Press release
Bearings Global Market Size is Expected to Grow $193.77 Billion at a CAGR of 9.0% By 2028 | Key Players: HKT Bearings Limited, Igus Inc., JTEKT Corporation, MinebeaMitsumi Inc., ISB Industries S.r.l.
Bearings Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Bearings industry. This report on Bearings market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The bearings market size has grown strongly in recent years. It will grow from $125.89 billion in 2023 to $137.33 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to industrialization and manufacturing growth, expansion of automotive and transportation sectors, increased in demand for energy and power generation, growth in construction and infrastructure development, demand for bearings in heavy machinery and equipment. The bearings market size is expected to see strong growth in the next few years. It will grow to $193.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
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Key Market Players:
HKT Bearings Limited, Igus Inc., JTEKT Corporation, MinebeaMitsumi Inc., ISB Industries S.r.l., KOYO Corporation of U.S.A., THB Bearings Co. Ltd., The Progressive Corporation are prominent players in the Bearings industry.
Market Drivers:
An increase in demand for electric vehicles is expected to propel the growth of the bearings market going forward. An electric vehicle (EV) is a motor vehicle that is propelled by an electric motor rather than an internal-combustion engine, which generates energy by burning a mixture of gasoline and gases. The high speed of electric motors in EV and HEV powertrains necessitates the use of specialized bearings. For instance, according to the annual global electric vehicle outlook 2022, an annual report published by the International Energy Agency (IEA), an intergovernmental organization, the sales of electric cars including fully electric and plug-in hybrids were doubled in 2021 to reach a new record of 6.6 million. In 2021, electric car sales nearly tripled to 3.3 million in China, accounting for about half of the global total.
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Market segments for Bearings include:
1) By Bearing Type: Unmounted Bearing, Mounted Bearing
2) By Material: Metal, Plastic, Ceramics
3) By Application: Automotive, Agriculture, Electrical, Mining and construction, Railway and Aerospace, Automotive Aftermarket, Other Applications
4) By Distribution Channel: Online, Offline
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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