Back to Newsroom
Back to Newsroom

Bearing Market Growth Propelled by Surging Use of Innovative Bearing Technology in Construction Sector: Fact.MR

Tuesday, 08 December 2020 08:00 AM

FactMR

Market players are focusing on ultra-modern technology and new-age innovations to achieve the desired motion and satiate customers need.

ROCKVILLE, MD / ACCESSWIRE / December 8, 2020 / The global bearing market is likely to exhibit a healthy CAGR of 7% amid the projected period (2020-2030). The market has been primarily driven by growing demand for electric vehicles and progressions in the automotive industry. The market has been hugely impacted by the COVID-19 outbreak, however, the ambiguity over second wave of the outbreak and low confidence of investor can defer recovery to late 2021 or beginning of 2022.

"While the key end users of bearings are swiftly evolving, manufacturers are focusing on launching diverse products categories to target extensive range of end-users. The progressions in automotive industry will fuel the global market over the projected period" says a Fact.MR analyst.

Request a report sample to gain comprehensive market insights at

https://www.factmr.com/connectus/sample?flag=S&rep_id=5353

Key Takeaways

  • Ball bearings is likely to lead the product category trailed by roller bearings, plain bearings, & others over the assessment period.
  • Unmounted bearings will remain lucrative in the bearing type segments, trailed by the mounted bearings.
  • Balls component type is projected to remain in the prevalent position, over the forecast period.
  • Rising use of innovative bearing technology in construction sector is generating new growth prospects.
  • Asia Pacific is likely to remain at the forefront as the biggest market amid the projected period.

Drivers

  • Increase in sales of pre-owned and new vehicles is encouraging the bearings market.
  • Growing demand for the e-vehicles is catalysing the market growth, globally.
  • With technological advancements to improve efficiency and shelf life of the products is driving the market.
  • Rising concern about green vehicles along with continuous development in the automobile sector offers lucrative growth opportunities for the market.

Constraints

  • Fluctuating raw material prices as well as higher maintenance cost are projected to restraint the market growth.
  • Energy efficient and environmental manufacturing norms are anticipated to challenge the market growth.

Anticipated Market Impact by COVID-19 Outbreak

The bearing market has been impacted by the COVID-19 outbreak mainly due to a drop in demand for the end user industries such as aerospace, construction, automotive, and others. Furthermore, restraining factors such as inadequate raw materials, non-operational production units amid lock down, unavailability of labors, job recession, financial constraints, and others, halted the market growth. As per Fact.MR, the market is anticipated to gain back its pre-crisis sales by the 1st quarter of 2022.

Explore the global bearing market with 138 figures, 80 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5353/bearing-market

Competition Landscape

Key players identified in the bearing market are HKT Bearings Ltd., Nachi Fujikoshi Corp., Minebea Mitsumi Inc., JTEKT Corporation, Igus Corporation, Timken Company Ltd., NSK Ltd., NTN Corporation, Wafangdian Bearing Group Co. Ltd., SKF Inc. and Schaeffler Technologies AG & Co. Market players in the industry are investing on connectivity and digitalization for better interaction with consumers and automation all over the value chain.

More on the Report

The Fact.MR's market research report provides in-depth insights into the bearing market. The market is scrutinized on the basis of product (ball bearing, roller bearing, plain bearing, others), type ( unmounted bearing, mounted bearing), component (balls, rollers, cages, rings, others), application ( automotive, construction, aerospace, power transmission, oil and gas, agriculture, others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).

Explore Wide-ranging Coverage of Fact.MR's Industrial Goods Landscape

Seismic Rubber Bearing and Isolators Market: Find insights on seismic rubber bearing and isolators market with analysis of segments, statistics, influencers, market players, and business strategies adopted over the forecast period of 2018 to 2028.

Bridge Bearings Market: Fact.MR's report on the bridge bearings market offers insights on the market during 2018 to 2028, including restraints, revenue sources, market leaders, and market strategies.

Marine Wheel Bearings Market: Read an analysis of the marine wheel bearings market with insights on growth factors, opportunities, restraints, regional market forecast, regulatory policies, and strengths of market leaders.

About Fact.MR

Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, and has offices in Dubai. Fact.MR's latest market research reports industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

Contact:

Fact.MR
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: [email protected]
Web: https://www.factmr.com/
PR- https://www.factmr.com/media-release/1729/global-bearing-market

SOURCE: FactMR

Topic:
Product Announcements
Back to newsroom
Back to Newsroom
Share by: