At 7.3% gains, Bearings Market for Automotive application to cross a revenue of $71bn by 2024

Global Bearings Market report 2022 focuses on the major Types and Applications for the key players. The study report also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market. The market research report is a professional and in-depth study on the current state of global industry.

The bearing market trends seem to be promising in future. Automotive bearings market is projected to get significant gains with projection of USD 71 billion at a CAGR of 7.3%. An upsurge will be seen in agricultural sector as it is likely to grow with a CAGR of 7% because of economic recovery and improved performance.

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Machineries used for agriculture are also estimated to contribute in the elevation of this bearings market. But yes, it is worth to notice the importance of the roller variety. They are mainly used when load enduring capacity is more important than speed. As per the bearings market report, roller range is estimated to touch USD 51 billion up to 2022.

Bearings market is expected to exceed over USD 142 billion by 2022, as it will grow over 7.6% in the coming years. This product is an essential mechanical component for proper and smooth running of vehicles and machineries. The industrial heavy machinery sector is the largest end user market, followed by automobile sector which can’t run without this product. The future growth of this bearings market will come with an increase in requirement in aerospace and railway sectors.

Asia Pacific is the greatest and fastest rising market in this sector, followed by China. Asia Pacific bearings market was USD 36 billion in 2014 and is projected to gain USD 68 billion by 2022 with a CAGR of 8% between years 2015-2022.

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Increase in number of commuters taking advantage of public transportation is likely to be the key facet of rise in demand. Substantial growth is expected in bearings market because of high requirement for tapered roller components in wheels, gearboxes and journal applications along with ceramic coated ones used in traction-motor. They have small surface contact thus help in reducing friction which makes vehicle run smoothly and hence its demand can’t fall in future. It has a rising growth with approximately 42% of the overall share in 2014 and is expected to enjoy 78% in the coming year.

It is anticipated that Europe bearings market will achieve USD 32 billion by 2022 which was USD 18 billion earlier in 2014. One more example of rising market for this product is North America which is expected to get USD 25 billion by 2022. Bearing market share is highly productive.

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The list of top most companies includes Timken, NSK Global, SKF, Schaeffler Group, JTEKT and NTN Corporation and these companies are contributing almost 60% of overall industry share. However, counterfeiting is a major problem which can be challenging to this bearings market in near future. It is a problem faced by many industries and is a threat for them.