Global Bearings Market Insights and Forecast to 2019-2023
Summary –
A new
market study, “Global Bearings Market Insights and Forecast to 2019-2023 “has
been featured on WiseGuyReports.
The global bearings market value is forecasted to reach US$51.62
billion in 2023, growing at a CAGR of 5.44%, for the period spanning from 2019
to 2023. The factors such as rapid industrialization, inclining mining
equipment industry, growing automotive industry, increasing urban population
and growing railway bearings industry are expected to drive the market growth.
However, growth of the industry would be challenged by increasing raw material
prices, stringent regulations and high penetration of counterfeit bearing
products in emerging nations. A few notable trends include integration of IoT
with bearings, increasing adoption of magnetic bearings, emergence of
application-specific bearings, growing preference for plastic bearings and high
demand for integrated bearings in wind turbines.
The bearings industry consists of manufacturers of ball (open
& sealed deep groove ball bearings) and roller (cylindrical, spherical,
tapered & needle) bearings. Major application fields of bearings are
automotive (OEM & aftermarket) and industrial (mining, aerospace,
construction, agriculture, electrical & energy) sector. In terms of raw
materials, bearings are manufactured primarily from steel.
The fastest growing regional market is Asia-Pacific, due to
improving economic conditions and growing mining and construction operations in
emerging countries. China represents one of the largest market and is already
well-penetrated at developed market levels, owing to growing sales of magnetic
& smart bearings products in Beijing, Shanghai and Shenzhen.
Scope of the report:
The report provides a comprehensive analysis of the global
bearings market, segmented on the basis of types i.e. Ball & Roller and
Applications i.e. Industrial & Automotive.
• The major regional markets (Asia-Pacific, North America and
Europe) have been analysed along with country coverage of China, Japan, India,
US & Canada.
• The market dynamics such as growth drivers, market trends and
challenges are analysed in-depth.
• The competitive landscape of the market, along with the
company profiles of leading players i.e. AB SKF, Schaeffler Technologies AG
& Co. KG, NSK LTD., NTN Corporation, JTEKT Corporation and The Timken
Company are also presented in detail.
Key Target Audience:
• Bearings Manufacturers
• Raw Material Suppliers
• End Users
• Consulting Firms
• Investment Banks
• Government Bodies & Regulating Authorities
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/5266294-global-bearings-market-by-type-application-region-insights
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