Global Bearings Market to register around US $193 Bn by 2026

July 04, 2019

Global bearings market is anticipated to reach US $193 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.

Increasing demand from the global manufacturing sector is slated to drive bearing industry size over the predicted timeline. Growing applications across heavy machinery as well as increased automation across several production processes will boost product demand over the forecast period.

The report cites that increased use in the automobile sector along with rapidly growing global manufacturing industry will stimulate market size. Moreover, rising product penetration in the renewable energy sector, rapid growth in the global automotive industry, and increasing demand for light-weight bearing will drive industry outlook.

In terms of revenue, ball bearings segment dominated the global market in 2017. Growing demand across emerging economies and rapid technological advancements are some key factors estimated to offer impetus and numerous growth opportunities to bearings market worldwide.

Geographically speaking, Asia-Pacific is expected account for a major market share over the forecast period. In 2017, the region generated the highest market revenue and is likely to grow further over the predicted period, on account of factors like increasing automation, use of heavy machinery in the manufacturing sector, and well-established regional automotive industry.

Rising demand for automotive vehicles across countries like China, India, Japan, and South Korea, along with increasing demand for light-weight bearings to shed automotive weight will boost industry outlook across the region, claims the study.

The recent report suggests that rising technological advancements and investments will bolster bearings market size over the coming years. Rapid industrialization and use of automated systems to attain higher efficiency and productivity will boost demand for bearing products, hence expanding industry size. Surging utilization of bearings in the Asia Pacific renewable energy industry is also estimated to open new growth opportunities over the forecast period.

Major players operating in bearings market include Harbin Bearing Manufacturing Co., Ltd., Schaeffler Group, The Timken Co., NSK Global, Rexnord Corp., JTEKT Corp., Federal Moghul Holding Corp. Brammer PLC, NTN Corp., and NKE AUSTRIA GmbH.

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These companies are actively launching new products into the market. They are also engaging in partnerships with other market leaders to develop and launch innovative products that effectively meet the growing demand and requirements of customers.

The company profiles of these firms are summarized in the report along with their product benchmarking, recent developments, business overview, and financials. The report offers a brief synopsis of bearings market with respect to Porter’s five forces, industry trends, market forces, ecosystem analysis, competitive ranking analysis, and PEST analysis.

It also offers an extensive quantitative and qualitative analysis of the prevailing trends and growth prospects of bearings market between 2019-2026.