Feb 19, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Bearings Market.
It was estimated prior to this unanticipated outbreak Bearings Market will reach CAGR of 7.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Bearings Market Insights
Bearings Market is likely to witness an impressive CAGR of 7.2% during the forecast period. 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.
Market Share Analysis
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.
Bearings Market Share: By Region
In terms of regions, 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.