Bearings Market By End-use Application (Industrial Heavy Machinery, Automotive, Electronics and Electrical, Aerospace, and Other End-use Applications), By Type (Plain Bearings, Ball Bearings, Roller Bearings, and Others) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023

Revival of the construction industry post economic slowdown is one of the major factors driving the global bearings market. Increased industrial production and agricultural mechanization coupled with the growing demand from aerospace and automotive sectors is also influencing the market demand. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 7.3% during the forecast period 2016 – 2023. However, issues such as lack of product differentiation resulting in price wars and profit crunching pose moderate challenge to the market growth. The global bearings market  is expected to expand at a CAGR of 7.3% from 2016 to 2023, exceeding US$ 141.3 Bn by 2022.

Report Scope

This report analyzes the global bearings market in terms of product types, end-use application, and geography. On the basis of product types, the market is segmented into plain bearings, ball bearings, and roller bearings among others. Similarly, on the basis of end-use application, the market for bearings is further classified into industrial heavy machinery (construction and mining, and agriculture), automotive, electrical and electronics, and aerospace among others. The geographical distribution of the global bearings market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

1.1    Report Description

Purpose of the Report

The purpose of this strategic research study titled “Global Bearings Market - Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global bearings market.

Target Audience

• Industry Investors
• Bearings Manufacturers
• Industrial Equipment Manufacturers
• End-users

USP and Key Offerings

The report titled “Global Bearings Market- Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” offers strategic insights into the global Bearings market along with the market size and estimates for the duration 2014 to 2023. The said research study covers in-depth analysis of multiple market segments based on applications, product types, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading bearings manufacturers, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the bearings market
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Value Chain Analysis
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global Bearings market, offering market size and estimates for the period from 2015 to 2022, keeping in mind the above mentioned factors.

On the basis of application, the global bearings market is categorized into following segments:

• Industrial Heavy Machinery
  • Construction and Mining
  • Agriculture
• Automotive
• Electronics and Electrical
• Aerospace
• Other End-use Applications

The contribution of these applications to the global bearings market in 2015 and 2023 is as shown in the figure below

As of 2015, the global bearings market was led by the industrial heavy machinery (construction and mining, agriculture) segment in terms of revenue. The segment accounted for over 30% of the global bearings market revenue in the same year and is expected to exhibit steady growth during the forecast period led by the revival of the construction industry post economic recovery. In addition, growing farm mechanization, especially in emerging agrarian economies has favored the market demand.  The automotive was the second largest end-user market, which accounts for around one-fourth of the global market revenue. The market for automotive bearings is expected to be driven by growing demand and production of off-highway and two-wheeler vehicles. Other segments including aerospace and transportation (ex- railway) are all set to witness robust growth over the forecast period 2016 – 2023.

On the basis of geography, the global bearings market is segmented into following regions and countries.

• North America
  • U.S.
  • Rest of North America
• Europe
  • United Kingdom
  • France
  • Germany
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
• Rest of the World
  • Latin America
  • Middle East and Africa

The contribution of these regions (North America, Europe, Asia Pacific, and RoW) to the global bearings market in 2015 is as shown in the figure below

In the base year of 2015, Asia Pacific was the largest bearings market in terms of both revenue and volume. The region accounted for over 39% of the global bearings market revenue in the same year and is expected to exhibit strong growth led by demand from China. China is currently the largest producer and consumer of bearings in Asia Pacific followed by India. The trend shall prolong and the region is poised to retain its leading position throughout the forecast period 2016 – 2023. The demand for bearings in the region is also attributed to the flourishing construction and industrial sectors. Developed markets including North America and Europe witnessed lackluster growth in recent years due to economic slowdown. However, with markets showing economic stability, the industrial and construction sector in these regions is poised to regain its original growth levels, offering the necessary traction to the market growth.