Global Bearing Market, By Type (Ball Bearings, Tapered Bearings), By Size (30 to 40, 41 to 50, 51 to 60, 61 to 70, and 70 & above), By Distribution Channel (Original equipment manufacturers (OEMs) and Aftermarket), By machine type (ICE Vehicles, Electric Vehicles, Industrial Machinery, and Aerospace Machinery), By End-User (Automotive, Industrial, and Aerospace), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global bearing market was valued at US$ 109.5 Bn by the end of 2020 and expected to reach at a value of US$ 173.5 Bn by 2028 with a significant CAGR of 6.0%.
Bearings are one of the most common components in the machinery as their rotating motion makes nearly all movements smoother and easier as well as it helps lower friction. The two major purposes of bearings are they transfer motion, which means they guide and support elements which turn relative to one another and secondly, they transmit forces. The invariably growing industrial and aerospace industries is majorly stimulating the demand of various kinds of bearings in the global market, owing to which the global bearing market is expected to grow rapidly in the forthcoming future.
By the same token, there is heavy usage of bearings in the automotive industry for the smooth run of all kinds of vehicles, including cars, heavy vehicles like trucks, and lightweight commercial vehicles, which further plays a positive role in propelling the growth of the global bearing industry.
Other than that, the key manufacturers are constantly advancing the product in order to escalate its performance, thus further adding beneficial features to it such as higher efficiency, reduced maintenance requirements, and longer service life. Such factors are also positively fueling the demand of bearing across various industries, which in turn is estimated to boost the growth of the global bearing market over the forecast period.
Moreover, the emergence of the Industrial Internet of Things (IIoT) has further supported the adoption and perpetual surveillance and tracking of connected machinery and equipment. This emerging trend has further given a major breakthrough to the growth of the global bearing market.
Few of the leading manufacturers of the market are offering smart bearings which can be constantly monitored in order to foresee faults before their occurrence. However, the adoption of smart bearings is yet in the primary or initial stage, though several other major manufacturers are also keen and fascinated to offer smart bearings in their portfolios in the years to come. Such factors are also accelerating the growth in the demand of bearings all around the world, which is ultimately anticipated to encourage the growth of the global bearings market over the coming years.
MMC Study identifies some of the key participating players in the bearing market globally are NSK Ltd., Schaeffler AG, NTN Corporation, SKF, Iljin Bearing, RKB Bearing, JTEKT Corporation, Timken, Wafangdian Bearing Co. Ltd., THK Co. Ltd., among others.
About Meridian Market Consultants
Meridian Market Consultants (MMC) is committed to providing deep insights that serve as a creative tool for the client that enables it to perform confidently in the market. At MMC we adhere to the client's needs and regularly ponder to bring out more valuable and real outcomes for our customers. We are equipped with a strategically enhanced group of researchers and analysts that redefines and stabilizes the business polarity in different categorical dimensions of the market.
Meridian Market Consultants (MMC)
For Sales Query: email@example.com
For New Topics & Other Info: firstname.lastname@example.org