CLEVELAND, March 14, 2019 /PRNewswire/ -- Global demand for bearings used in motor vehicles is expected to rise 3.9% per year through 2022 to $32.4 billion. Gains will be supported by an expected increase in motor vehicle production and the continued preference for advanced, high-value bearings among the world's largest motor vehicle producers. These and other trends are presented in Global Bearings, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/global-bearings-3684.htm.
However, motor vehicles will represent one of the slowest growing market segments for bearings due to the already high number of motor vehicles in use in most of the world's developed countries. While this supports some level of replacement demand, limited growth in OEM applications dampens overall growth opportunities.
Global demand for all types of bearings is forecast to rise 5.0% per year to $103 billion in 2022, representing an improvement from the pace of the 2012-2017 period. Ongoing advances in the production of machinery and motor vehicles, by far the two largest bearing markets, will continue to drive demand gains. Preferences among end users for higher quality bearings that offer better performance and can operate longer will also promote gains.
Global Bearings (published 11/2018, 330 pages) is available for $6600 from The Freedonia Group. Please link citations to https://www.freedoniagroup.com/World-Bearings.html.
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Industrial Components can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group