Published Date : May 29, 2017
ALBANY, New York, May 29, 2017: According to a new report, recently added to the repository of MarketResearchReports.biz, the global bearings market is likely to expand at a CAGR of 5.86% during the period from 2017 to 2021. The report, titled “Global Bearings Market 2017-2021,” states that the significant rise in the automotive industry, especially in Asian countries, such as China, Australia, South Korea, Japan, India, and Indonesia is the key driving force behind the growth of this market.
In this report, the global bearings market has been analyzed on the basis of the product, end user, and the geography. By the product, the market has been classified into magnetic bearings and anti-friction bearings. The demand for anti-frictional bearings has been much higher than the magnetic ones. Thanks to the high temperature enduring capacities of anti-frictional bearings and their ability to improve the machines’ operations, the segment is anticipated to remain dominant over the next few years.
Based on the end user, the report categorizes the global market into the automotive, railway, aerospace, ship building, and the heavy industry. The automotive industry has emerged as the key consumer of bearings across the world and is expected to retain its position throughout the forecast period. The sustained economic growth, rise in industrial and infrastructural development, and the escalating disposable income of consumers is adding significantly to the increased consumption of bearings in the automotive industry.
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On the basis of the region, the report segments the global market for bearings into Asia Pacific (APAC), the Americas, and Europe, the Middle East, and Africa (EMEA). Asia Pacific has acquired the topmost position in this market and is anticipated to remain here over the forthcoming years. The rapid deployment of advanced automated machines, owing to the high industrial development across Indonesia, India, China, South Korea, and Taiwan is driving the growth of this market substantially. In addition to this, the faster adoption of machines and bearings, boosted by the increasing automation requirements, is likely to propel this regional market in the years to come, states the research report.
The competitive landscape of the global market for bearings has also been evaluated in this research report. As per the study, the market demonstrates a highly concentrates business structure, thanks to the presence of only a few players at the top positions. SKF, Timken, Schaeffler AG, NTN, and NSK have emerged as the leading players operating in this market. These participants are constantly trying to retain their dominance by expanding their presence across various geographies and diversifying their product portfolios. Other prominent participants in the worldwide bearings market are Asahi Seiko, JTEKT, C&U Group, LYC, RBC Bearings, Nachi, and ZWZ Bearings.
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