Thanks to the increase in the production of vehicles, the global bearing market is likely to witness a significant rise in its valuation over the next few years. In 2013, the worldwide market stood at US$75.9 bn. Researchers predict that this market will expand at a healthy CAGR of7.70% during the period from 2014 to 2020 and reach a value of US$118.2 bn by 2020.
The growing need for energy-efficient vehicles and the rising demand for bearings in the aerospace and defense sector are expected to drive the global bearing market significantly in the near future. However, the increasing sales of counterfeit products may hamper the growth of this market to some extent over the years to come.
Preview Report @ https://www.transparencymarketresearch.com/bearing-market.html
This research report attempts to provide a complete overview of the global bearing market on the basis of its historical and current performance. The key trends, driving forces, restraining factors, opportunities, challenges, and growth prospects of this market have also been analyzed thoroughly in this market study.
Global Bearing Market: Trends and Opportunities
Among products available in the global bearing market, unmounted ball bearings are reporting a strong demand from end users across the world. The trend is likely to remain the same over the forecast period due to the wide-ranging application of unmounted ball bearings in hard drives, motor engines, railway coaches, automotive wheels, and various other consumer durables.
Balls have emerged as the key component required for the production of bearings. The demand for rollers is also anticipated to increase steadily in the coming years.
Get PDF Sample of Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1647
In 2013, motor vehicles were the leading consumer of bearings, worldwide. Analysts expect the segment to continue to hold the leading position throughout the forecast period. The demand for automotive bearings is likely to rise substantially in the near future with the escalating production of motor vehicles across the world, benefiting the global bearing market considerably.
Global Bearing Market: Geographical Analysis
Geographically, the worldwide bearing market is classified into Asia Pacific, North America, Europe, and the Rest of the World. In 2014, Asia Pacific dominated the overall market and is predicted to remain leading throughout the forecast period. The upsurge in the production of motor vehicles in Asian economies, such as China, South Korea, Japan, and India is likely to fuel the demand for bearings in this region in the coming years.
Apart from this, the growing industrialization in Asia Pacific is also projected to contribute significantly to the growth of the bearing market in this region in the near future. The market for bearings is also expected to gain significant momentum in Europe and North America over the next few years.
Companies Mentioned in the Research Report
C&U Group, The Timken Co., Harbin Bearing Group, Wafangdian Bearing Co. Ltd., SKF Group, NTN Corp., Asahi Seiko Co. Ltd., Brammer PLC, Schaeffler Group, ThyssenKrupp AG, RBC Bearings, Rexnord Corp., JTEKT Corp., NSK Ltd., GGB Bearing Technology, Daido Metal Co. Ltd., and Danaher Corp. are some of the key participants operating in the global bearing market.