Major players in the bearings market are Harbin Bearing Manufacturing Co. Ltd, HKT Bearings Ltd, Igus, JTEKT Corporation, MinebeaMitsumi Inc, Nachi-Fujikoshi Corp, NSK Ltd, NTN Corporation, RBC Bearings Inc, Rexnord Corporation, Schaeffler AG, SKF Group, Saint-Gobain, Oiles Corporation, Rubix Group International Limited, SNL Bearings Limited, and Tenneco Inc.
New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bearings Global Market Report 2022" - https://www.reportlinker.com/p06323504/?utm_source=GNW
The global bearings market is expected to grow from $107.01 billion in 2021 to $115.63 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The bearings market is expected to grow to $158.78 billion in 2026 at a compound annual growth rate (CAGR) of 8.2%.
The bearing market consists of sales of bearings by entities (organizations, sole traders, and partnerships) that are used in a variety of industries to decrease friction between moving elements by supporting the relative motion. Bearings refer to a machine component that consists of rolling elements that minimize friction, carry weights, and direct the movement and position of moving machine parts.
The main types of bearings include unmounted and mounted bearings.Unmounted bearings refer to bearings that have cylindrical, typically pressed onto a shaft or tapered bore to mount to a drive shaft with an adapter sleeve or onto a tapered shaft, and are suggested in a range of types and styles.
The materials used in the manufacturing of bearings include metal, plastic, and ceramics. The applications of bearings include automotive, agriculture, electrical, mining and construction, railway and aerospace, automotive aftermarket, and other applications and they are distributed through online and offline distribution channels.
Asia Pacific was the largest region in the bearing market in 2021.Western Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the bearing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The bearings market research report is one of a series of new reports that provides bearings market statistics, including bearings industry global market size, regional shares, competitors with a bearings market share, detailed bearings market segments, market trends and opportunities, and any further data you may need to thrive in the bearings industry. This bearings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
An increase in demand for electric vehicles is expected to propel the growth of the bearings market going forward.An electric vehicle (EV) is motor vehicle that is propelled by an electric motor rather than an internal-combustion engine, which generates energy by burning a mixture of gasoline and gases.
The high speed of electric motors in EV and HEV powertrains necessitates the use of specialized bearings. For instance, according to an annual publication Global EV Outlook 2020, released by the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales surpassed 2.1 million globally in 2019, surpassing 2018 to bring the total number of electric cars on the road to 7.2 million. In 2019, electric cars accounted for 2.6 % of global car sales and roughly 1% of global car stock, a 40 % increase year over year. Therefore, an increase in demand for electric vehicles is expected to boost demand for bearings during the forecast period.
Technological advancement is a key trend gaining popularity in the bearings market.Manufacturers are focused on the use of customized bearings to fulfill their shifting needs as new technologies and digitalization become more widely adopted.
For instance, in June 2020, AB SKF, a Sweden-based bearing, and seal manufacturing company, developed an SKF bearing assist app that simplifies the task of mounting and replacing bearings.The app contains product information, including bearing a designation, bearing type and suffix descriptions, dimensions, and illustrations.
This minimizes installation costs and time while also eliminating the inconvenience of improper mounting, extending the bearings’ service life.
In December 2020, The Timken Company, a US-based global manufacturer of bearings and power transmission products, acquired Aurora Bearing Company for an undisclosed amount. With this acquisition, The Timken Co. aims to increase its product breadth, which will help them serve the bearing space more completely. Aurora Bearing Company is a US-based company that provides spherical plain bearings and rod ends to the off-highway equipment, aerospace and defense, and racing manufacturing industries.
The countries covered in the bearing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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