Bearing Market: Introduction
Transparency Market Research delivers key insights on the global bearing market. In terms of revenue, the global bearing market is estimated to expand at a CAGR of 7.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global bearing market report.
In this market report, TMR predicts that the increase in demand for vehicles and other industrial products is anticipated to proliferate the demand for bearings in the coming years. Increasing urbanization has resulted in generation of more demand for several industrial products, thus leading to surging industrialization. Boost in international trade and globalization has augmented the economy of several emerging nations, which also benefits the growth of the bearing market. Additionally, technological advancements in various industry verticals have contributed to the growth of the market. High-end technologies such as smart bearings help manufacturers to monitor bearing operations constantly.
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The bearing market is primarily driven by growing demand from the automotive sector. Demand for automotive bearings has grown substantially with the increase in production of motor vehicles across the globe. In addition, rising demand from steel industry, railways, and defense and aerospace industry has also contributed to the growth of the bearing market globally. The need for energy efficiency in process industries has also improved the worldwide demand for bearings significantly.
However, low manufacturing cost of products is resulting in the entry of several local manufacturers and also creating a threat of counterfeit products. Currently, counterfeit bearings are showing up in the marketplace in large volumes. Some unscrupulous companies are mislabeling inferior-quality counterfeit bearings as brands from reputed bearing companies. It is often hard to tell the difference between genuine and counterfeit bearings. Counterfeit products are not manufactured according to given standards, which is anticipated to have an impact on business in the coming years.
Ball bearings held the dominant market revenue share in the global bearing market in 2018 and are expected to remain dominant during the forecast period. The demand for ball bearings can be attributed to their wide range of applications in motor engines, automotive wheels, railway coaches, hard drives, and consumer durables. Growing automobile production and rapid industrialization in emerging economies of Asia Pacific is also expected to drive growth of the bearing market during the forecast period from 2019 to 2027.
The automotive segment led the bearing market in 2018 and is expected to retain its share in the near future. The dominance of this segment is due to the rise in the production of motor vehicles across the globe, which has increased by 2.7% in 2019 as compared to the previous year. Aerospace equipment is analyzed to be the major growing application segment for bearings and is expected to attain significant growth in the next few years.
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Bearing Market: Prominent Regions
The Asia Pacific region led the bearing market in 2018 and is expected to continue its dominance in 2027. The region’s dominance is due to increasing production of automobiles in Japan, South Korea, China, and India. Moreover, rapid industrialization in the region is also contributing to the growth of the bearing market. Europe and North America followed Asia Pacific in the global bearing market to collectively account for more than 40% of the global market revenue share.
Bearing Market: Key Players
Key players operating in the global bearing market include NSK Ltd., Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Dahler, RBC Bearings Incorporated, and Rexnord Corporation.