Bearings Market is likely to witness an impressive CAGR of 7.2% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Bearings Market
Surge in vehicle sales and increasing adoption of electric and connected vehicles, introduction of advanced high capacity wheel bearings along with enhanced lubricating performance, and growing demand for specialized bearing solutions to fulfill industry-specific requirements, such as gas meters, medical imaging equipment, and flight support systems are some of the major factors driving the market growth during the forecast period.
Asia-Pacific is estimated to be the dominant region in the market with China, Japan, India, and South Korea being the major countries providing lucrative growth opportunities with increasing investments in the automotive industry during the forecast period. Also, other factors, such as easy availability of raw materials and cost-effective manufacturing along with the presence of various industry participants in the region is further expected to fuel the product demand in the bearings market over the forecast period. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
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Report Scope & Market Segmentation
Bearings Market Share: By Product Type
Based on the product type, the market is segmented as ball bearing and roller bearings. The ball bearing segment is projected to hold the major share of the market during the forecast period as it offers excellent features, such as friction reduction, high durability, load carrying capability, facilitating motion and position of moving machine parts, and cost-effective replacement. It has a simple design and possesses shield sealing which causes prevention of lubricants leakage and help in avoiding entry of foreign particles into the casing that minimizes the maintenance cost, fueling the segment’s growth during the forecast period. Also, the ball bearing segment is further divided into deep groove ball bearings and others, out of which, deep groove balls are estimated to witness significant growth rate in the market during the forecast period owing to their simple design, low friction, and low maintenance cost features.
Bearings Market Share: By Application Type
Based on the application type, the market is segmented as automotive, agriculture, electrical, mining & construction, railway & aerospace, automotive aftermarket, and others. Automotive is estimated to be the dominant application type of the market during the forecast period owing to growing vehicle sales and increasing demand for various automotive moving parts which need bearing to function. Bearing finds a wide range of application in the automotive industry, such as in gearboxes, transmissions, engines, steering, pumps, wheels, and electrical motors, boosting the product demand in the market over the forecast period.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
Know more about us:
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