Bearings Market Report 2021 Analyzing Impressive Business Opportunities Through 2026
Global bearings market is anticipated to reach annual revenues of over USD 70 billion by 2026.Europe has emerged as a profitable revenue terrain over the years due to the growing demand for the product from western European countries like France, Germany, and the U.K. These countries have a large market for light and passenger vehicles in the region.
Europe hosts a wide presence of various automobile companies like BMW, Mercedes-Benz, Audi, Ferrari, Volkswagen, Bentley, Volvo, and Porsche. The robust automobile sector in the region steers the demand for bearings to reduce friction and to ensure smoother rotation of various moving parts required for automobile manufacturing.
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Bearings have emerged as an integral mechanical component for the smooth and proper running of machines and automobiles. The industrial heavy machinery sector has emerged as one of the largest consumers of the product followed by the automobile industry.
In order to promote the sale of EVs, governments across the globe are offering incentives to encourage both, the vehicle manufacturer as well as the buyer. As per reliable sources, in September 2020, the government of India announced its plan to provide USD 4.6 billion as incentives to the companies setting up an advanced battery manufacturing unit, as it aims to promote the use of EV and reduce its dependence on oil.
With respect to the application spectrum, bearings find extensive usage in the vast mining and construction industry. An economic improvement over the years has driven the demand for industrial, commercial, and residential infrastructure. Reforms in various mining policies over the years have further supported developments in the mining sector in developing nations.
Leading bearing suppliers are frequently entering into strategic alliances, acquisitions, and mergers in order to increase their customer base and achieve a competitive edge. For instance, in 2019, U.S.-based RBC bearings - a prominent international manufacturer of advanced precision bearings and components for aerospace, defense, and industrial sector announced the acquisition of Swiss Tool Systems AG for USD 33.9 million. The transaction aims at expanding RBC Bearing’s product portfolio as well as its geographical reach.
leading players operating in the bearings market include Brammer PLC, NTN Corporation, HKT Bearings Ltd., The Timken Company, and SKF among various others.
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Partial Chapter of the Table of Content
Chapter 4. Bearings Market Product Insights
4.1. Bearings market share by product, 2019 & 2026
4.2. Ball bearing
4.2.1. Global ball bearings demand, by region, 2016 - 2026
4.2.1.1. Global deep groove ball bearings (DGBB) demand, by region, 2016 – 2026
4.2.1.2. Global other ball bearings demand, by region, 2016 - 2026
4.3. Roller Bearings
4.3.1. Global roller bearings demand, by region, 2016 - 2026
4.3.1.1. Global split roller bearings (SRB) demand by region, 2016 – 2026
4.3.1.2. Global tapered roller bearings (TRB) demand by region, 2016 – 2026
4.3.1.3. Global other roller bearings demand, by region, 2016 - 2026
Chapter 5. Bearings Market Application Insights
5.1. Bearings market share by application, 2019 & 2026
5.2. Automotive
5.2.1. Global automotive bearings demand, by region, 2016 - 2026
5.3. Agriculture
5.3.1. Global agriculture bearings demand, by region, 2016 - 2026
5.4. Electrical
5.4.1. Global electrical bearings demand, by region, 2016 - 2026
5.5. Mining & Construction
5.5.1. Global mining & construction bearings demand, by region, 2016 - 2026
5.6. Railway & aerospace
5.6.1. Global railway & aerospace bearings demand, by region, 2016 - 2026
5.7. Automotive Aftermarket
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