Published on : May 17, 2016
The global bearing market has been increasingly gaining from the rising production of vehicles worldwide and the demand from the aerospace and defense industries. According to a report published by Transparency Market Research, the global bearing market, which stood at US$75.91 bn in 2014, is expected to reach a valuation of US$118.2 bn by 2020. The market is therefore poised to surge at a CAGR of 7.7% between 2014 and 2020.
Increasing Application in Vehicles to Propel Global Bearing Market
Bearings are mechanical components used to reduce frictions in moving parts. For instance, roller bearing is used to support load and allow machines function smoothly. With the advent of the latest technologies in industries such as the construction, oil and gas, and the automotive the application of bearing is also anticipated to increase at a rapid pace. Furthermore, the global market for bearing is also anticipated to gain from the launch of sophisticated technologies such as smart bearing. Such innovations is expected to facilitate manufacturers in monitoring bearing operations non-stop. Despite witnessing positive growth prospects, the market is witnessing challenge from the growing sale of counterfeit products.
Market Segmentation Based on Various Parameters
The global bearing market can be segmented on the basis of end use, product, component, and geography. On the basis of product, the market can be segmented into unmounted ball bearing, roller bearing, and others. Of these, the market for unmounted ball bearing stood at US$33.3 bn in 2014 and is expected to reach even higher valuation by the end of 2020. Based on components, the market can be segmented into rings, balls, rollers, cages, and others.
Asia Pacific Dominates Global Bearing Market
Regionally the global bearing market is spread across North America, Asia Pacific, Europe, and Rest of the World. Among these regions, Asia Pacific is expected to dominate the market due to rising demand from industries located in countries such as India, China, Japan, and South Korea. The region is followed by North America and Europe. These regions collectively held 40% of the market in 2014.