Ball bearings market is the leading revenue generator and is estimated to foresee a growth of 7.5% from 2015 to 2022. This growth can be attributed to their ability to decrease friction and their capability to spin effortlessly. Growing investments in railway and aerospace sector is anticipated to drive the segment growth. Furthermore, growing demand for fuel efficient passenger vehicles across Asia Pacific will stimulate the bearings market over the forecast timeframe.
Automotive sector holds the highest revenue generator segment and will continue to dominate over the forecast timeline. This can be attributed to rising demand for technologically advanced solutions in the vehicles. Furthermore, popular trends such as development of application specific solutions is expected to drive the bearings market growth.
Industries such as mining and construction are projected to witness a substantial growth over the forecast timeline. Use of bearings in these sectors helps in reducing maintenance costs and enhances productivity at the mining sites.
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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 this 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.
The bearings market trends seem to be promising in future. Automotive bearing 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. Machineries used for agriculture are also estimated to contribute in the elevation of this 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.
Growing demand for high performance bearings have led producers to integrate sensor technology. The sensors digitally monitor axial movement, acceleration, deceleration, rotation speed and load carrying capacity.
Manufacturers are investing heavily in R&D in order to offer innovative products and address increasing competition. For instance, ceramic ball bearings will drive the industry growth owing to its additional feature such as lightweight and more efficient in reducing friction & energy consumption during operations. The business is primarily driven by design innovations and new offerings.
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Asia Pacific will grow at over 8% CAGR from 2015 to 2022 due to substantial demand across various sectors such as electronics, automotive, and industrial equipment. Government norms and initiatives are favoring the industry growth. For instance, Chinese government is encouraging their manufacturers of mechanical and electronic bearings to expand domestically.
The players involved in the global bearings market include Minebea Co. Ltd., Daido Metal Co., Timken, NTN Corp., Schaeffler Group, Brammer PLC, SKF, NSK Global, JTEKT. New product development, and high profile raids in order to minimize loss due to counterfeit products are the major competitive strategies adopted by the industry participants.
Glimpse of Table of Content (ToC)
Chapter 3 Bearings Industry Insights
3.1 Industry segmentation
3.2 Industry Size and forecast
3.3 Industry ecosystem analysis
3.4 Industry Impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Porter’s analysis
3.7 Company market share analysis, 2014
3.8 PESTEL analysis
Chapter 4 Bearings Market Product Insights
4.1 Global bearings market share by product, 2014 & 2022
4.2 Ball Bearings
4.2.1 Global ball bearings demand, by region, 2012 – 2022
22.214.171.124 Global deep groove ball bearings (DGBB) demand, by region, 2012 – 2022
126.96.36.199 Global other ball bearings demand, by region, 2012 – 2022
4.3 Roller Bearings
4.3.1 Global roller bearings demand, by region, 2012 – 2022
188.8.131.52 Global split roller bearings (SRB) demand by region, 2012 – 2022
184.108.40.206 Global tapered roller bearings (TRB) demand by region, 2012 – 2022
220.127.116.11 Global other roller bearings demand, by region, 2012 – 2022
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