Bearing Market Expected to Reach $143.53 Billion by 2027 | AMR

According to a recent report published by Allied Market Research, titled, "Bearing Market by Type, Size, Distribution Channel, Machine Type, End Use and Group: Global Opportunity Analysis and Industry Forecast, 2020-2027," the global bearing market was valued at $107.46 billion in 2019, and is projected to reach $143.53 billion by 2027, registering a CAGR of 6.1%.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/2139

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

★By machine type, the electric vehicles segment is expected to register a significant growth during the forecast period.
★Depending on end use, the automotive segment is anticipated to exhibit significant growth in the near future.
★On the basis of group, the group 2 segment is projected to lead the global bearing market owing to higher CAGR as compared to other groups.
★Asia-Pacific is anticipated to register the highest CAGR.

Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America and LAMEA. China dominated the global bearing market Size share in 2019 due to increase in adoption of advanced technologies. Meanwhile, Japan is expected to register a significant growth rate during the forecast period owing to the increased industrialization and vehicle production.

Bearing is a form of machine element that is helpful in constraining the relative motion to only the desired motion. Bearing used in a machine helps in reducing the friction between the moving parts thus providing free linear movement of the associated parts around a fixed axis. Bearings used in a machine are classified base on the type of operation with the aim to reduce the friction to its lower extent.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/2139

There are different types of bearing available such as ball bearing, roller bearing, spherical ball bearing, cylindrical ball bearing, needle roller ball bearing and others. These type of bearing finds a wider application in different type of machines such as automobiles, aircrafts and industrial machinery.

Increase in development of automobiles and industrial machinery to enhance the performance, increase the demand for a better and long-lasting bearing. This comprises bearings of several sizes depending on their application. Based on the size, the market is categorized into different types of bearings, among which the 51 mm to 60 mm sized bearing is expected to register a significant growth during the forecast period.

Also, based on machine type, electric vehicles find an increased application of bearing owing to a better growth rate as compared to other machines. Also, original equipment manufacturers (OEMs) of bearing holds a majority of the market share due to the longer life of the bearing.

The global bearing market has been supplemented by factors such as rise in utilization of bearing in railways, electric vehicles, & rolling mills followed by increase in utilization of bearing in motor, demand of automotive electrification, and demand of bearing in continuously variable transmission (CVT) has enhanced the demand of bearing market. However, bearing damages that are caused in electric vehicles, increasing vehicle electrification and fluctuating raw material prices and high maintenance cost hampers the growth of the global bearing market.

Moreover, rising concern about green vehicles and constant development in the automobile industry, emergence of sensor bearing units and increasing development of additive manufacturing technologies & materials to manufacture bearing are the factors that provide lucrative opportunities, thereby leading to the growth of the global bearing market.

𝐏𝐔𝐑𝐂𝐇𝐀𝐒𝐄 𝐅𝐔𝐋𝐋 𝐑𝐄𝐏𝐎𝐑𝐓 𝐎𝐅 - https://www.alliedmarketresearch.com/bearings-market/purchase-options

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐚𝐧𝐚𝐥𝐲𝐳𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐫𝐞
NSK Ltd.,
Schaeffler AG,
NTN Corporation,
SKF,
Iljin Bearing,
RKB Bearing,
JTEKT Corporation,
Timken,
Wafangdian Bearing Co., Ltd.
THK Co. Ltd.

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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