November 14, 2019
According to the research report titled ‘Latin America Bearings Market (2018 Edition): Opportunities and Forecast (2013-2023)’ available with Market Study Report LLC, the Latin America bearings market is expected to grow with a CAGR of 1.78% from 2018 to 2023.
For the record, a bearing is a mechanical component that facilitated desired motion by restricting relating movement and reducing friction between moving parts. Surging developments in industrial and transportation sectors across the region are propelling the growth of Latin America bearings market. As per the research, additional factors such as automotive industry transformation and process industry digitalization will further drive the regional market over the forecast period.
As per type, Latin America bearings market is segmented into angular contact, radial deep grove, self-align bearing, insert bearing, miniature bearing, and thrust ball. While based on end-user spectrum, the market is classified into process industries and transportation. Process industries segment includes general industries, mining, energy, metals, construction, defense, cement, and paper/pulp. Whereas, transportation segment is split into off highway & heavy trucks, passenger vehicles, civil aerospace, rail, and others.
On the basis of bearing type, Latin America bearings market is fragmented into spherical roller bearings, tapered roller bearings, cylindrical roller bearings, needle roller bearings and thrust roller bearings. As per distribution channel, the market is segmented into OEM and retail.
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Considering geographical locations, Latin America bearings market is divided into nations including Brazil, Costa Rica, Chile, Colombia, Argentina and the rest of Latin America. The report cites that Brazil is presumed to dominate the regional market over the analysis timeframe.
Notably, the report discusses the potential growth opportunities in Latin America bearings market. It also provides crucial data on the current market size regionally alongside the segmental shares. The study offers information on developing trends ,along with key challenges, drivers and opportunities.
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