Bearing Market Exhibits 7.7% CAGR 2014-2020 Driven by Rising Demand from Industries in Asia Pacific

The increased production of vehicles worldwide, coupled with the rising demand from the aerospace and defense industry, is driving the global bearing market. With a continually widening global industrial base, the need for replacement and upgrades is strengthened; this aids the expansion of the global bearing market. A new analysis published by Transparency Market Research, titled “Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020” projects this market to exhibit a CAGR of 7.7% between 2014 and 2020. The market stood at US$75.91 bn in 2014 and is expected to reach US$118.2 bn by the end of 2020.

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Bearings are machine components predominantly used to reduce friction between moving parts. For instance, a roller bearing is used to withstand load and allow machines to spin smoothly. With the innovation of the latest technologies in industries such as construction, oil and gas, and automotive, the application and functioning of bearings are also evolving in response. The introduction of sophisticated technologies such as smart bearings is likely to facilitate manufacturers in continuously monitoring bearing operations.

The market for bearings has primarily gained impetus from the rising production of vehicles. Additionally, the desperate need for energy-efficiency in vehicles and the increasing demand for bearings from the aerospace and defense industry are other factors boosting the market. However, the market is facing a challenge from the growing sale of counterfeit products.

The report segments the global bearing market based on product, end use, component, and geography. The product segment of the market covers plain bearings, roller bearings, unmounted ball bearings, and others. On the basis of components, the market is segmented into balls, rings, cages, rollers, and others. The end-use segments of the market include power transmission equipment, motor vehicles, aerospace equipment, oilfield machinery, construction machinery, garden machinery, and others. Regionally, the global bearing market is segmented into North America, Asia Pacific, Europe, and Rest of the World.

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Among the product-based segments, the unmounted ball bearings segment stood at US$33.3 bn in 2014. Regionally, Asia Pacific is expected to dominate the global bearing market through the forecast period. The booming automotive industry in the region is the primary factor driving the market for bearings in the region. The market is also expected to gain from the rapid expansion of industries in countries such as India, South Korea, China, and Japan. The region is expected to be trailed by North America and Europe. North America and Europe collectively held over 40% of the global bearing market in 2014.

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