Expanding Electric Vehicle Production To Fuel Bearings Market Trends

Bearings have emerged as an integral mechanical component for the smooth and proper running of machines and automobiles. The industrial heavy machinery sector has emerged as one of the largest consumers of the product followed by the automobile industry.

The economic improvement among the people across the globe has amplified the sale for different types of vehicles. The alarming rise in carbon dioxide levels has stressed on the need to use sustainable automobile solutions. Witnessing the need, leading vehicle companies have introduced electric vehicles that are relatively better for the environment.

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Low cost of ownership, cost-effective maintenance, and effective energy utilization has further supported the sale of electric vehicles, worldwide. Bearings are used in automobiles in several applications such as engines, gearboxes, steering, transmissions, electric motors, wheels, and pumps.
In order to promote the sale of EVs, governments across the globe are offering incentives to encourage both, the vehicle manufacturer as well as the buyer. As per reliable sources, in September 2020, the government of India announced its plan to provide USD 4.6 billion as incentives to the companies setting up an advanced battery manufacturing unit, as it aims to promote the use of EV and reduce its dependence on oil.

With respect to the application spectrum, bearings find extensive usage in the vast mining and construction industry. An economic improvement over the years has driven the demand for industrial, commercial, and residential infrastructure. Reforms in various mining policies over the years have further supported developments in the mining sector in developing nations.

For example, during March 2020, the Government of India unveiled the Mineral Laws (Amendment) Bill, which removes the restriction on the end-use of coal and makes coal and lignite blocks qualified for auction. This will lead to the attraction of investors in mining projects and encourage ease of doing business across the region.

Constant efforts made by bearing manufacturers to develop improved products for mining and construction application will intensify bearing production in the coming years. For example, in 2020, SKF launched a new range of UC 300 series, that restricts bearing operation from contaminated environments. Global bearings market is anticipated to reach annual revenues of over USD 70 billion by 2026.

Europe has emerged as a profitable revenue terrain over the years due to the growing demand for the product from western European countries like France, Germany, and the U.K. These countries have a large market for light and passenger vehicles in the region.

Europe hosts a wide presence of various automobile companies like BMW, Mercedes-Benz, Audi, Ferrari, Volkswagen, Bentley, Volvo, and Porsche. The robust automobile sector in the region steers the demand for bearings to reduce friction and to ensure smoother rotation of various moving parts required for automobile manufacturing.

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Leading bearing suppliers are frequently entering into strategic alliances, acquisitions, and mergers in order to increase their customer base and achieve a competitive edge. For instance, in 2019, U.S.-based RBC bearings - a prominent international manufacturer of advanced precision bearings and components for aerospace, defense, and industrial sector announced the acquisition of Swiss Tool Systems AG for USD 33.9 million. The transaction aims at expanding RBC Bearing’s product portfolio as well as its geographical reach.

Other leading Bearings Market players include Brammer PLC, NTN Corporation, HKT Bearings Ltd., The Timken Company, and SKF among various others.

Table of Contents (ToC) of the report:

Chapter 1. Methodology & Scope
1.1. Market definitions
1.2. Base estimation & working
1.2.1. North America
1.2.2. Europe
1.2.3. APAC
1.2.4. LATAM
1.2.5. MEA
1.3. Forecast calculation
1.3.1. COVID-19 impact calculations on industry forecast
1.4. Data sources
1.4.1. Primary
1.4.2. Secondary
1.4.2.1. Paid sources
1.4.2.2. Public sources

Chapter 2. Bearings Market Summary
2.1. Bearings market 3600 synopsis, 2016 –2026
2.1.1. Business trends
2.1.2. Application trends
2.1.3. Product trends
2.1.4. Regional trends

Chapter 3. Bearings Market Insights
3.1. Industry segmentation
3.2. Industry size and forecast
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.1.1. List of key raw material suppliers
3.3.1.2. List of key product manufacturers/suppliers
3.3.1.3. List of potential customers

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