Bearings Market: Business Opportunities, Leading Players, Trends Outlook Up to 2026
The bearings market is set to grow from its current market value of more than USD 48.1 billion to over USD 70 billion. The global bearings industry is slated to observe momentous business growth over the coming years owing to the rising sales of preowned and new vehicles across the globe. Additionally, the escalating vehicle sales, when coupled with the expanding market for electric as well as connected vehicles, would greatly fuel the demand for bearings within production of vehicles and related accessories.
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The mining and construction application segment is estimated to garner a CAGR of over 9% on account of growing number of construction activities and reforms in multiple mining policies. Development of advanced bearing products specific for mining and construction equipment is likely to drive commendable revenue stride in the industry. Speaking of new product development, in 2020, SKF launched a new range of ball bearing unit (UC 300 series) which prevents bearing operation from contaminated environments.
The mainly bifurcated into product segments like balls, rollers and other bearings. Of these, the other bearings segment is expected to register a CAGR of above 7% by 2026. Specialized bearing such as magnetic, fluid, jewel, plain and flexure bearings solutions are of high significance in the electrical and automotive sector. Robust technological advancements and product innovations are projected to boost segment growth and overall bearings market share.
Increasing construction activities across the globe and numerous reforms in mining policies are likely to impel the demand for bearings in the mining and construction application segment. Taking March 2020 for instance, the Indian Government introduced Mineral Laws Bill 2020, which eliminates the restrictions that were previously imposed on coal end-use, making lignite blocks and coal eligible for auction. The newly devised law is intended to bring new investors in the regional mining industry and also promote easier business operations in the country.
Overall, the segment is projected to observe a CAGR of more than 9% through the forecast timespan. Additionally, the rollout of new and enhanced bearing products for construction and mining equipment should further bolster the revenue generation in the industry. Taking 2020 for instance, SKF, a Swedish bearing manufacturer launched a new range of UC 300 series, that protects bearing operations in contaminated environments.
An upsurge in demand for bearings from economies like the UK, France, and Germany is likely to impel the Europe bearings market size over the coming years. In fact, the regional industry is slated to expand at a CAGR of approximately 8.0% throughout the forecast timeframe. The UK, considered one of the largest markets for light and passenger commercial vehicles in Europe, is a prime avenue that is augmenting the demand for bearings.
Europe is also home to some of the world’s leading automotive manufacturers, including Audi, Volkswagen, Ferrari, BMW, Bentley, Volvo, and Porsche. These companies create a significant demand for the product as they use it to effectively reduce friction and facilitate smoother rotation of several moving parts in their automobiles as well as associated accessories. This is a distinguished determinant that would fuel the large-scale adoption of bearings in the region, driving revenues in the process.
the competitive landscape of the global bearings market is inclusive of players such as Harbin Bearing Manufacturing Co. Ltd., Daido Metal Company Limited, C&U Group Company Limited, and Brammer PLC among others.
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Some Point from Table of Contents:
Data Tables
TABLE 1 Bearings industry 3600 synopsis, 2016 - 2026
TABLE 2 Global bearings market, (USD Million), 2016 - 2026
TABLE 3 Global bearings market by region, (USD Million), 2016 - 2026
TABLE 4 Global bearings market by product (USD Million), 2016 - 2026
TABLE 5 Global ball bearings market by product (USD Million), 2016 - 2026
TABLE 6 Global roller bearings market by product (USD Million), 2016 - 2026
TABLE 7 Global bearings market by application, (USD Million), 2016 - 2026
TABLE 8 Growth drivers
TABLE 9 Industry pitfalls & challenges
TABLE 10Global ball bearings demand (USD Million), 2016 - 2026
TABLE 11Global ball bearings demand by region (USD Million), 2016 - 2026
TABLE 12Global DGBB demand by region (USD Million), 2016 - 2026
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