Bearings Market Size Worth USD 52.44 Billion, Globally, by 2026 at 3.6% CAGR

Pune, India, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The global Bearings Market was USD 39.46 billion in 2018. The global market size is expected to gain momentum by reaching USD 52.44 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period from 2019-2026. This information is provided by Fortune Business Insights, in its report, titled, "Bearings Market, 2019-2026."

According to our analysts, the booming automotive sector will contribute tremendously to the growth of the market. The rising application of bearings in the food processing industry will bolster healthy growth of the market.

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Report Highlights:

COVID-19 Impacts:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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Drivers and Restraints:

Heavy Demand for Precision Bearings to Propel Market

The rising industrial automation has led to the demand for precision bearings, which, in turn, will aid the expansion of the market. The increasing application of bearings in the aerospace industry will foster the growth of the market during the forecast period. Moreover, the growing development of advanced robots will fuel demand for miniature bearings in the forthcoming years. The growing focus of manufacturers towards the product offering of miniature bearings owing to the advantages over other bearings will enable speedy expansion of the market. For instance, SKF, a seal and bearing manufacturer offers an extensive range of miniature ball bearings available in stainless steel along with seals or shields for various applications.

The technological advancement in medical equipment, and audio-visual equipment and other automation will spur opportunities for the market. Furthermore, the growing demand for coated bearings for as compressors, hydraulic pumps & motors, and marine & offshore applications will favor the growth of the market in the foreseeable future. In addition, the increasing collaborations and partnerships among major key players will subsequently aid the expansion of the market. For instance, Calico Coatings collaborated with ACL, Mahle/Clevite, and Durabond to deliver CT-1 Dry Film Lubricant coated bearings for a high-performance engine.

Industry Developments:

October 2019: JTEKT Corporation announced the release of creep resistance features for ball bearing which will be primarily used in the transmissions of hybrid; electric vehicles and, CVTs of engine cars.

August 2018: Timken India Ltd. a subsidiary of Timken Company announced that it has acquired ABC Bearings Ltd, a major producer and leader of cylindrical, tapered and, spherical roller bearings based in India

List of Key Players Mentioned in the Report:

• NSK Ltd
• Nachi-Fujikoshi Corp
• myonic GmbH
• LYC Bearing Corporation
• Luoyang Huigong Bearing Technology Co., Ltd.
• Koyo
• ISB Industries
• NTN Bearing Corporation
• SKF
• The Timken Company
• THB Bearings
• Schaeffler Technologies AG & Co. KG

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Key Benefits for Bearings Market:

• The Bearings market analysis covers in-depth information of major industry participants.
• Porter's five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides an in-depth analysis of the Bearings market during the forecast period (2022–2026).
• The report outlines the current market trends and future scenario of the global Bearings market to understand the prevailing opportunities and potential investment pockets.
• The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

Regional Insights:

Rising Infrastructure Development to Boost Growth in Asia Pacific

Asia Pacific is expected to hold the major share during the forecast period owing to rising demand for bearings from various industries such as the automotive, aerospace, and packaging industry. The booming automotive sector will influence healthy growth in the region. According to the Society of Indian Automobile Manufacturers (SIAM), in the first quarter of 2019, the total passenger vehicle trade increased by 2.7%. The growing demand for industrial machinery owing to the rising infrastructure development will contribute positively to the growth of the market in Asia Pacific.

Europe is predicted to account for the largest share in the global market due to the well-established automotive industry. The presence of major automobile companies will foster growth in the region. In addition, the heavy demand from the aerospace industry will promote growth in Europe.

Competitive Landscape:

NTN Corporation has developed a Tenter Clip Bearing, that helps in improving the reliability for film stretching machines in packaging sector.

Global Bearings Market Size Segmentation:

By Type          

• Ball Bearings
• Roller Bearings

By Application

• Automotive
• Industrial Machinery
• Aerospace
• Others

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Table of Contents

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends
  • Key Developments: Mergers, Acquisitions, Partnership, etc.
  • Latest Technological Advancement
  • Regulatory Landscape
  • Porters Five Forces Analysis
• Qualitative Analysis – Impact of COVID-19
  • Impact of COVID-19 on Bearings Market
  • Steps Taken by the Government to Overcome the Impact
  • Key Developments in the Industry in Response to COVID-19
  • Potential Opportunities and Challenges due to COVID-19 Outbreak

Continued…

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