Global Bearing Market: Snapshot
The global bearing market is expected to observe a healthy growth in the coming few years. IN addition to this, the development of new products and the rising research and development activities are expected to accelerate the growth of the overall market in the next few years.
According to the market research study by Transparency Market Research, in 2013, the global bearing market was worth US$75.9 bn and is predicted to reach a value of US$118.2 bn by the end of 2020. The market is projected to register a 7.70% CAGR between 2014 and 2020.
Rising Research Activities to Support Bearing Market in Near Future
The rising use of bearings in several applications, including heavy machinery, automotive, mining and infrastructure development, agriculture, construction, and power generation is considered as one of the key factors estimated to encourage the growth of the global bearing market in the next few years. In addition to this, the growing demand for application-specific bearings is another major factor that is predicted to enhance the growth of the overall market in the next few years.
On the basis of end use, the global bearing market has been classified into oilfield machinery, power transmission equipment, motor vehicles, aerospace equipment, construction machinery, and farm and garden machinery. Among these, the aerospace equipment segment is projected to hold a key share of the market in the next few years. The rising demand for bearings from this segment and the rising focus on technological developments are predicted to support the growth of the market in the near future.
Asia Pacific to Dominate Global Bearing Market in Coming Years
The global bearing market has been classified on the basis of geography into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In the last few years, Asia Pacific led the bearing market and is estimated to hold a major share in the coming few years. The rising production of motor vehicles in several countries, such as South Korea, India, China, and Japan is considered as one of the key factors encouraging the growth of the Asia Pacific market in the next few years. In addition to this, the high level of industrialization is another key factor accelerating the market growth. Furthermore, the bearing market in North America is likely to grow at a healthy pace in the next few years.
The global market for bearings is highly competitive in nature and is projected to witness a high level of fragmentation in the next few years. The market is likely to observe an entry of several new players, which is estimated to enhance the competitive scenario of the market in the near future. In addition to this, the rising research and development activities and technological advancements are further estimated to generate growth opportunities for the market players and support the growth of the market in the next few years. Some of the key players operating in the bearing market across the globe are GGB Bearing Technology, NSK Ltd., Daido Metal Company Ltd., Harbin Bearing Group, Asahi Seiko Co., Ltd., The Timken Company, ThyssenKrupp AG, Rexnord Corporation, NTN Corporation, Danaher Corp., Brammer PLC, C&U Group, SKF Group, RBC Bearings, JTEKT Corporation, Wafangdian Bearing Co. Ltd., and Schaeffler Group.
Global Bearing Market: Overview
Thanks to the increase in the production of vehicles, the global bearing market is likely to witness a significant rise in its valuation over the next few years. In 2013, the worldwide market stood at US$75.9 bn. Researchers predict that this market will expand at a healthy CAGR of7.70% during the period from 2014 to 2020 and reach a value of US$118.2 bn by 2020.
The growing need for energy-efficient vehicles and the rising demand for bearings in the aerospace and defense sector are expected to drive the global bearing market significantly in the near future. However, the increasing sales of counterfeit products may hamper the growth of this market to some extent over the years to come.
This research report attempts to provide a complete overview of the global bearing market on the basis of its historical and current performance. The key trends, driving forces, restraining factors, opportunities, challenges, and growth prospects of this market have also been analyzed thoroughly in this market study.
Global Bearing Market: Trends and Opportunities
Among products available in the global bearing market, unmounted ball bearings are reporting a strong demand from end users across the world. The trend is likely to remain the same over the forecast period due to the wide-ranging application of unmounted ball bearings in hard drives, motor engines, railway coaches, automotive wheels, and various other consumer durables.
Balls have emerged as the key component required for the production of bearings. The demand for rollers is also anticipated to increase steadily in the coming years.
In 2013, motor vehicles were the leading consumer of bearings, worldwide. Analysts expect the segment to continue to hold the leading position throughout the forecast period. The demand for automotive bearings is likely to rise substantially in the near future with the escalating production of motor vehicles across the world, benefiting the global bearing market considerably.
Global Bearing Market: Geographical Analysis
Geographically, the worldwide bearing market is classified into Asia Pacific, North America, Europe, and the Rest of the World. In 2014, Asia Pacific dominated the overall market and is predicted to remain leading throughout the forecast period. The upsurge in the production of motor vehicles in Asian economies, such as China, South Korea, Japan, and India is likely to fuel the demand for bearings in this region in the coming years.
Apart from this, the growing industrialization in Asia Pacific is also projected to contribute significantly to the growth of the bearing market in this region in the near future. The market for bearings is also expected to gain significant momentum in Europe and North America over the next few years.
Companies Mentioned in the Research Report
C&U Group, The Timken Co., Harbin Bearing Group, Wafangdian Bearing Co. Ltd., SKF Group, NTN Corp., Asahi Seiko Co. Ltd., Brammer PLC, Schaeffler Group, ThyssenKrupp AG, RBC Bearings, Rexnord Corp., JTEKT Corp., NSK Ltd., GGB Bearing Technology, Daido Metal Co. Ltd., and Danaher Corp. are some of the key participants operating in the global bearing market.
Key Segments of Global Bearing Market
By product type
- Unmounted ball bearings
- Plain Bearings
- Roller Bearings
By End User
- Motor vehicles
- Aerospace equipment
- Power transmission equipment
- Construction machinery
- Farm and garden machinery
- Oilfield machinery
- Other machinery
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments