth of the sensor bearing market. Countries such as China, India, and Japan are among the top automotive vehicle manufacturers around the globe. Stringent laws related to the mandatory installation of ABS as the standard fitment in automotive vehicles in countries, such China, India, and Japan is expected to fuel the growth of the Asia Pacific sensor bearing market.
Major vendors in the sensor bearing market include SKF (Sweden), Schaeffler Technologies AG & Co. KG (Germany), NTN Corporation (Japan), Timken (US), NSK Corporation (Japan), JTEKT Corporation (Japan), ABB Group (Switzerland), Mageba SA
Request For Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=100317544
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States