3 Key Insights on the US$ 120 Billion Opportunity in the Global Bearings Market: Ken Research

Driven by the increasing demand for electric vehicles, and continuous product development as per the market requirement. The Global Bearings Market is forecasted at approximately US$ 120 Bn by 2028 says Ken Research Study.

Bearings are parts that assist in the rotation of an object. Bearings support the shaft that rotates inside the machinery. Machines that have the usage of bearings include automobiles, airplanes, electric generators, and others. They are also used in household appliances such as refrigerators, vacuum cleaners, air-conditioners, and others. The bearing supports the rotating shaft of the wheels, gears, turbines, rotors, and various other applications.

"Ken Research shares 3 key insights on this high-opportunity market from its latest research study."

1. Product Development, Expansion, and Collaboration among Players are Driving Factors for Bearings Market.
According to Ken Research Analysis, the Global Bearings Market was valued at US$ 55 billion in 2017, it is estimated to be ~US$ 80 billion in 2022 and is forecasted to reach a market size of ~US$ 120 billion opportunities by 2028, owing to regular upgradation in the bearing product line, according to the customer demands.

For Instance, In April 2021, NSK developed a third-generation high-speed ball bearing for electric vehicle (EV) motors capable of operating at over 1.8 million dmN (Measurement of bearing rotational performance).

Furthermore, In March 2021, SKF invests US$ 36.50 million in expanding and modernizing its manufacturing facility in Airasca, Italy. The investment will bring the manufacturing of super precision bearings (SuPBs) for industrial application.

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2. Increasing Vehicle Production, and Rising Demand for Electric Vehicle Cars, are Fueling the Growth in Bearings Market.
Bearing is an important component installed in a vehicle. On average, one passenger vehicle requires 35 type of bearings, which may substantially be varied depending on the model and technology used in the vehicle. All moving parts of the automobile, require bearing to function. Bearings are used in engines, gearboxes, transmissions, wheels, steering, electrical motors, pumps, and others.

According to Japan External Trade Organization, domestic automobile production in 2019 was 9.68 million units and domestic automobile sales in the same year were 5.2 million units. The growing automotive industry will directly propel the growth of the bearing market.
The International Organization of Motor Vehicle Manufacturers (OICA), an organization working in the interest of vehicle manufacturers and assemblers, stated that vehicle production increased by 3% from 2020 to 2021 after declining by 13% from 2019 to 2020. Increasing the production and sales number of automobiles will directly help the bearings market to grow.

3. Higher Raw Material Prices are Likely to Hamper the Growth of the Bearings Market.
Bearing is made from different types of materials such as steel, ceramic, plastic, and others. The most common type of bearing is manufactured through high-carbon chromium steel, often called chrome steel. The high raw materials prices of manufacturing bearings are hampering the growth of the market. During the COVID-19, the prices of steel have declined significantly but as the demand surged and supply reduced due to the low production volume, the prices of these materials have soared to an all-time high, owing to the prices of bearings also fluctuating and restraining the growth of the market.

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Key Topics Covered in the Report: -
Snapshot of the Global Bearings Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Bearings Market
Historic Growth of the Overall Global Bearings Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Bearings Industry
Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Global Bearings Market
Future Market Forecast and Growth Rates of the Total Global Bearings Market and by Segments
Market Size of Application / Material Type Segments with Historical CAGR and Future Forecasts
Analysis of the Global Bearings Market
Major Production/Supply and Consumption/Demand Hubs in Each Major Region
Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Continent

Major Players Mentioned in the Report
SKF
JTEKT Corporation
Regal Rexnord Corporation
Schaeffler AG
NSK Ltd.
NTN Corporation
The Timken Company
MinebeaMitsumi Inc.
HKT Bearings Ltd.
Nachi-Fujikoshi Corporation

Notable Emerging Companies Mentioned in the Report
Liaocheng SAST Bearing Co., Ltd
Hangzhou DingTeng Industrial Co., Ltd.
Rotycan Turbotech Pvt. Ltd
CEC Bearings
Industria Bearings & Transmissions Ltd.

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report
Bearings Manufacturing Companies
Bearings Material Suppliers
Potential Investors in Bearings Companies
Steel Bearings Producers
Ceramic Bearings Producers
Bearing Accessories Manufacturers & Suppliers
Consulting Companies in the Bearings Market
Government and Research Organizations Working in Bearings Industry
Investment Banks Targeting Bearings Industry
Company Research and Development Institutes
Market Research & Consulting Firms
Banking and Financial Service Providers
Auto Component Manufacturers
Government & Regulatory Authorities
Testing & Inspection Companies

Time Period Captured in the Report: -
Historical Period: 2017-2021
Forecast Period: 2022-2028F

For More Information on the Research Report, Click on the Below Link: -
https://www.kenresearch.com/business-research/global-bearings-market-outlook-to-2028/

Contact Us: -
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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.