The global bearing market is likely to exhibit a healthy CAGR of 7% amid the projected period (2020-2030). The market has been primarily driven by growing demand for electric vehicles and progressions in the automotive industry. The market has been hugely impacted by the COVID-19 outbreak, however, the ambiguity over second wave of the outbreak and low confidence of investor can defer recovery to late 2021 or the beginning of 2022.
“While the key end users of bearings are swiftly evolving, manufacturers are focusing on launching diverse products categories to target extensive range of end-users. The progressions in automotive industry will fuel the global market over the projected period” says a Fact.MR analyst.
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- Ball bearings is likely to lead the product category trailed by roller bearings, plain bearings, & others over the assessment period.
- Unmounted bearings will remain lucrative in the bearing type segments, trailed by the mounted bearings.
- Balls component type is projected to remain in the prevalent position, over the forecast period.
- Rising use of innovative bearing technology in construction sector is generating new growth prospects.
- Asia Pacific is likely to remain at the forefront as the biggest market amid the projected period.
- Increase in sales of pre-owned and new vehicles is encouraging the bearings market.
- Growing demand for the e-vehicles is catalysing the market growth, globally.
- With technological advancements to improve efficiency and shelf life of the products is driving the market.
- Rising concern about green vehicles along with continuous development in the automobile sector offers lucrative growth opportunities for the market.
- Fluctuating raw material prices, as well as higher maintenance cost, are projected to restraint the market growth.
- Energy efficient and environmental manufacturing norms are anticipated to challenge the market growth.
Anticipated Market Impact by COVID-19 Outbreak
The bearing market has been impacted by the COVID-19 outbreak mainly due to a drop in demand for the end user industries such as aerospace, construction, automotive, and others. Furthermore, restraining factors such as inadequate raw materials, non-operational production units amid lock down, unavailability of labors, job recession, financial constraints, and others, halted the market growth. As per Fact.MR, the market is anticipated to gain back its pre-crisis sales by the 1st quarter of 2022.
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Key players identified in the bearing market are HKT Bearings Ltd., Nachi Fujikoshi Corp., Minebea Mitsumi Inc., JTEKT Corporation, Igus Corporation, Timken Company Ltd., NSK Ltd., NTN Corporation, Wafangdian Bearing Group Co. Ltd., SKF Inc. and Schaeffler Technologies AG & Co. Market players in the industry are investing on connectivity and digitalization for better interaction with consumers and automation all over the value chain.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the bearing market. The market is scrutinized on the basis of product (ball bearing, roller bearing, plain bearing, others), type ( unmounted bearing, mounted bearing), component (balls, rollers, cages, rings, others), application ( automotive, construction, aerospace, power transmission, oil and gas, agriculture, others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).