Global Bearing Market: Snapshot
The global bearing market is expected to observe a healthy growth in the coming few years. IN addition to this, the development of new products and the rising research and development activities are expected to accelerate the growth of the overall market in the next few years.
According to the market research study by Transparency Market Research, in 2013, the global bearing market was worth US$75.9 bn and is predicted to reach a value of US$118.2 bn by the end of 2020. The market is projected to register a 7.70% CAGR between 2014 and 2020.
Rising Research Activities to Support Bearing Market in Near Future
The rising use of bearings in several applications, including heavy machinery, automotive, mining and infrastructure development, agriculture, construction, and power generation is considered as one of the key factors estimated to encourage the growth of the global bearing market in the next few years. In addition to this, the growing demand for application-specific bearings is another major factor that is predicted to enhance the growth of the overall market in the next few years.
On the basis of end use, the global bearing market has been classified into oilfield machinery, power transmission equipment, motor vehicles, aerospace equipment, construction machinery, and farm and garden machinery. Among these, the aerospace equipment segment is projected to hold a key share of the market in the next few years. The rising demand for bearings from this segment and the rising focus on technological developments are predicted to support the growth of the market in the near future.
Asia Pacific to Dominate Global Bearing Market in Coming Years
The global bearing market has been classified on the basis of geography into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In the last few years, Asia Pacific led the bearing market and is estimated to hold a major share in the coming few years. The rising production of motor vehicles in several countries, such as South Korea, India, China, and Japan is considered as one of the key factors encouraging the growth of the Asia Pacific market in the next few years. In addition to this, the high level of industrialization is another key factor accelerating the market growth. Furthermore, the bearing market in North America is likely to grow at a healthy pace in the next few years.
The global market for bearings is highly competitive in nature and is projected to witness a high level of fragmentation in the next few years. The market is likely to observe an entry of several new players, which is estimated to enhance the competitive scenario of the market in the near future. In addition to this, the rising research and development activities and technological advancements are further estimated to generate growth opportunities for the market players and support the growth of the market in the next few years. Some of the key players operating in the bearing market across the globe are GGB Bearing Technology, NSK Ltd., Daido Metal Company Ltd., Harbin Bearing Group, Asahi Seiko Co., Ltd., The Timken Company, ThyssenKrupp AG, Rexnord Corporation, NTN Corporation, Danaher Corp., Brammer PLC, C&U Group, SKF Group, RBC Bearings, JTEKT Corporation, Wafangdian Bearing Co. Ltd., and Schaeffler Group.