Delaware – April 27, 2016 – Bearings Market Size is forecast to reach USD 142 billion by 2022, as per a new research report by Global Market Insights, Inc. High demand across the automotive sector coupled with need to achieve energy efficiency in various sectors is likely to spur global demand over the next seven years. Growing demand for commercial vehicles is expected to elevate the automotive sector over the next few years. Continuous trend towards the replacement of ageing fleet coupled with growing demand from industrial and infrastructural sector is expected to drive the demand.
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Automotive bearings market size was the leading application segment and was valued USD 40.6 billion in 2014. It is estimated to observe large gains, with estimation of USD 71.4 billion by 2022, at an estimated CAGR of 7.3% during the forecast period. Growing demand for light weight, high performance automobiles, and computer peripherals such as disc drives has led to increased usage of smaller and light weight bearings, which is expected to boost the demand. Railway & aerospace is anticipated to be the fastest growing application segment with estimation of USD 7 billion by 2022.
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Development of bearings that enable more cost-effective wind energy generation has led to increased adoption across wind turbine applications. Utilization of proper bearing solution in wind turbines help increase energy production, enhance turbine performance & reliability and reduce lubricant consumption. Counterfeit products are expected to pose a challenge to the industry growth due to its low-cost fake identity. These products are frequently sold to unsuspecting customers at around same price as the original product.
Key report insights suggest:
- Global bearings market was valued USD 79.3 billion in 2014, with estimation of USD 142 billion by 2022, growing at 7.6% from 2015 to 2022
- Global ball bearings market size was valued USD 34 billion in 2014 which is probable to achieve USD 62.1 billion by 2022, growing at a CAGR of 7.8% from 2015 to 2022. It has smaller surface contact that reduces the friction and functions very smoothly. It can also be used with thrust and radial loading.
- Roller bearings market is expected to witness significant growth and reach USD 51.1 billion by 2022.
- Asia Pacific dominates the regional demand with share of 46.38% in 2014. Swift infrastructure development and industrialization is probable to boost the regional demand growth over the next coming years. U.S. bearings market share is expected reach 25.1 billion by 2022, at a CAGR of 6.8% up to 2022.
- Highly competitive bearings market share consists of top six companies which accounts approximately 60% of industry share in 2013. Major participants in this industry include Timken, NSK Global, SKF, Schaeffler Group, JTEKT and NTN Corporation among others.
For this report, Global Market Insights has segmented the bearings market on the basis of product, application and region:
Global Bearings Market Product Analysis (Revenue, USD Million, 2012 – 2022)
- Roller Bearings
- Ball Bearings
Global Bearings Market Application Analysis (Revenue, USD Million, 2012 – 2022)
- Mining & Construction
- Railway & Aerospace
Global Bearings Market Regional Analysis (Revenue, USD Million, 2012 – 2022)
- North America
- Eastern Europe
- Asia Pacific
- Latin America
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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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