The bearings market share worth USD 40.6 billion in 2014 in the automotive industry, is predicted to reach USD 71 billion over the period of 2015-2022.
— The Asia Pacific bearings market share worth USD 36 billion in 2014, is expected to reach USD 68 billion by 2022, owing to the rapid infrastructure growth and industrialization. The Europe bearings market worth USD 18 billion in 2014, is anticipated to touch USD 32 billion by 2022. The North America bearings market size is predicted to touch USD 25 billion mark by 2022 and its growth is driven by the expansion of manufacturing industry. Furthermore, enhanced sales of high value bearings and custom built bearings are predicted to drive the regional growth over the coming years. The U.S. bearings market is anticipated to touch USD 25.1 mark by 2022.
Bearings market size is expected to exceed over USD 142 billion by 2022, as it will grow over 7.6% in the coming years. This product is an essential mechanical component for proper and smooth running of vehicles and machineries. The industrial heavy machinery sector is the largest end user market, followed by automobile sector which can’t run without this product. The future growth of this market will come with an increase in requirement in aerospace and railway sectors. Asia Pacific is the greatest and fastest rising market in this sector, followed by China. Asia Pacific market was USD 36 billion in 2014 and is projected to gain USD 68 billion by 2022 with a CAGR of 8% between years 2015-2022.
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Increase in number of commuters taking advantage of public transportation is likely to be the key facet of rise in demand. Substantial growth is expected in this market because of high requirement for tapered roller components in wheels, gearboxes and journal applications along with ceramic coated ones used in traction-motor. They have small surface contact thus help in reducing friction which makes vehicle run smoothly and hence its demand can’t fall in future. It has a rising growth with approximately 42% of the overall share in 2014 and is expected to enjoy 78% in the coming year.
Bearings find myriad applications across mining & construction, agriculture, railway & aerospace, automotive, and electrical industries. The bearings market share worth USD 40.6 billion in 2014 in the automotive industry, is predicted to reach USD 71 billion over the period of 2015-2022. Growing need for lightweight & high performing automobiles and disc drives has resulted in enhanced use of small and light weight bearings in automobiles. The bearings application in the agriculture industry is forecast to grow at a CAGR of 7% due to the computerization of farming activities in emerging economies. Moreover, technological innovations, ability to operate at extreme temperatures, substantial weight reduction, and high speed is predicted to drive the demand for bearings across the railways and aerospace industry.
Amongst the various types of bearings such as ball bearings and roller bearings available in the industry, the ball bearings market is forecast to reach USD 62.1 billion by 2022, leading the product landscape over the period of 2015-2022. Ball bearings have small surface contact which helps in reducing friction. It also spins smoothly and hence can be used with radial loading and thrust. The roller bearings market is projected to reach USD 51 billion by 2022 due to its growing use across heavy load settings.
Browse key industry insights spread across 160 pages with 100 market data tables & 59 figures & charts from the report, “Bearings Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/bearings-market-report
Key market players include Brammer PLC Company, Timken Company, HKT Bearings Ltd, NSK Global, Schaeffler Group, SKF, Minebea Company Limited, JTEKT Corporation, RBC Bearings Inc, C&U Group, and NTN Corporation. The industry participants will try to increase their market share through new product launches, market penetration, mergers & acquisitions, and R&D investments.
Glimpse of Table of Content (ToC)
Chapter 4 Bearings Market Product Insights
4.1 Global bearings market share by product, 2014 & 2022
4.2 Ball Bearings
4.2.1 Global ball bearings demand, by region, 2012 – 2022
18.104.22.168 Global deep groove ball bearings (DGBB) demand, by region, 2012 – 2022
22.214.171.124 Global other ball bearings demand, by region, 2012 – 2022
4.3 Roller Bearings
4.3.1 Global roller bearings demand, by region, 2012 – 2022
126.96.36.199 Global split roller bearings (SRB) demand by region, 2012 – 2022
188.8.131.52 Global tapered roller bearings (TRB) demand by region, 2012 – 2022
184.108.40.206 Global other roller bearings demand, by region, 2012 – 2022
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