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Global Bearing Market to be Worth US$118.2 bn by 2020
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For instance, in case of a roller bearing, the rolling elements in the bearings withstand the load, allowing the device to spin smoothly. With technological advancements in several industry verticals such as automotive, construction, and oil and gas, the applications and functionalities of bearings are evolving continuously. High end technologies such as smart bearings facilitate manufacturers to monitor bearing operations constantly.
The global bearing market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW).
The bearing market is primarily driven by increasing demand from automotive industry. The increase in the global production of motor vehicles has substantially raised the demand for automotive bearings.
In addition, rising demand from steel industry, railways and defense and aerospace industry has also contributed to the growth of bearing market globally. The need for energy efficiency in process industries has also augmented the worldwide demand for bearings significantly.
Geographically, Asia Pacific led the bearing market in 2014 and the region is expected to continue its dominance in 2020. The region’s dominance is due to increasing production of motor vehicles in countries such as Japan, South Korea, China, and India. Moreover, rapid level of industrialization in this region is also contributing to the growth of bearing market. Europe and North America followed Asia Pacific in the global bearing market to collectively account for more than 40% of the global market revenue share.
The bearing market is segmented on the basis of product type into - unmounted ball bearings, plain bearings, roller bearings and others. Among all, unmounted ball bearings were holding the highest market revenue share in 2014 and are expected to remain so during the forecast period.
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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