Europe’s bearings market share is poised to witness an 8% CAGR from 2020 to 2026, owing to increasing demand from Western European countries to reduce friction and for smoother rotation of various moving parts for automotive manufacturing and other related accessories.
SELBYVILLE, Del., September 9, 2020 (Newswire.com) – Global Market Insights, Inc. has recently added a new report on the bearings market which estimates the market valuation for bearings will cross US $70 billion by 2026. Increasing sales of new and pre-owned vehicles will surge the bearings industry’s demand.
Shifting consumer focus toward e-vehicles, owing to low ownership costs, charging infrastructure deployment, cost-effective maintenance, and effective energy utilization will primarily surge the bearings market’s growth. This is owing to its wide applications across various automotive sub-systems that include gearboxes, engines, transmissions, steering, wheels, pumps, and electrical motors.
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Based on product, the bearings market is mainly segmented into ball, roller, and other bearings that mainly include plain, fluid, magnetic, flexure, and jewel bearings. The other bearings in the segment are likely to grow with a CAGR of over 7.0%, owing to their growing demand for specialized bearing solutions across various end-users including automotive and electrical applications. Complex design, high power consumption, and limited applications may hinder the segment penetration over the near term. Nevertheless, product innovations coupled with technological advancements will drive product demand over the forecast period.
Mining and construction applications will witness over a 9% CAGR in the bearings market’s size through 2026. The growth in the segment can be attributed to increasing construction activities and reforms in several mining policies over recent years. For instance, in March 2020, the Government of India introduced the Mineral Laws (Amendment) Bill, 2020, that removes the restriction on the end-use of coal and makes coal and lignite blocks eligible for auction. This will attract investors in mining projects and promote “ease of doing business” in the region. In addition to this, the introduction of advanced bearing products for mining & construction equipment will further intensify revenue generation in the sector. In 2020, SKF introduced a new range of UC 300 series, which prevents bearing operations from contaminated environments.
Europe’s bearings market share is likely to grow at around 8% from 2020 to 2026, owing to increasing demand from Western European countries including Germany, France, and the UK, which is a large market for passenger and light commercial vehicles in the region. Prominent automotive manufacturers, such as Volkswagen, Audi, BMW, Ferrari, Porsche, Bentley, and Volvo, utilize bearings to reduce friction and for smoother rotation of various moving parts for automotive manufacturing and other related accessories.
Browse key industry insights spread across 190 pages with 100 market data tables and 11 figures and charts from the report, “Bearings Market Share & Forecast, 2020 – 2026” in detail, along with the table of contents:
Some major findings of the bearings market report include:
- Escalating vehicle sales and the growing market of electric & connected vehicles will primarily drive the demand for bearings in their production and related accessories.
- Digitalization and connectivity for better interaction with customers and automation across the value chain will positively influence industry expansion.
- Product manufacturers are primarily focusing on geographic expansion, innovation, and technology advancements strategies in the long run.
Prominent industry participants include SKF, Brammer PLC, JTEKT Corporation, HKT Bearings Ltd, NBI Bearings, NSK Global, RBC Bearings Inc., NTN Corporation, Rexnord Corporation, The Timken Company, and Schaeffler Group.
Browse the complete report’s table of contents at https://www.gminsights.com/toc/detail/bearings-market-report
Partial chapters of the report’s table of contents (TOC):
Chapter 3. Bearings Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
188.8.131.52. List of key raw material suppliers
184.108.40.206. List of key product manufacturers/suppliers
220.127.116.11. List of potential customers
3.3.2. Value addition at each stage
3.3.3. COVID-19 impact on value chain
3.3.4. Distribution channel analysis
3.4. Technology landscape
3.5. Industry impact forces
3.5.1. Growth drivers
3.5.2. Industry pitfalls & challenges
3.6. Regulatory landscape
3.7. Growth potential analysis
3.8. Cost structure analysis
3.8.1. R&D cost
3.8.2. Raw material cost
3.8.3. Manufacturing & equipment cost
3.8.4. Distribution cost
3.8.5. Operating cost
3.8.6. Miscellaneous cost
3.9. Porter’s analysis
3.10. Competitive landscape
3.10.1. Company market share analysis, 2019
3.10.2. Strategy dashboard
3.11. PESTEL analysis
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