Bearings Market revenue to hit $75 BN by 2027; Global Market Insights Inc.
Major bearings market participants are NTN Corporation, SKF, Daido Metal Company Limited, JTEKT Corporation, NSK Global, The Timken Company, and Schaeffler Group.
SELBYVILLE, Del., Dec. 15, 2021 /PRNewswire/ -- Global Market Insights Inc. has recently added a new report on the bearings market which estimates the market valuation of bearings will cross USD 75 billion by 2027. Increasing purchase of new and pre-owned cars will boost the industry demand. Changing consumer focus on electric cars due to low ownership costs, rechargeable infrastructure, low maintenance cost, and more efficient energy use will significantly boost the bearings market growth.
The other bearings segment is likely to grow at a CAGR of over 7.5% through 2027 owing to the growing consumption of advanced bearings across various end-use industries including automotive and electrical applications.
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The bearings market from mining and construction applications will witness more than 9% gains till 2027. Growth can be attributed to the increase in construction activities and changes in a few mining policies in recent years. For example, in March 2020, the Government of India introduced the Mineral Laws (Amendment) Bill, 2020, which removes the limit on the use of coal and makes charcoal & lignite blocks suitable for sale. This law will attract investors to mining projects and promote mining in the region. In addition, the introduction of high-quality mining and construction equipment products will boost revenue generation in the sector.
The application of bearings in electrical machinery, such as vibrator motors, electric motors, traction motors for rail vehicles, and generators for wind & hydro turbines and Uninterrupted Power Supply (UPS) systems, have gained significant attention over recent years. Bearings application in the electrical segment is poised to register a fair rate of around 6% from 2021 to 2027. The commonly used bearings in these applications are deep groove balls, cylindrical rollers, and angular contact ball bearings. With cost-effectiveness, all bearings operate with low noise and high durability, driving product demand in the sector over the coming years.
Growth in the demand for bearings in the automotive aftermarket segment can be attributed to increasing product demand in sub-system/vehicle upgrading in new & preowned vehicles. Shifting consumer inclination toward the customization of new and existing vehicles with technologically advanced components & accessories to improve vehicle efficiency will surge product demand in the sector over the forecast period. The Europe bearings industry size is likely to grow at a significant rate of around 8% from 2021 to 2027 due to increasing demand from Germany, France, and the UK and the presence of high passenger & light commercial vehicles.
The closure of several manufacturing facilities worldwide owing to COVID-19 will negatively influence product demand in the near term. Despite a recent slowdown in the demand for cars and other auto part accessories in the backdrop of lethargic economic conditions, the global bearings market is likely to offer immense opportunities in the long run.
Some major findings of the bearings market report include:
- The growing sales of automobiles and market for electric cars will primarily drive the demand for bearings in their production and other related products.
- Prominent industry players include Brammer PLC, SKF, JTEKT Corporation, NBI Bearings, HKT Bearings Ltd., NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, The Timken Company, and Schaeffler Group.
- Product manufacturers focus on expansion, innovation, and technology development over time.
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Partial chapters of report table of contents (TOC):
Chapter 3 Bearings Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.1.1 List of key raw material suppliers
3.3.1.2 List of key product manufacturers/suppliers
3.3.1.3 List of potential customers
3.3.2 Value addition at each stage
3.3.3 COVID-19 impact on value chain
3.3.4 Distribution channel analysis
3.4 Technology landscape
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Regulatory landscape
3.7 Growth potential analysis
3.8 Cost structure analysis
3.8.1 R&D cost
3.8.2 Raw material cost
3.8.3 Manufacturing & equipment cost
3.8.4 Distribution cost
3.8.5 Operating cost
3.8.6 Miscellaneous cost
3.9 Porter's analysis
3.10 Competitive landscape
3.10.1 Company market share analysis, 2020
3.10.2 Strategy dashboard
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights Inc.
Phone: 1-302-846-7766
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SOURCE Global Market Insights Inc.
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