Home » Automotive, Building & Construction, Business, Europe » Bearings Market worth 142 Billion USD by 2022: GLOBAL MARKET INSIGHTS, INC.
“The top six companies including, Timken, NSK Global, SKF, Schaeffler Group, JTEKT and NTN Corporation represent around 60% of the total industry share.”
The report “Bearings Market Size By Application (Agriculture, Electrical, Automotive, Mining & Construction, Railway & Aerospace), By Product (Roller Bearings, Ball Bearings) Industry Outlook Report, Regional Analysis, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022”, The Bearings Market size is expected to exceed over USD 142 billion by 2022 at a CAGR of 7.6% during the forecast period (2015–2022).

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.

This product is an essential mechanical component for proper and smooth running of vehicles and machineries. The industrial heavy machinery sector is the largest end user market, followed by automobile sector which can’t run without this product. The future growth of this market will come with an increase in requirement in aerospace and railway sectors. Asia Pacific is the greatest and fastest rising market in this sector, followed by China. Asia Pacific market was USD 36 billion in 2014 and is projected to gain USD 68 billion by 2022 with a CAGR of 8% between years 2015-2022.

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Increase in number of commuters taking advantage of public transportation is likely to be the key facet of rise in demand. Substantial growth is expected in this market because of high requirement for tapered roller components in wheels, gearboxes and journal applications along with ceramic coated ones used in traction-motor. They have small surface contact thus help in reducing friction which makes vehicle run smoothly and hence its demand can’t fall in future. It has a rising growth with approximately 42% of the overall share in 2014 and is expected to enjoy 78% in the coming year.

The market trends seem to be promising in futureAutomotive bearing market is projected to get significant gains with projection of USD 71 billion at a CAGR of 7.3%. An upsurge will be seen in agricultural sector as it is likely to grow with a CAGR of 7% because of economic recovery and improved performance. Machineries used for agriculture are also estimated to contribute in the elevation of this market. But yes, it is worth to notice the importance of the roller variety. They are mainly used when load enduring capacity is more important than speed. As per the market report, roller range is estimated to touch USD 51 billion up to 2022.

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It is anticipated that Europe will achieve USD 32 billion by 2022 which was USD 18 billion earlier in 2014. One more example of risingmarket for this product is North America which is expected to get USD 25 billion by 2022. Bearing market share is highly productive. The list of top most companies includes Timken, NSK Global, SKF, Schaeffler Group, JTEKT and NTN Corporation and these companies are contributing almost 60% of overall industry share. However, counterfeiting is a major problem which can be challenging to this market in near future. It is a problem faced by many industries and is a threat for them.

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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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