Bearings Market is Touted to Rise with a Lucrative Growth by 2022

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. Bearings, also referred to as anti-friction components, are modules that reduce resistance and improve the mobility of components.

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Rapid industrialization in potential regions, such as Mexico, Indonesia, Nigeria, and Russia drives the industrial bearings industry. The implementation of bearings across various applications is expected to reinforce the need for replacements and renovations, thereby accelerating market demand. Furthermore, upsurge in the production of motor vehicles in Asian economies, such as China, India, and South Korea are expected to provide opportunities to key vendors in this market. This trend is projected to continue in the future and drive the bearings market growth.

The adoption of bearings has increased at a significant rate. This is attributed to the upsurge in adoption of bearings in heavy machineries and automotive. Heavy industry machinery includes equipment used for mining, infrastructure development, and construction. Therefore, increased investments in heavy machinery activities have fueled the growth of the bearings industry. Furthermore, the demand for ball bearings is expected to increase during the forecast period, as heavy industry machineries use a wide range of high-performance bearings to bear heavy loads and reduce energy consumption.

Based on the geography, the bearings market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2014, accounting for around 37% share of the overall bearings market. The Asia-Pacific market is projected to grow at the highest CAGR of 8.6% during the forecast period due to advancements in manufacturing sector, along with strong retrieval of motor vehicle industry in economies, such as India, China, and Japan.

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The report features a competitive scenario of the bearings market and provides comprehensive analysis of key growth strategies adopted by major players in the bearings industry. Some of the key players operating in the bearings market include C&U Group, Federal Moghul Holding Corporation, JTEKT Corporation, NKE Austria GmbH, NSK Limited, NTN Corporation, Schaeffler Group, SKF AB, THK Company, and Timken Company.

Key Findings of the Bearings Market:

The ball bearings segment dominated the bearing type market in 2014, and is expected to grow at a CAGR of 6.4% during the forecast period.

Among outer diameter, the 23mm-32mm outer diameter is projected to create significant growth opportunities for prominent players operating in the global bearings market.

Asia-Pacific dominated the global bearings market size in 2014. Moreover, the segment is projected to continue its dominance throughout the forecast period.

The U.S. was leading in terms of spending on bearings in 2014. In addition, India, China, and other emerging markets are projected to provide significant opportunities for major players operating in the market.

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