Mounted Bearings Market Insights : Product Innovations, Regional Trends & Competitive Landscape (2023-2032)

The bearing is a machine component that limits relative motion to only the necessary motion and reduces friction between moving elements. The automobile bearing is an important component in the vehicle, responsible for the efficient and smooth operation of the vehicle. Its primary function is to allow linear or rotational movement, as well as high-pressure processing. Increase in mounted bearing usage in various industries, increase in disposable income, and rise in production of vehicles across the globe are some of the essential factors that drive the global mounted bearing market in the forecast period. However, rise in vehicle electrification and raw materials price instability hampers the market growth.

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COVID-19 Impact Analysis

The COVID-19 outbreak has widely disrupted the automotive industry. It has resulted in shut down of manufacturing facilities and decline in the sales volume. Furthermore, the demand for both commercial and passenger vehicles is expected to decline in 2020. This expected decline will adversely affect the mounted bearings industry, as vehicle production is directly proportional to the mounted bearings industry. Companies however are taking precautionary measures to combat the adverse effects of the outbreak.

Top Impacting Factors

Increase in disposable income, decrease in tax rates on commercial & passenger vehicles. and surge in consumer preference for light and fuel-efficient vehicles drive the growth of the global mounted bearing market.

Intense competition from bearing suppliers in low-cost countries, increase in availability of counterfeit products along with rise in vehicle electrification and volatility in the prices of raw material hinder the growth of the global mounted bearing market.

Growth of automotive industry, rise in demand for specialized bearings for cost optimization and adoption of internet of things provide lucrative opportunities for the growth of the global mounted bearing market.

Market Trends

Increasing Development and Adoption of Sensor-Based Bearing Unit and IoT

Sensors are essential components in industrial automation and motion control systems. They serve as an important link between the data gathered by the physical system and the communication link that transmits the data to the monitoring facility or cloud. Sensors are used to check bearing performance, since defective bearings can cause expensive downtime. IIoT (Industrial Internet of Things) sensors are a complex combination of software and hardware. IIoT sensors may be used as acoustic and chemical sensors for liquid level and temperature monitoring sensors. Proximity sensors are another type, which are placed on bearings. IoT sensors perform more than just data collection and transmission, they also perform processing and decision-making functions. This additional feature can save engineering time and costs.

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The bearing manufacturers are developing a sensor-based mounted bearings, which are intended to enhance early detection and monitoring of bearing failures. For example, ABB is a major player in the installed bearing market who is providing ABB Ability Smart Sensor, an easy-to-use wireless sensor that helps in monitoring the condition of bearings mounted in ABB Dodge, hence allowing users to reduce downtime, improve reliability and operate safely. Thus, the increasing use of IoT-based mounted bearings will boost the growth of the global mounted bearing market during the forecast period.

Key Benefits of the Report:

This study presents the analytical depiction of the mounted bearing industry along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with challenges of mounted bearing market.

The current market is quantitatively analyzed to highlight the growth scenario of the mounted bearing market.

The report provides a detailed mounted bearing market analysis based on competitive intensity and the competition that will take shape in coming years.

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Questions Answered in the Mounted Bearing Market Research Report:

Who are the leading market players active in the mounted bearing market?

What would be the detailed impact of COVID-19 on the market?

What are the current trends that would influence the market in the next few years?

What are the driving factors, restraints, and opportunities in the mounted bearing market?

What are the future projections that would help in taking further strategic steps?

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