Bearings Market is estimated to be valued at $140,792 million in 2022
NEW YORK, May 8, 2017 /PRNewswire/ -- Highlights
· Bearings Market by Type (Ball Bearings, Plain Bearings, and Others), By Bearing Outer Diameter (Below 5mm, 6-10mm, 10-21mm, 22mm, 23-32mm, 33-40mm, 41-45mm, and Others (>45mm)), By Application (Automotive, Electrical, Agriculture, Mining & Construction, Railway & Aerospace) - Global Opportunity and Forecasts, 2014-2022.
· Bearings are antifriction devices used in rotating equipment to minimize resistance and reduce wear and tear.
· The global bearings market size was estimated at $78,779 million in 2014. It is estimated to be valued at $140,792 million in 2022, registering a CAGR of 7.5% during the forecast period.
· The global bearings market is driven by increase in the demand for bearings in the automotive industry, as the implementation of bearings helps reduce wear and tear caused by friction.
· Replacement of bearings is the only possible aftersales operation for bearing suppliers.
· The application areas of the market are automotive, electrical, agriculture, mining & construction, railway & aerospace, and others.
Bearings Market by Type (Ball Bearings, Plain Bearings, and Others), By Bearing Outer Diameter (Below 5mm, 6-10mm, 10-21mm, 22mm, 23-32mm, 33-40mm, 41-45mm, and Others (>45mm)), By Application (Automotive, Electrical, Agriculture, Mining & Construction, Railway & Aerospace) - Global Opportunity and Forecasts, 2014-2022
Bearings are antifriction devices used in rotating equipment to minimize resistance and reduce wear and tear.
These are used in various industries including automotive, electrical, mining & construction, and railway & aerospace and are manufactured using high grade steel or alloy steel. In general, raw materials account for two-thirds of the cost structure of a company. Although bearing manufacturers have higher pricing flexibility due to technology know-how and strong aftermarket presence, their productivity is affected by increase in cost of steel. The global bearings market size was estimated at $78,779 million in 2014. It is estimated to be valued at $140,792 million in 2022, registering a CAGR of 7.5% during the forecast period.
The global bearings market is driven by increase in the demand for bearings in the automotive industry, as the implementation of bearings helps reduce wear and tear caused by friction. The manufacturing industry exhibits the highest demand for bearings.
Moreover, ongoing developments in the automotive sector is a major factor that fuels the adoption of bearings in the global market. The adoption of bearings is the highest among automotive industries in countries in the Asia-Pacific region such as India, China, Japan, and South Korea. This trend is expected to significantly supplement the bearings market growth due to rapid mechanization.
The other major drivers of the market are high demand for bearings in the defense & aerospace industry and growth in need to reduce energy expenses. Moreover, increase in demand for aerospace equipment in emerging economies such as India, China, Russia, and Japan is expected to boost the bearings market growth. However, the imminent growth of bearings is estimated to be detrimental for the market growth, as this is projected to lower the demand for aftersales facilities.
Replacement of bearings is the only possible aftersales operation for bearing suppliers. Therefore, the advent of technologically advanced bearings is expected to hamper the productivity for manufacturers in the near future.
Increase in demand for automobiles and automotive components majorly drive the market. Partnerships and acquisitions are the key strategies adopted by market players to increase their bearings market shares. For instance, SKF AB signed an agreement with Autopartes NAPA Mexico to sell vehicle aftermarket products in the latter's new stores to increase its sales in Mexico. In 2015, RBC Bearings acquired the Sargent Aerospace & Defense business of Dover Corporation. This acquisition enabled RBC Bearings to expand its product portfolio and customer base.
The global bearings market is segmented, based on bearing type, into ball bearings, plain bearings, and others. Ball bearings is further classified into deep grove ball bearings (open and sealed) and others (angular, contact, and thrust). Upsurge in construction activities in railway across developing countries is expected to boost the ball bearings market in the near future.
The market is segmented based on the outer diameter of the ball bearings, into below 5mm, 6-10mm, 10-21mm, 22mm, 23-32mm, 33-40mm, 41-45mm, and others (>45mm). In the present scenario, the deep grove ball bearings segment accounted for the largest share of 30% in the global bearings market in 2015.
The application areas of the market are automotive, electrical, agriculture, mining & construction, railway & aerospace, and others. The automotive segment is expected to witness significant growth rate throughout 2022, owing to rapid industrialization in the Asia-Pacific and LAMEA regions.
The market is analyzed based on four regions, which include North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa (LAMEA). The Asia-Pacific region is expected to grow at a CAGR of 8.6% during the forecast period. This region is expected to dominate the global bearings industry, owing to rapid industrialization, booming automotive industry, and upsurge in use of bearings for manufacturing heavy machinery.
KEY BENEFITS
The report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global bearings market.
Porter's Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the market to determine the investment pockets of the market.
Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market.
Value chain analysis provides a systematic study of the key intermediaries involved to formulate effective strategies.
The quantitative analysis of the market through 2014-2022 is provided to elaborate the market potential.
Key Market Segments
The global bearings market is segmented based on bearing type, bearing outer diameter, application, and geography.
Key Market Segments
By Type
Ball Bearings
Deep Groove Ball Bearings
Open
Sealed
Others (Angular, Contact, and Thrust)
Plain Bearings
Others (Roller Bearings, Journal Bearings, Sleeve Bearings, Composite Bearings, and Rifle Bearings)
By Outer Diameter
Below 5mm
6mm-10mm
10mm-21mm
22mm
23mm-32mm
33-40mm
41mm-45mm
Others (>45mm)
By Applications
Automotive
Electrical
Agriculture
Mining & Construction
Railway & Aerospace
Others
By Geography
North America
U.S.
Canada
Mexico
Europe
UK
France
Germany
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Read the full report: http://www.reportlinker.com/p04883727/Bearings-Market-Global-Opportunity-and-Forecasts.html
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
http://www.reportlinker.com
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article