Bearing Market

Aug 12, 2023

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Transparency Market Research delivers key insights on the global bearing market. In terms of revenue, the global bearing market is estimated to expand at a CAGR of ~7% during the forecast period of 2020 to 2030, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global bearing market report.

In the report, TMR predicts that the global bearing market would be largely driven by growth of automotive and aerospace industries, which is expected to continue to boost the market during the forecast period.

According to the bearing market report, the product segment includes ball bearing, roller bearing, plain bearing, and others. The demand for ball bearing is expected to rise at a higher pace at the global level. Light vehicle manufacturers are opting for ball bearings, which is one of the major market driving factors. Global light vehicle production is projected to increase in the coming years, as a result of its feature of consuming less fuel. Ball bearings are available at a lower cost in the global market. Furthermore, the compact nature of this product boosts its utility among end users.

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In terms of material, the bearing market is divided into plastic, ceramic, and metal. The 52100 chrome steel is the most commonly used material to produce the load carrying components in precision ball bearings, roller bearings, and tapered roller bearings. This material is used in inner and outer rings, balls, and rollers. Companies purchase chromium steel material for bearings as it has the ability to improve the performance of the bearings. Chromium also increases its lifespan.

Prominent Regions

Asia Pacific accounted for fastest growing share of the bearing market in 2019. Increasing demand from end user segments coupled with easy government rules and regulations for establishment of small & medium manufacturing units is expected to boost the market growth. Europe is the second largest market as a result of large number of automotive companies in the region.

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Key Players

Key players operating in the bearing market are NSK Ltd., Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, and Rexnord Corporation.

Global Bearing Market: Segmentation

Bearing Market, by Product

Bearing Market, by Material

Bearing Market, by Type

Bearing Market, by Component

Bearing Market, by Application

Bearing Market, by Distribution Channel

How Bearing Market will recover after covid19: https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=1647

Bearing Market, by Region

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Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

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