What is Bearing Market Scope?
Bearings is a machine element used to reduce the friction between moving rotary parts and to support rotating parts in order to obtain desired motion. Bearings are used in various industry verticals such as automotive, aerospace, railway, and heavy machinery. Developing infrastructure of wind turbines from emerging markets such as China Brazil, Mexico, and India, increasing demand for high-performance bearings for agriculture equipment, and rise in industrialization globally are the key factors driving the growth of the global market.
The Bearing market study is being classified by Type (Ball Bearings (Deep Groove Bearings, Others), Roller Bearings (Split, Tapered, Others) and Others), by Application (Automotive, Aerospace, Construction, Railways and Industrial Machinery) and major geographies with country level break-up.
The manufacturers are increasingly emphasizing R&D projects to manufacture application-specific bearings and to increase their efficiency. Also, companies are undertaking various strategies such as partnerships, mergers, collaborations, capacity expansions, among others, to capture a higher share in the market and to increase their customer base. Intense competition has led manufacturers to invest in product developments and expansion of production to better cater to customer requirements.
Svenska Kullagerfabriken AB (Sweden), NTN Corporation (Japan), Schaeffler Group (Germany), NSK Ltd. (Japan), The Timken Company (United States), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan), The Danaher Corporation (United States), GKN plc. (United Kingdom) and Minebea Mitsumi, Inc. (Japan) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Brammer PLC (United Kingdom), Harbin Bearing Manufacturing Co., Ltd. (China), HKT Bearings Ltd. (Korea), NBI Bearings (Spain) and RBC Bearings Inc. (United States).
Analyst at AMA have segmented the market study of Global Bearing market by Type, Application and Region.
On the basis of geography, the market of Bearing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2020.
In September 2020, NTN Corporation announced the expansion of production and delivery of deep groove ball bearings specifically developed for electric vehicles (EVs) and hybrid electric vehicles (HEVs).
Influencing Market Trend
- Rise in Demand for Specialized Bearing Solutions That Meet Different Industry-Specific Requirements
- Advent of the Agricultural Internet of Things (IoT)
- Growing Demand from the End-Use Industry such as Aerospace, Automotive, Agriculture
- Rising Demand for Bearings with Lower Maintenance Requirements, Higher Efficiency, and Longer Service Life.
- Technological Advancements in Seal and Lubrication Technologies and the Use of Lightweight Materials in High-Performance Products
- Fluctuation in the Raw Material Prices
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):
1. At what growth rate would the Bearing market expands?
The Global Bearing market is expected to see a growth of % during projected year 2020 to 2026.
2. Who are the prominent players of the Global Bearing market?
The prominent players of Global Bearing market are Svenska Kullagerfabriken AB (Sweden), NTN Corporation (Japan), Schaeffler Group (Germany), NSK Ltd. (Japan), The Timken Company (United States), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan), The Danaher Corporation (United States), GKN plc. (United Kingdom) and Minebea Mitsumi, Inc. (Japan), to name a few.
3. What are the top priorities to focus for Bearing marketís growth?
In this highly competitive & fast evolving Bearing industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.