Bearing Market to reach valuation USD 69.15 billion by 2022 | Schaeffler Group, NTN Corporation, SKF Group, NSK Global, JTEKT Corporation

Top Major Market Players:
The key industry participants for the bearing market are; Schaeffler Group, NTN Corporation, SKF Group, NSK Global, JTEKT Corporation, and Timken.
According to the Products, the Global Bearing Market is split into, Ball Bearings: Deep Groove bearings and others; Roller Bearings: Split bearings, Tapered bearings and others; and others.

By Application, the market industry is divided into; Automotive, Agriculture, Electrical, Mining & construction, Railway & Aerospace, Automotive Aftermarket, and Others.

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Industry Trend Analysis:
The Global Bearing Market was evaluated around USD 33.00 billion in the 2012 and is expected to reach approximately USD 69.15 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 6.89% over the forecast period.

A bearing is an element of the machine that reduces friction between moving parts and cut down relative motion out of the desired motion. Bearing facilitates the required motion by reducing friction. Bearings are segmented widely on the basis of the operation type, the allowed motions, or to the direction guidelines of the loads (forces) employed to the parts. Bearings are also known to as anti-friction elements that decrease resistance and enhance the mobility of machine parts. These machine parts are extensively used in pumps, gearboxes, and automobiles. These components make easy effective machinery operations. They can vary from a huge diameter bearing to a series of slender bearings. Bearings are mostly used to achieve the purpose of friction reducing. The other fundamental functions involve sustaining weight, alleviating efficient power transmission, and securing appropriate alignment of the movable machine component.

The global bearing market is projected to demonstrate extensive growth with a decent compound annual growth rate over the forecast period of 2012 to 2022. Rising demand for auto components and automobiles has propelled the growth of the global bearings industry. Technological innovations like seal technologies, lightweight materials in high-performance products, and lubrication technology are generating massive opportunities for the players in global bearings market. Furthermore, the rise in demand for passenger cars and commercial vehicles in the developing countries involving China and India are anticipated to boost the growth of bearings market during the forecast period. The rise in the high-performance bearings demand has directed manufacturers to incorporate superior sensors units in the products concerning bearings industry. The sensor units assist in supporting digital supervising of rotation speed, axial movement, deceleration, acceleration and load-bearing capacity.

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Table of Contents:
1.Introduction
2.Executive Summary
3.Market Overview
4.Bearings Market, By Product
4.1.Introduction
4.2.Bearings Market Assessment and Forecast, By Product, 2012-2022
4.3.Ball Bearings
4.4.Roller Bearings
4.5.Other Product Types
5.Bearings Market, By Application
5.1.Introduction
5.2.The Bearings Market Assessment and Forecast, By Application, 2012-2022
5.3.Automotive
5.4.Agriculture
5.5.Electrical
5.6.Mining and Construction
5.7.Railway and Aerospace
5.8.Automotive Aftermarket
5.9.Other Application
To be continued...

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Regional Outlook and Trend Analysis:
Asia Pacific regional market is estimated to experience the fastest growth in sales by the end of 2022. China is among the key markets for sales of bearings in this region. The growth of the region is anticipated to rise during the approaching years; the growth is encouraged by the rapid growth of motor vehicle and machinery production, along with a robust aftermarket for motor vehicle repair and industrial equipment. Furthermore, the strong construction and mining equipment industry in India is expected to assist the growth of the global market. In the developed markets of Japan, Western Europe, and the United States, the demand is propelled by a strong rigid investment environment and the rebounding manufacturing of motor vehicles. In the African and Middle Eastern regions, the speedy expansion of urban infrastructures is regulating the global market growth.

Key findings of the Bearing Market:
Rising demand for automotive industry and technological innovations in this industry are the factors boosting the growth of the market.

Roller bearings are anticipated to surpass ball bearings, as the leading product section during the approaching years, due to their capability to bear heavy loads and impact or shock loading.

The aerospace and railway section is expected to show the fastest growth at a compound annual growth rate over 8% during the projected period, due to their growing demand in applications involving doors, shock absorbers, gearboxes, tilting mechanisms, among others.

The Asia Pacific is projected to appear as the top growing area with a compound annual growth rate more than 5% during the forecast years owing to the augmented demand for swift infrastructure development, fuel-efficient passenger vehicles, and industrialization around the region.

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This release was published on openPR.