Global Bearing Market to be Worth US$118.2 bn by 2020 growing at a CAGR of 7.7%

Bearings are machine elements that are primarily used for reducing friction between moving parts. For instance, in case of a roller bearing, the rolling elements in the bearings withstand the load, allowing the device to spin smoothly. With technological advancements in several industry verticals such as automotive, construction, and oil and gas, the applications and functionalities of bearings are evolving continuously. High end technologies such as smart bearings facilitate manufacturers to monitor bearing operations constantly.

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The global bearing market is expected to witness a substantial growth during the forecast period. This is due to its increasing demand across various application sectors such as automotive, industrial, railways, and aerospace sector. The increase in automobile production worldwide is stimulating the growth in demand for bearings and associated components. In addition, the need for energy efficiency in process industries has also augmented the worldwide demand for bearings significantly. Automotive is the highest revenue generating application segment in this market. Aerospace equipment segment is analyzed to be the fastest growing application segment in the bearing market.

Adoption of high end technologies such as smart bearings is also creating new opportunities for the bearing manufacturers globally. However, shrinking after sales market is acting as a restraining factor for the growth of bearing market, especially in automotive application segment. The rapid development of city infrastructures in the Middle East and Asia Pacific region is also influencing the growth of overall bearing market. Asia Pacific is analyzed to dominate the global bearing market throughout the forecast period. The region’s dominance is attributed to increasing production of motor vehicles in countries such as Japan, South Korea, China, and India. Moreover, rapid level of industrialization in this region is also contributing to growth of bearing market

This market research study analyzes the bearing market on a global level, and provides estimates in terms of revenue (USD billion) from 2014 to 2020. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years

By geography, the market has been segmented into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW), and these have been estimated in terms of revenue (USD billion). In addition, the report segments the market based on the product type, which include unmounted ball bearings, plain bearings, roller bearings and others. It also segments the market on the basis of components as balls, rollers, cages, rings and others. Based on end use, the market is segmented into motor vehicles, aerospace equipment, power transmission equipment, construction machinery, farm and gardening machinery, oilfield machinery and others. All these segments have also been estimated on the basis of geography in terms of revenue (USD billion).

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For better understanding of the bearing market, we have given a detailed analysis of the supply chain. A detailed Porter’s five forces analysis has been given for a better understanding of the intensity of the competition present in the market. Furthermore, the study comprises a market attractiveness analysis, where the applications are benchmarked based on their market scope, growth rate and general attractiveness.

The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company overview, financial overview, business strategies, SWOT analysis, and the recent developments in the field of bearing industry. Major market participants profiled in this report include SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, and NSK Ltd. among others.



Bearing Market: By product type

Unmounted ball bearings
Plain Bearings
Roller Bearings
Others

Bearing Market: By components

Balls
Rollers
Cages
Rings
Others

Bearing Market: By end use

Motor vehicles
Aerospace equipment
Power transmission equipment
Construction machinery
Farm and garden machinery
Oilfield machinery
Other machinery

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.