Bearings Procurement Intelligence Is Expected to Exhibit CAGR Of 10.6% During 2023-2030Posted by rahul nikade on November 15th, 2023 Bearings Procurement Intelligence The bearings category is expected to grow at a CAGR of 10.6% from 2023 to 2030. The Asia Pacific region accounts for the largest overall share. China and India have their major contribution to the market growth. Factors such as increasing demand for EVs, growth of the aerospace sector, rising industrialization, infrastructure development, technological innovations, and growing focus on renewable energy are driving the growth. One of the key trends is the increasing demand for electric and hybrid vehicles that utilize the use of developed technology which requires placing additional bearings within it. Additionally, precision bearings, which are utilized in several industrial automation applications, are in higher demand as the Industrial IoT and Industry 4.0 technologies gain traction and drive the need for bearings in industrial automation. Order your copy of the Bearings category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis Bearings Procurement Intelligence Report Scope The Bearings category is expected to have pricing growth outlook of 10-15% from 2023 to 2030, with below pricing models.
Supplier Selection Scope of Report
Supplier selection criteria of Report
Bearings Procurement Intelligence Report Coverage Grand View Research will cover the following aspects in the report:
Bearings Procurement Cost and Supplier Intelligence Supply chain disruption due to the Russia-Ukraine war has led to a surge in the prices of commodities in most countries. In 2022, due to the wake of the 15% export levy imposed by the Indian government, steel prices followed an upward trend and grew by 40% to reach USD 960 in the Indian markets. With the surge in demand for luxury cars and industrialization, the EU being the major producer, accounted for major imports and export of ball and roller bearing around the world. In 2021, the EU surged the export of bearings by 10% from the previous year reaching USD 12.2 billion. This resulted in an increase in the price of bearings export by 6.6% compared to 2020, reaching USD 18,157 per ton. A surge in the prices of raw materials and export duty has significantly caused a hike in the prices of the category. Sourcing of the category involves procurement of raw materials and category imports from various countries. China accounts for the top exporter of ball bearings with 23% of world exports. Strategies such as advanced technology, smart bearings, quality standards, and sustainability criteria are allowing companies to lead in the market. Various industrial institutes and organizations, including the Association of Chinese Bearing Industry, have provided recommendations and ideas to advance bearing technology and processing machinery like the use of CNC machining centers, using high-precision machine tools, auxiliary equipment for automatic line connection, and high-speed electric spindles. List of Key Suppliers
Add-on Services provided by Grand View Research Pipeline:
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc. Browse through Grand View Research’s collection of procurement intelligence studies:
Brief about Pipeline by Grand View Research: A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. Our services include (not limited to):
Like it? Share it!More by this author |