Bearing Market to Hit $143.53 Bn, Globally, by 2027 at 6.1% CAGR, Says Allied Market Research

- Rise in utilization of bearings in rolling mills, railway, and electric vehicles and surge in automotive electrification demand fuel the growth of the global bearing market

News provided by

Allied Market Research

Oct 21, 2020, 09:00 ET

PORTLAND, Ore., Oct. 21, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Bearing Market by Type (Ball Bearing and Tapered Bearing), Size (30 to 40, 41 to 50, 51 to 60, 61 to 70 and 70 & above), Distribution Channel (Original Equipment Manufacturers (OEMs) and Aftermarket), Machine Type (ICE Vehicles, Electric Vehicles, Industrial Machinery and Aerospace Machinery), End Use (Automotive, Industrial and Aerospace) and Group (Group 1, Group 2 and Group 3): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global bearing industry was pegged at $107.46 billion by 2019, and is projected to reach $143.53 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

Download Report Sample at https://www.alliedmarketresearch.com/request-sample/2139

Drivers, restraints, and opportunities

Increase in utilization of bearing in railway, rolling mills, and electric vehicles, surge in utilization of bearing in motor, and surge in demand for automotive electrification and continuously variable transmission drive the growth of the global bearing market. However, rise in vehicle electrification, fluctuating raw material prices, and high maintenance cost hamper the market. On the contrary, increase in concern about green vehicles, constant development in the automobile industry, advent of sensor bearing units, and development of additive manufacturing technologies and materials to manufacture bearing are expected to create lucrative opportunities for the market players in the coming years.

COVID-19 Scenario:

The COVID-19 pandemic has significantly hampered the automotive industry, declining automobile sales and shortage of raw materials.
Several companies operating in the automotive industry are stepping up by reconfiguring supply chain, services, and production for delivery of medical supplies.
The global sales of light vehicles have drastically dropped since the COVID-19 outbreak, which in turn, affected the demand for bearings.

Get Detailed COVID-19 Impact Analysis on the Bearing Market Request Here!

The ball bearing segment dominated the market

Bearing market by type, the ball bearing segment held the largest share in 2019, accounting for more than two-thirds of the global bearing market, owing to its industrial applications such as in triplex sets, multiplex sets, and others. However, the tapered bearing segment is anticipated to manifest the highest CAGR of 6.2% during the forecast period, due to its application in the automotive sector and the mining industry.

The electric vehicles segment to manifest the highest CAGR through 2027

Bearing market by machine type, the electric vehicles segment is projected to portray the highest CAGR of 9.8% during the forecast period, owing to the increased adoption across the globe for its eco-friendliness. However, the ICE vehicles held the largest share in 2019, accounting for more than two-fifths of the global bearing market, due to the increased production and sales of vehicles across the globe.

Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/2139

Asia-Pacific, followed by Europe and North America, held the largest share

Bearing market by region, the bearing market across Asia-Pacific held the lion's share in 2019, contributing to more than two-fifths of the market, due to increased production & sales of vehicles followed by the increased industrialization in different countries across the region. The global bearing market across North America is expected to register the highest CAGR of 7.0% during the forecast period.

Major market players

NSK Ltd.
NTN Corporation
Schaeffler AG
Iljin Bearing
SKF
JTEKT Corporation
RKB Bearing
Wafangdian Bearing Co., Ltd.
Timken
THK Co. Ltd.

Schedule a Free Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/2139

Similar Reports We Have on Automotive & Transportation Industry:

Automotive Engine Bearings Market Type (Ball Bearings, Plain Bearings, Roller Bearings, and Others), Vehicle Type (Light Commercial Vehicles, Heavy Commercial Vehicles, Two-wheelers, and Passenger Cars), and Sales Channel (OEM and Aftermarket) - Global Opportunity Analysis and Industry Forecast, 2016-2025.

Automotive Bearings Market by Bearing type (Ball Bearing, Roller Bearing, and Others), Distribution Channel (OEM and Replacement), and Vehicle type (PC, LCV, HCV, and Two-Wheelers): Global Opportunity Analysis and Industry Forecast, 2019–2026.

Automotive Electric Power Steering Market by Components (Steering Wheel, Steering Column, Sensors, Steering Gear, Mechanical Rack & Pinion, Electronic Control Unit, Electric Motor and Bearing), Electric Motor (Brush Motor and Brushless Motor), Application (Passenger Cars (PC) and Commercial Vehicles (CV)) and Electric Vehicle (BEV, HEV and PHEV): Global Opportunity Analysis and Industry Forecast, 2021–2027.

Automotive Electronic Control Unit (ECU) Market by Technology (Transmission Control System, Engine Management System, Antilock Braking System, Climate Control System, Power Steering System, Airbag Restraint System, and Body Controls System) and Application (Utility Vehicles, Passenger Cars, and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2014-2022.

About Allied Market Research

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
1-800-792-5285, 1-503-894-6022, 1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | Twitter | LinkedIn |