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What's Driving the Bearings Market Growth? Key Players are Brammer PLC, C&U Group Company Limited, Daido Metal Company Limited, Harbin Bearing Manufacturing,HKT Bearings, JTEKT

03-19-2020 05:58 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Bearings Market

Bearings Market

The bearings market share worth USD 40.6 billion in 2014 in the automotive industry, is predicted to reach USD 71 billion over the period of 2015-2022. Growing need for lightweight & high performing automobiles and disc drives has resulted in enhanced use of small and light weight bearings in automobiles. The bearings application in the agriculture industry is forecast to grow at a CAGR of 7% due to the computerization of farming activities in emerging economies. Moreover, technological innovations, ability to operate at extreme temperatures, substantial weight reduction, and high speed is predicted to drive the demand for bearings across the railways and aerospace industry.

Amongst the various types of bearings such as ball bearings and roller bearings available in the industry, the ball bearings market is forecast to reach USD 62.1 billion by 2022, leading the product landscape over the period of 2015-2022. Ball bearings have small surface contact which helps in reducing friction. It also spins smoothly and hence can be used with radial loading and thrust. The roller bearings market is projected to reach USD 51 billion by 2022 due to its growing use across heavy load settings.

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VIt is anticipated that Europe will achieve USD 32 billion by 2022 which was USD 18 billion earlier in 2014. One more example of rising market for this product is North America which is expected to get USD 25 billion by 2022. Bearings market share is highly productive. The list of top most companies includes Timken, NSK Global, SKF, Schaeffler Group, JTEKT and NTN Corporation and these companies are contributing almost 60% of overall industry share.

Key market players include Brammer PLC Company, Timken Company, HKT Bearings Ltd, NSK Global, Schaeffler Group, SKF, Minebea Company Limited, JTEKT Corporation, RBC Bearings Inc, C&U Group, and NTN Corporation. The Bearings market participants will try to increase their market share through new product launches, market penetration, mergers & acquisitions, and R&D investments.

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