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Automotive Industry News On Bearings Market 2018 Key Players are Brammer PLC, Timken, NSK Global, SKF, Daido Metal Company Limited, Minebea Company Limited, JTEKT, NTN Corporation, and Schaeffler Group.

Bearings Market

Bearings Market

Bearings Market in Asia Pacific will grow at over 8% CAGR from 2015 to 2022 due to substantial demand across various sectors such as electronics, automotive, and industrial equipment. Government norms and initiatives are favoring the industry growth. For instance, Chinese government is encouraging their manufacturers of mechanical and electronic bearings to expand domestically.

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Bearings Market will observe a steady growth over the foreseeable timeframe. It is estimated to grow at a CAGR of 7.6% and surpass USD 140 billion by 2022. Rising demand for automobiles and spare part components will boost the global bearings market share over the forecast timeline. Various technological developments in lubrication, weight reduction, seal technologies will present huge opportunities for the industry participants.

Ball bearings market is the leading revenue generator and is estimated to foresee a growth of 7.5% from 2015 to 2022. This growth can be attributed to their ability to decrease friction and their capability to spin effortlessly. Growing investments in railway and aerospace sector is anticipated to drive the segment growth. Furthermore, growing demand for fuel efficient passenger vehicles across Asia Pacific will stimulate the bearings market over the forecast timeframe.

Bearings Market by application

• Agriculture
• Electrical
• Automotive
• Mining & Construction
• Railway & Aerospace

The railway & aerospace applications are projected to exhibit rapid growth over the next few years. Rising number of travelers using public transportation is predicted to be the key growth factor. High demand for precision components used in aircraft engines will positively impact the ball bearings market size. Increasing investments to improve the railway and aerospace infrastructure motivated by the increasing rail and air traffic are forecast to present attractive growth opportunities to industry participants.

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Automotive sector holds the highest revenue generator segment and will continue to dominate over the forecast timeline. This can be attributed to rising demand for technologically advanced solutions in the vehicles. Furthermore, popular trends such as development of application specific solutions is expected to drive the bearings market growth.

Growing demand for high performance bearings have led producers to integrate sensor technology. The sensors digitally monitor axial movement, acceleration, deceleration, rotation speed and load carrying capacity.

Growing penetration of commercial vehicles across the globe will drive demand over the coming years. Increasing requirement for high performance, light weight automobiles, to enhance energy efficiency and curtail friction-based energy loss is contributing towards the demand for efficient products. Moreover, customer preferences to utilize fuel-efficient, advanced vehicles equipped with additional safety features is expected to boost the ball bearings market share over the forecast period.

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Manufacturers are investing heavily in R&D in order to offer innovative products and address increasing competition. For instance, ceramic ball bearings will drive the industry growth owing to its additional feature such as lightweight and more efficient in reducing friction & energy consumption during operations. The business is primarily driven by design innovations and new offerings. However, rising circulation of counterfeit products pose a threat for the industry. Engineers and quality inspectors are under constant pressure to indentify the fake bearings before assembling the product. Financial losses and cost incurred in these checks which includes hiring of trained anti counterfeit personnel are difficult to enumerate.

The players involved in the global bearings market include Minebea Co. Ltd., Daido Metal Co., Timken, NTN Corp., Schaeffler Group, Brammer PLC, SKF, NSK Global, JTEKT. New product development, and high profile raids in order to minimize loss due to counterfeit products are the major competitive strategies adopted by the industry participants.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc.
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