According to the recent analysis by Fact.MR, the global bearing market is anticipated to witness growth of over 7% CAGR during the forecast period from the year 2020 to 2030. Driven by advancements in the automotive industry, global bearing market is expanding rapidly. The rising demand for the electric vehicles is further catalyzing the market demand across the globe.
Increasing Demand for Electric Vehicles Propelling Market Growth
The rising demand for electric vehicles has driven the demand for bearing products. Bearings are an integral part of electric vehicles manufacturing process, as they are capable of reducing friction between the moving rotary parts as well as supporting them in order to achieve the desired motion.
With the ultra-modern technology and new-age innovations, the automotive industry is evolving consistently, resulting in further expansion of electric vehicles sector. Light-weighted and highly efficient bearing products being integral part of electric vehicles manufacturing, is gaining rapid traction across the world.
Applications in Construction Sector Sustaining Demand
With the development of the construction industry, the bearing market is witnessing steady growth across the globe. As the industrial and residential construction segments are expanding with the rising new projects, the surge in bearing products demand is increasing worldwide.
Various bearing products such as crawler dozer, wheel loader, hydraulic excavators, and others are significantly used in the construction of large buildings resulting in higher demand of the global bearing market.
COVID-19 Impact on Bearing Market
The COVID-19 pandemic has negatively impacted the global bearing market due to several restraining factors such as non-operational manufacturing units during lock down, insufficient raw materials, unavailability of labors, financial constraints, job recession, and others.
Due to the decrease in demand for the key end user industries such as automotive, construction, aerospace, and others, the bearing market growth has been declined all over the world.
According to Fact.MR, the global bearing market is expected to gain back its potential by the first quarter of 2022.
Bearing Market Insights by Product
Ball bearings are capable of providing very low level of friction while rolling, as the area of contact between the balls and races is very less. Being capable of supporting axial and radial loads, ball bearings are widely used in broad range of applications starting from automotive to agriculture.
According to Fact.MR, ball bearings will lead the product-wise segments followed by roller bearings, plain bearings, and others throughout the forecast period from the year 2020 to 2030.
Bearing Market Insights by Bearing Type
Currently unmounted bearings are dominating the bearing type-wise segments in the global market. Unmounted bearings are available in various types and sizes such as radial bearings, thrust bearings, spherical, cylindrical, and others.
This type of bearings are hugely preferred across the wide range of end-user industries such as automotive, aerospace, construction, and others.
According to Fact.MR, unmounted bearings are set to lead the bearing type-wise segments during the forecast period, followed by the mounted bearings.
Bearing Market Insights by Component
Component-wise, balls are dominating the global bearing market. Various type of balls such as single row balls, double row balls, and others are widely used in bearings as per the requirements. This component is the most popular one among all other bearing components, as they can handle medium to large loads as per the requirements while being cost-effective and less space-consuming.
This bearing component is highly used in the automotive manufacturing process due to its availability in wide range of varieties.
According to Fact.MR, component-wise, this type of bearing will remain in the dominating position throughout the forecast period while rollers, cages, rings, and others will remain in the next key positions.
Bearing Market Insights by Application
Presently, automotive industry being the rapidly evolving one, is occupying the dominant position among all other end users. Technological advancements coupled with the new-age innovations have resulted in highly developed automotive sectors.
Bearing products are hugely demanded by the automotive equipment manufacturing process, including vehicles, especially the electric ones. As the automotive industry is growing exponentially, it is expected to sustain in the leading position among all the end-users.
According to Fact.MR, construction, aerospace, power transmission, oil & gas, and other industries are anticipated to remain in the next key positions in the coming years.
Regional Outlook on Bearing Market
Presently Asia Pacific bearing market is dominating all other regions over the world. With the growing demand for high performance, efficient, and light-weight bearing products from the well-developed end user industries such as automotive, construction, and others, the Asia Pacific market is forecast to impressive growth in the near future. According to Fact.MR, Asia Pacific bearing market is expected to exhibit highest growth during the forecast period.
Being enriched with well-developed, large manufacturing sectors, Europe bearing market is experiencing surge in demand from the key end users such as automotive, aerospace, construction, and others. Germany being a leading producer and exporter of bearing parts is significantly contributing to the market growth to keep the Europe bearing market in the leading position. According to Fact.MR, Europe bearing market will sustain in its position in the coming years.
North America bearing market is presently the third largest one, in the global market. Highly advanced North America automotive industry coupled with the growing construction sector is catalyzing the North America bearing market demand. U.S, Canada, and other leading countries are expected to remain in the key position of North America bearing market during the forecast period.
Bearing Market Competitive Landscape
Some of the key bearing manufacturers include,
- HKT Bearings Ltd.
- Minebea Mitsumi Inc.
- Nachi Fujikoshi Corp.
- Igus Corporation
- JTEKT Corporation
- NSK Ltd.
- Timken Company Ltd.
- Wafangdian Bearing Group Co. Ltd.
- NTN Corporation
- Schaeffler Technologies AG & Co
- SKF Inc.
This list is only indicative – full list available in report sample
HKT Bearings Ltd. has launched their new extensive range of bearing products such as split cylindrical roller bearing, special bearing for steel industry, thrust roller bearing, linear bearing, and others to target broad range of end users starting from aerospace to agriculture.
NSK Ltd. has released their diverse categories of bearings such as inner race DLC-coated cylindrical roller bearings for high efficiently turbo chillers, dental air-turbine bearing series, BNEQARTET™ long life bearing for front-loading washers, and others.
NTN Corporation has brought their comprehensive range of bearings with constant velocity joints, precision equipment, and others. According to Fact.MR, the key market players are expected to experience tough competition in the coming years.
As the main end users of bearings are automotive, aerospace, construction and others are rapidly evolving, market players are emphasizing on launching diverse categories of bearing products to target broad range of end-users. The advancements in automotive sector are expected to drive the global market throughout the forecast period.
Bearing Market – Scope of the Report
Fact.MR has published an exclusive forecast report on the bearing market from 2020 to 2030. The foremost objective of this report is to pitch insights on the market scenario, demand generators, and technological advancements in bearing market. Also, the study addresses key dynamics expected to diversify the sales and future prominence of the market.
The report begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the bearing market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the bearing market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for bearing
A recent study by Fact.MR on the bearing market offers a 10-year forecast from 2020 to 2030. The study analyzes crucial trends that are currently influencing market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of bearing. The study also provides the dynamics that are responsible for influencing future status of the bearing market over the forecast period.
A detailed assessment of the bearing value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the bearing market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Bearing Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the bearing market across the globe.
A comprehensive estimate on the bearing market has been provided through an optimistic as well as a conservative scenario, taking into account the sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Bearing Market – Segmentation
Fact.MR’s research study assesses the global bearing market in terms of product, bearing type, component, application and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global bearing market.
Key Questions Answered in Fact.MR’s Bearing Market Report
- Which regions will continue to remain the most profitable regional markets for bearing market players?
- Which factors will induce a change in the demand for bearing during the assessment period?
- How will changing trends impact the bearing market?
- How can market players capture the low-hanging opportunities in the bearing market in developed regions?
- Which companies are leading the bearing market?
- What are the winning strategies of stakeholders in the bearing market to upscale their position in this landscape?
Bearing Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the bearing market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic and business environment outlook), which are expected to have a momentous influence on the growth of the bearing market during the forecast period.
Country-specific valuation on demand for bearing market has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Bearing Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the bearing market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the bearing market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the bearing market report as a primary resource.
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