Bearing Industry Reflect Impressive Growth Rate

According to the report, the global bearing market size was valued US$ 111.2 bn in 2019. This market is expected to expand at a CAGR of 8.9% during the period from 2019 to 2027 and reach a value of US$ 219.9 bn by 2027. Major factor driving the global bearing market is increasing demand from automotive industry.

Unmounted ball bearing segment accounted for the highest market share and expected to maintain its dominance in coming years. Huge acceptability of unmounted ball bearing in different end use industries including automotive wheels, motor engines, railway coaches, hard drives and consumer durables is driving the demand at global level.

Asia Pacific is expected to witness a fastest growth in global bearing market. Rising demand from developing countries including South Korea, Japan, India and China are expected to bolster the Asia Pacific region in the global bearings market. Rapid industrialization coupled with increasing number of foreign investment is driving the market growth.

Global bearing market is highly fragmented in nature. Large number of small and large companies are present in this market, increases the market competition. Companies are investing heavily in research and development activities to launch innovative products in the market. For instance, NTN Corporation offers Grease Lubrication Type High-Speed Deep Groove Ball Bearing. This product has high rotational speed. Some of the prominent players in the global bearing market are The Timken Company NSK Ltd., NTN Corporation, Wafangdian Bearing Co. Ltd, Schaeffler Group, Rexnord Corporation, and JTEKT Corporation.

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Demand of Customized Bearing Will Fuel the Market

It has been observed that requirement of customized bearing demand increasing at a higher pace. These bearings have the ability to work for a longer time with better resist corrosion. Companies choose the bearing material as per the working environment. Furthermore, customized bearing can decrease the overall replacement and maintenance costs.

This product is used in different end use industry including automotive, heavy machinery including segments of construction, power generation, agriculture, mining and infrastructure development. All kinds of heavy machinery applications demand high sustainability of loads, and require high performance and output. However, each application requires some different pre-requisite.

Increasing Demand from Automotive Industry will Drive the Market

Rising automotive production at global level is driving the market growth. Rising consumer demand towards technologically advanced vehicles is rising at a higher pace. This factor is driving different types of bearing demand from automotive industry.

Growth of automotive industry is expected to boost the sales of bearings in coming years. All kinds of automobiles utilize bearings of different varieties, shapes and sizes, and the product forms an irreplaceable part in the vehicles. Growing requirement of energy efficient car will boost the new vehicle sale that will drive bearing market in coming years.