Global Bearings Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Bearings Market Overview:

“The global Bearings Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global bearings market report has been segmented on the basis of product type, application and region.

Bearing is a device that is used to enable linear or rotational movement while reducing friction and handling stress. They are precision-made components that enable machinery to carry remarkable loads with ease and efficiency and move at high speeds. Bearings are used in automobiles, airplanes, construction equipment’s, refrigerators, machine tools, ceiling fans, and DVD players.

Increasing production of heavy machinery manufacturing, owing to rapid industrialization is expected to drive the market growth over the forecast period. Moreover, increasing application of high capacity bearings in wind turbines to enhance the turbine performance and reduce lubricant consumption is anticipated to propel the market growth.

On the basis of product type, roller bearings are estimated to account major revenue share in the global bearings market, and is expected to maintain its dominance over the forecast period. Roller bearings support radial and axial loads, reduce rotational friction, and can sustain heavy radial loads and limited axial loads compared to ball bearings. The extensive adoption of roller bearings by various industries, including automobiles, home appliances, aerospace and industrial equipment’s is expected to positive impact on the market growth over the forecast period.

On the basis of application, automotive is expected to be largest segment in global bearings market. Bearings are used in automotive parts for their linear movements. Bearings enhance the performance of vehicle, reduces friction, and bear heavy loads. Rising production rate of automobile is expected to propel the market growth.

Asia Pacific bearings market is projected to register fastest growth rate in terms of revenue over the forecast period, owing to increasing demand for industrial equipment’s and automobiles in various countries in the region. In addition, rapid industrialization in developing economies of region namely China and India is expected to boost the market growth over the forecast period. Strong aftermarket for industrial and automobile repair in the region is anticipated to propel the market growth over the forecast period.

Market segmentation and key players operating in the global bearings market:

By product type:

• Ball bearings
• Roller bearings
• Others (Plane bearings, Ball thrust bearings, Roller thrust bearings, Tapered roller bearings, and Specialized bearings)

By application:

• Agriculture
• Automotive
• Electrical
• Mining & Construction
• Aerospace & Railway
• Others (Industrial equipment’s and Medical devices)

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa