Bearing Industry Analysis 2021: COVID-19 Impact Leading Players, Current Trends, Market Challenges, Growth Drivers and Business Opportunities
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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Market
Segmentation:
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.
Competitive
Analysis:
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.
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