Press Release

Bearings Market Projected to Touch $52.44 Billion by 2026

Bearings Market 2019: Global Industry Size, Segments, Share and Growth Factor Analysis Research Report 2026

The growing demand for coated bearings from various applications is a key factor enabling growth of the bearings market, says Fortune Business Insights, in a report, titled “Bearings Market Size, Share and Industry Analysis, By Type (Ball Bearing, Roller Bearing), By Application (Automotive, Industrial Machinery, Aerospace, Others), and Regional Forecast, 2019-2026.”The global bearings market was valued at USD 39.46 billion in 2018 and is expected to reach USD 52.44 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period (2019 2026).

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As per the report, on the basis of application, the bearings market is segmented into automotive, industrial machinery, aerospace and others. The automotive segment is expected to hold maximum share owing to the expansion of the automobile industry. The rising emphasis on weight reduction will further aid the growth of the segment. The increasing demand for bearings in the automotive industry owing to its advantages such as the ability to rotate at high speed with precision and high durability along with noise and vibration reduction property. Furthermore, the rising focus of manufacturers towards the production of lighter bearings by adopting various technologies such as better forging techniques, low tolerances, and lightweight alloys will further propel the growth of the market. For instance, SKF developed bearing cages from titanium alloys used in gearbox applications. These titanium bearings offer high component strength and; temperature resistance properties especially applicable for high acceleration applications

The Prominent Companies Operating In The Global Bearings Market Include:

  • NSK Ltd
  • Nachi-Fujikoshi Corp
  • myonic GmbH
  • LYC Bearing Corporation
  • Luoyang Huigong Bearing Technology Co., Ltd.
  • Koyo
  • ISB Industries
  • NTN Bearing Corporation
  • SKF
  • The Timken Company
  • THB Bearings

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As per the report, on the basis of application, the bearings market is segmented into automotive, industrial machinery, aerospace and others. The automotive segment is expected to hold maximum share owing to the expansion of the automobile industry. The rising emphasis on weight reduction will further aid the growth of the segment. The increasing demand for bearings in the automotive industry owing to its advantages such as the ability to rotate at high speed with precision and high durability along with noise and vibration reduction property. Furthermore, the rising focus of manufacturers towards the production of lighter bearings by adopting various technologies such as better forging techniques, low tolerances, and lightweight alloys will further propel the growth of the market. For instance, SKF developed bearing cages from titanium alloys used in gearbox applications. These titanium bearings offer high component strength and; temperature resistance properties especially applicable for high acceleration applications

Rising Demand For Precision Bearing Will create Growth opportunities

The increasing demand for precision bearing owing to industrial automation will boost the market revenue during the forecast period. The increasing demand from various applications including the aerospace industry and machine tools has resulted in the adoption of precision bearings. The growing requirement for miniature bearings in industrial robots will propel the growth of the market. For instance, according to the secondary sources, in 2017, 2.1 million stand-alone industrial robots were installed globally. The rising technological advancement in office automation, medical equipment, and audio-visual equipment will fuel demand for miniature bearings. In addition, the growing focus of manufacturers for the development of miniature bearings will boost the growth of the market. For instance, SKF offers wide range of miniature ball bearings available in stainless steel along with seals or shields for various applications.

Market Segmentation –

By Type

  • Ball Bearings
  • Roller Bearings

By Applications

  • Automotive
  • Industrial Machinery
  • Aerospace
  • Others

By Geography

  • North America (U.S. and Canada)
  • Europe (U.K., Germany, France, Italy, and Rest of Europe)
  • Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)
  • Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
  • Latin America (Brazil, Mexico, and Rest of Latin America)

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