Bearing Market: Introduction
Transparency Market Research delivers key insights on the global bearing market. In terms of revenue, the global bearing market is estimated to expand at a CAGR of ~7% during the forecast period of 2020 to 2030, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global bearing market report.
In the report, TMR predicts that the global bearing market would be largely driven by growth of automotive and aerospace industries, which is expected to continue to boost the market during the forecast period.
According to the bearing market report, the product segment includes ball bearing, roller bearing, plain bearing, and others. The demand for ball bearing is expected to rise at a higher pace at the global level. Light vehicle manufacturers are opting for ball bearings, which is one of the major market driving factors. Global light vehicle production is projected to increase in the coming years, as a result of its feature of consuming less fuel. Ball bearings are available at a lower cost in the global market. Furthermore, the compact nature of this product boosts its utility among end users.
Based on application, the market has been categorized into automotive, construction, aerospace, power transmission, oil & gas, agriculture, and others. The growth of the bearing market is related to the growth of the automotive and industrial sector. The increase in production of commercial vehicles is one of the key drivers of the bearing market. Increasing construction activities also encourages the growth of the bearing market. The automotive segment dominates the global market followed by construction and power transmission segments. The automotive segment accounted for the largest market share in 2020 and is expected to maintain its dominance in the coming years.
Request For Covid19 Impact Analysis Across Industries And Markets @ https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=1647
Various bearing manufacturers are catering to this growing demand in the automotive sector. Considering these factors, the impact of this driver is currently high and is expected to remain so during the forecast period. Fast growing economies of the Asia Pacific region are stimulating the demand for bearings in the automotive segment. In 2018, the Asia Oceania region produced the highest number of motor vehicles and accounted for 52.5 million units.As per distribution channel, the global bearing market is bifurcated into online and offline. North America is one of the key bearing markets where online sales are increasing at a higher pace. Majority of online sellers are third party e-Commerce players who provide discounted bearings. Rising number of e-Commerce players coupled with the quick product delivery feature is driving sales through the online channel.
Bearing Market: Prominent Regions
Asia Pacific accounted for fastest growing share of the bearing market in 2019. Increasing demand from end user segments coupled with easy government rules and regulations for establishment of small & medium manufacturing units is expected to boost the market growth. Europe is the second largest market as a result of large number of automotive companies in the region.
Bearing Market: Key Players
Key players operating in the bearing market are NSK Ltd., Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, and Rexnord Corporation.