Automotive Industry Growth to Expand Bearing Market | Key Player profile, Regional Outlook and Comprehensive Research Analysis by 2025
Research Reports
Jan 05, 2021
Market Synopsis:
Bearings are machine elements that constrain relative motion to desired motion. It has gained popularity with the industrial revolution and has witnessed evolutions in technology since then. The application base of bearing has expanded rapidly and is likely to follow the same pattern in the upcoming years. Market Research Future (MRFR)’s recent analysis offers that the global bearing market is prognosticated to strike 8.5% over the forecast period (2019-2025).
Bearing reduces friction between moving parts which increases the efficiency of the machine. Thus, machinery bearings have found increasing applications in industries such as automotive, electronics, machinery & equipment, aerospace, etc. In addition, the need for specialized bearing solutions to support the adoption of the latest technologies in industries is expected to further drive the expansion of the bearing market in the foreseeable future. Also, the innovation of technologies to increase the efficiency of bearing is poised to boost the growth pace of the market on the global front in the coming years.
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Market Segmentation:
Based on product, the segmental analysis of the bearing market covers ball bearing, roller bearing, plain bearing, and others. Among these, the ball bearing segment is expected to exercise its dominance over the market during the forecast period. Its dominance can be attributed to its extensive use in industries such as aerospace, automotive, electronics, etc.
The segmentation of the bearing market, on the basis of application, covers automotive, aerospace & defense, electronics, construction, and others. The automotive segment is assessed to account for the largest market share over the next few years. Increasing sales of passenger and commercial vehicles is poised to drive the expansion of the segment in the nearby future.
Regional Analysis:
The regional segments of the global bearing market profiled in this assessment by MRFR are – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These regions are also studied on the basis of country-level markets. Asia Pacific, which led the market in 2018, is anticipated to exhibit a higher growth rate over the next couple of years. This can be credited to the rising industrialization in the region. In fact, the growth of the Chinese automotive sector is expected to contribute significantly to the development of the bearing market in the region. Europe is likely to secure and retain the second spot, which is mainly due to the developments in the automotive industry in the region. Also, the demand for high-performance machines in industries such as construction, aerospace, etc. is also projected to drive the growth of the bearing market in Europe.
Competitive Dashboard:
Svenska Kullagerfabriken AB (Sweden), Schaeffler Group (Germany), NTN Corporation (Japan), NSK Ltd. (Japan), JTEKT Corporation (Japan), The Timken Company (US), Robert Bosch GmbH (Japan), GKN plc. (UK), The Danaher Corporation (US) and Minebea Mitsumi, Inc. (Japan) are some of the prominent players of the global bearings market.
These players are investing in technology innovation to elevate their market positions. It is also expected to intensify competition among them over the next couple of years. Increasing focus on the expansion of global footprint is also poised to spur robust competition among the players of the bearing market in the foreseeable future. The growth strategies that are prognosticated to be witnessed in the market in the near future are – collaborations, agreements, mergers & acquisitions, strategic alliances, etc.
Industry News:
In December 2019, a Slovenian company, EKWB, well known as EK Water Blocks, has announced the launch of D-RGB EK-Vardar EVO 140mm fan, which comes with a dual ball bearing design.
In November 2019, ExxonMobil, an American multinational oil and gas corporation, has collaborated with General Electric Company, an American multinational conglomerate, for the launch of Advanced Co-Branded Turbine Oil. The product is designed to increase bearing efficiency by 15%.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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