Bearings Market to Generate $140,792 Million, Globally by 2022 - 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.

Bearings are antifriction devices used in rotating equipment to minimize resistance and reduce wear and tear. They are used in various industries including automotive, electrical, mining & construction, and railway and aerospace.

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.

By bearings type, the ball bearings segment dominated the market in 2014 with around 51% market revenue share. Furthermore, the segment is projected to continue its dominance throughout the forecast period, owing to the increase in application of ball bearings in technologically advanced applications, such as telescope, weather satellites, exercise equipment, and turbines.

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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.

Global Bearings Market Report, published by Allied Market Research, forecasts that the global was valued at $84,915 million in 2015 and is projected to reach $140,792 million by 2022, growing at a CAGR of 7.5% from 2016 to 2022.

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.

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Top Impacting Factors

The significant factors that impact the growth of the global bearings market are an increase in the use of bearings in heavy machinery, the rise in demand for application-specific bearings, the emergence of sensor bearing units, the surge in prices of steel, growth in the use of counterfeit products, and increase in production of motor vehicles in the emerging nations. The aforementioned factors either drive or hamper the bearings market growth. Each of these factors are poised to have a definitive impact on the market growth during the forecast period.

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