Global Bearings Market Size Worth USD 69.15 billion By 2022

In 2012, the Global Bearings Market was valued around USD 33.00 billion and is anticipated to reach approximately USD 69.15 billion while maintaining a compound annual growth rate (CAGR) of 6.89% during the forecast period owing to the growing manufacturing of heavy machinery. Moreover, the rising use of high capacity bearings in the manufacturing of wind turbines is expected to boost demand during the forecast years. Wind turbines use these products to improve turbine performance & reliability, reduce consumption of lubricant, and boost the production of energy. Technological innovations in seal technologies, lubrication technology, and the utilization of materials which are light in weight for producing high-performance products, are generating massive opportunities for players in the global market. Incorporation of electro-mechanical features into the bearings assists in reductions in cost and size and performance enhancement. The rise in the high-performance bearings demand has directed manufacturers to incorporate superior sensor units in the products. It helps in the digital supervising of rotation speed, deceleration, acceleration, load carrying capacity, and axial movement of the bearings.

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 Major Market Players

Ø  Schaeffler Group

Ø  NTN Corporation

Ø  SKF Group

Ø  NSK Global

Ø  JTEKT Corporation

Ø  Timken.

Regional Outlook and Trend Analysis

Asia Pacific regional market is estimated to experience the fastest growth in sales by the end of 2022. China is among the key markets for sales of bearings in this region. The growth of the region is anticipated to rise during the approaching years; the growth is encouraged by the rapid growth of motor vehicle and machinery production, along with a robust aftermarket for motor vehicle repair and industrial equipment. Furthermore, the strong construction and mining equipment industry in India is expected to assist the growth of the global market. In the developed markets of Japan, Western Europe, and the United States, the demand is propelled by a strong rigid investment environment and the rebounding manufacturing of motor vehicles. In the African and Middle Eastern regions, the speedy expansion of urban infrastructures is regulating the global market growth.

The global bearings market is segmented as follows :

By Product

• Ball Bearings

o    Deep Groove bearings

o    Others

• Roller Bearings

o    Split bearings

o    Tapered bearings

o    Others

• Others

By Application

• Automotive
• Agriculture
• Electrical
• Mining & construction
• Railway & Aerospace
• Automotive Aftermarket
• Others

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Table of Contents

1.      Introduction

1.1.      Report Description

1.2.      Research Methodology

2.      Executive Summary

2.1.      Key Highlights

3.      Market Overview

3.1.      Introduction

3.1.1. Market Definition

3.1.2. Market Segmentation

3.2.      Market Dynamics

3.2.1. Drivers

3.2.1.1.   Rising Application Of High Capacity Bearings In Wind Turbines

3.2.1.2.   Growing Demand for Bearing in Energy-Efficient Vehicles

3.2.2. Restraints

3.2.2.1.   High Cost Of Raw Materials

3.2.2.2.   Counterfeit Products

3.2.3. Opportunities

3.2.3.1.   Emerging Markets to Offer Lucrative Growth Opportunities

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