CHICAGO, January 24, 2019 /PRNewswire/ --
According to the new research report "Sensor Bearing Market by Functionality (Speed, Temperature, Vibration, Displacement), Application (ABS, Material Handling Equipment, Electric Motors), End-use Industry (Automotive, Transportation, Metal & Mining), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Sensor Bearing Market is expected to grow from USD 5.1 billion in 2018 to USD 6.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. 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.
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The automotive end-use industry segment of the Sensor Bearing Market is expected to grow at the highest CAGR during the forecast period
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.
Asia Pacific region is expected to lead the Sensor Bearing Market and is also projected to grow at the highest CAGR 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 (Switzerland), BRTEC (China), ABB Group (Switzerland), Fersa Bearing SA (Spain), and Nachi Europe GmbH (Germany).
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