Bearings are used for reduction of friction between the moving parts and to constrain the relative motion of automotive and other machinery. Market Research Future (MRFR) has recently availed a report asserting the expansion of global bearing market at a noteworthy CAGR for the next five years.
Global Bearing Market Drivers:
The wide application of bearings in the automotive industry is acting as one of the major driving forces for generating a colossal demand for bearings in the global market. The increasing application of bearings in various industrial sectors, such as electronics, railway, aerospace, mining and construction, manufacturing and transport and others, is fueling the expansion of the global bearing market. The various benefits of bearings, that include reduced lubricant consumption, reduction in energy consumption and enhanced equipment performance, are inducing the demand for bearings in multiple industries.The increasing utilization of high capacity bearings in wind turbines is generating demand for bearings in the market, leading to the growth of the global bearing market. The unprecedented growth of the automotive industry and increase in the manufacturing of heavy machinery are some of the important factors fueling the expansion of the global bearing market.
The technological advancements, such as incorporation of the sensor unit with bearings among others, are anticipated to offer higher opportunities for the growth of the global bearing market. Increasing investments in research and development, by the manufacturers of bearing market, to introduce innovative, cost-effective, high-efficiency bearings is fueling the expansion of the global bearing market. The advancement in lubrication technology and inclination towards the use of light-weight components are creating high demand for bearings leading to the growth of the global bearing market. The demand for the application-specific bearing is anticipated to emerge as a significant market trend, leading to a noteworthy growth of the global bearing market.
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The global bearing market has been segmented on the basis of product and application. On the basis of product, the bearing market is segmented into plain bearing, ball bearing, roller bearing and others. Among these, the ball bearing segment dominated the global bearing market in 2015. However, the roller bearing segment is anticipated to dominate the market during the forecast period as this product provides reduced friction and can sustain heavy radial load and shock or impact loading as compared to ball bearing.
On the basis of application, the global bearing market is segmented into automotive, electronics, aerospace, construction and others. Among these, the automotive segment is dominating the global bearing market and the aerospace segment is anticipated to project the fastest growth during the forecast period.
Detailed Regional Analysis:
On the basis of region, the global bearing market has been segmented into North America, Europe, Asia-Pacific and the rest of the world. Among these regions, Asia-Pacific is anticipated to dominate the global bearing market due to the rapid expansion of automotive, construction and other industries in this region. The robust growth of automotive, construction, mining and aerospace industries in North America and European region is fueling the expansion of the bearing market in this region. The rapid infrastructural and industrial development is influencing the expansion of the global bearing market in the rest of the world.
The constant surge in investment for research and development by the major manufacturers to introduce innovative products in the market is triggering the competition among the players of the global bearing market. In May 2018, NTN Corporation (Japan) has launched a new product called ‘sHUB,’ a hub bearing with steering assist function, which can be equipped on the front wheels of the vehicles.
The leading players in the global bearing market are NTN Corporation (Japan), Svenska Kullagerfabriken AB (Sweden), Schaeffler Group (Germany), NSK Ltd. (Japan), The Timken Company (U.S.), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan), The Danaher Corporation (U.S.), GKN plc.(U.K.) Minebea Mitsumi, Inc. (Japan) and others.