Bearings Market:
Growth opportunities in the bearings market look promising over the next six years. This is mainly due to the implementation of heavy machinery in the high-performance demanding industries, increasing concerns related to pollution, technological improvements for the development of bearings, and rising adoption of bearings across several application areas.
Bearings Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global bearings market is majorly determined by factors including the adoption of bearings across various application areas like railways, automotive and the execution of heavy machinery in the industries that demand high-performance industrial bearings. Growing concerns associated with global warming and pollution has lead to a surge in investments, and the increasing number of projects for the production of wind energy further results in a rise in the demand for bearings because of their capability to withstand high rotating speeds. The bearing industry report states that the focus of the bearing manufacturers on innovations and enhancements to meet the demand of several industries and technological improvements for bearings development are the key factors augmenting the growth of the market.
The use of bearings in industries offers notable advantages, which include a decrease in the friction among the components, the proficiency in operating at high speeds, huge load carrying capacity, the ability to perform precisely under fluctuating loads & speeds, and low operational wear, which leads to the usage of simple lubrication methods. As per the bearing industry analysis, factors like growing concerns towards counterfeit products because of their low cost hamper the global bearings markets growth.
Application Type Drivers
On the basis of application type, automotive segment is predicted to expand at a faster CAGR during the forecast period owing to the rising use of the bearings in the automotive sector due to high durability and feature to rotate at high speed with improved precision. Additionally, a boost in the vehicle’s sales and production as a result of rapid industrialization and the introduction of advanced technologies to strengthen the driving experience are some factors augmenting the market growth of this segment.
Type Segment Drivers
Based on the type, ball bearings is anticipated to expand at a faster CAGR over the forecast period due to the huge adoption of these bearings across different industry verticals as a result of various advantages like high operating temperature range, improved motor performance, low cost for replacement, combined with a better sealing shield, and ready availability.
Regional Drivers
Based on the region, Asia-Pacific is projected to lead the market over the forecast period owing to expansion in the production of motor vehicles and machinery led by developing infrastructure which has increased the bearings usage.
Bearings Market’s leading Manufacturers:
- C&U Group
- Rexnord Corporation
- NTN Bearing Corporation
- SKF
- Schaeffler AG
- JTEKT Corporation
- RBC Bearings Incorporated
- MinebeaMitsumi Inc.
- The Timken Company
- Schaeffler AG
- NSK Ltd.
Bearings Market Segmentation:
Segmentation by Type:
- Plain Bearings
- Roller Bearings
- Ball Bearings
- Deep Groove Ball Bearings
- Open
- Sealed
- Others
- Others
Segmentation by Outer Diameter:
- Below 5mm
- 6-10mm
- 10-21mm
- 22mm
- 23-32mm
- 33-40mm
- 41-45mm
- Above 45mm
Segmentation by Application:
- Agriculture
- Automotive
- Mining & Construction
- Electrical
- Railway & Aerospace
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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