Bearings are useful in the automotive and other machinery in order to constrain the relative motion to the motion desired by the driver and reduce the friction between the moving parts of the machinery. Market Research Future (MRFR) has published a research report about the global bearing market that predicts growth for this market during the forecast period that is going to end in 2022.
Analyzing the market structure, this report calculates the future growth potential of the market. It assesses the strategies of the key players in the market and supports the competitive developments like joint ventures, mergers & acquisitions,new product developments, research and developments (R&D) in the market.
The key market driver for the growth of the global bearing market is the wide application of bearings in the automotive industry because of which, the demand for bearings is growing. Other factors contributing to the market growth include increasing application of bearings in various industrial sectors, growing utilization of high capacity bearings in wind turbines, unprecedented growth of the automotive industry, increase in the manufacturing of heavy machinery, and lastly, the benefits of bearings. The benefits of bearings include enhanced equipment performance, reduction in energy consumption, and reduced lubricant consumption.
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The global bearing market has been segmented on the basis of application, product, and lastly, region. The application-based segmentation segments this market into aerospace, automotive, construction, electronics, and others. Based on the product, the market has been segmented into ball bearings, plain bearings, roller bearings, and others.
The regional segmentation of the global bearing market segments the market into the regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW). During the forecast period, the Asia Pacific region is expected to dominate the global market due to the massive growth of the automotive sector in this region. In countries like India, the government policies allow 100% foreign direct investment (FDI) in the auto sector which boost the market growth. The construction sector is another relevant market in the Asia Pacific region. Other important country-specific markets in this region are China and Japan, followed by the remaining countries of the Asia Pacific region.
In North America and Europe, the market is growing due to the technological advancement, the presence of many key market players, and robust growth of aerospace, automotive, construction, & mining industries. In North America, the significant country-specific markets are the USA and Canada. In Europe, such markets are France, Germany, Spain, and the UK, followed by the remaining countries of Europe. In RoW segment, the major factors leading to market growth is rapid infrastructural & industrial development.
Key Players
The key players in the global bearing market include The Danaher Corporation (USA), GKN PLC.(UK), JTEKT Corporation (Japan), Minebea Mitsumi Inc. (Japan), Nippon SeikÅ Kabushiki-gaisha (NSK) Ltd. (Japan), Niwa Tomoe Nishizono (NTN) Corporation (Japan), Robert Bosch GmbH (Germany), Schaeffler Group (Germany), Svenska Kullagerfabriken AB (Sweden), and The Timken Company (USA).
Latest Industry News
The Dudley-based industrial parts distributor Antifriction has signed a deal with Swedish multi-national Svenska Kullagerfabriken (SKF) to stock its new blue range of Food Line ball bearing units. 19 FEB 2019
Auburn Bearing & Manufacturing have added two miniature thrust ball bearing series to its line of thrust bearing products. Their names are the F series and the FM series. 14 FEB 2019
ABB’s new Ability Smart Sensor for Dodge mounted bearings is compatible with the internet of things (IoT) can indicate any potential problems by assessing the condition of bearings from vibration and temperature information. 14 FEB 2019
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