Global Bearings Market Revenue to Cross USD 70B by 2026

SELBYVILLE, Del., Sept. 9, 2020 -- Global Market Insights, Inc. has recently added a new report on the bearings market which estimates the market valuation for bearings will cross US $70 billion by 2026. Increasing sales of new and pre-owned vehicles will surge the bearings industry's demand.

Shifting consumer focus toward e-vehicles, owing to low ownership costs, charging infrastructure deployment, cost-effective maintenance, and effective energy utilization will primarily surge the bearings market's growth. This is owing to its wide applications across various automotive sub-systems that include gearboxes, engines, transmissions, steering, wheels, pumps, and electrical motors.

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Based on product, the bearings market is mainly segmented into ball, roller, and other bearings that mainly include plain, fluid, magnetic, flexure, and jewel bearings. The other bearings in the segment are likely to grow with a CAGR of over 7.0%, owing to their growing demand for specialized bearing solutions across various end-users including automotive and electrical applications. Complex design, high power consumption, and limited applications may hinder the segment penetration over the near term. Nevertheless, product innovations coupled with technological advancements will drive product demand over the forecast period.

Mining and construction applications will witness over a 9% CAGR in the bearings market's size through 2026. The growth in the segment can be attributed to increasing construction activities and reforms in several mining policies over recent years. For instance, in March 2020, the Government of India introduced the Mineral Laws (Amendment) Bill, 2020, that removes the restriction on the end-use of coal and makes coal and lignite blocks eligible for auction. This will attract investors in mining projects and promote "ease of doing business" in the region. In addition to this, the introduction of advanced bearing products for mining & construction equipment will further intensify revenue generation in the sector. In 2020, SKF introduced a new range of UC 300 series, which prevents bearing operations from contaminated environments.

Europe's bearings market share is likely to grow at around 8% from 2020 to 2026, owing to increasing demand from Western European countries including Germany, France, and the UK, which is a large market for passenger and light commercial vehicles in the region. Prominent automotive manufacturers, such as Volkswagen, Audi, BMW, Ferrari, Porsche, Bentley, and Volvo, utilize bearings to reduce friction and for smoother rotation of various moving parts for automotive manufacturing and other related accessories.

Some major findings of the bearings market report include:

  • Escalating vehicle sales and the growing market of electric & connected vehicles will primarily drive the demand for bearings in their production and related accessories. 
  • Digitalization and connectivity for better interaction with customers and automation across the value chain will positively influence industry expansion. 
  • Product manufacturers are primarily focusing on geographic expansion, innovation, and technology advancements strategies in the long run.

Prominent industry participants include SKF, Brammer PLC, JTEKT Corporation, HKT Bearings Ltd, NBI Bearings, NSK Global, RBC Bearings Inc., NTN Corporation, Rexnord Corporation, The Timken Company, and Schaeffler Group.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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