Albany, NY -- (SBWIRE) -- 02/09/2017 -- Global bearing market was valued at USD 75.91 billion in 2014, growing at a CAGR of 7.7% from 2014 to 2020. Bearings are machine elements that are primarily used for reducing friction between moving parts. For instance, in case of a roller bearing, the rolling elements in the bearings withstand the load, allowing the device to spin smoothly. With technological advancements in several industry verticals such as automotive, construction, and oil and gas, the applications and functionalities of bearings are evolving continuously. High end technologies such as smart bearings facilitate manufacturers to monitor bearing operations constantly.

The global bearing market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The bearing market is primarily driven by increasing demand from automotive industry. The increase in the global production of motor vehicles has substantially raised the demand for automotive bearings. In addition, rising demand from steel industry, railways and defense and aerospace industry has also contributed to the growth of bearing market globally. The need for energy efficiency in process industries has also augmented the worldwide demand for bearings significantly.

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Geographically, Asia Pacific led the bearing market in 2014 and the region is expected to continue its dominance in 2020. The region's dominance is due to increasing production of motor vehicles in countries such as Japan, South Korea, China, and India. Moreover, rapid level of industrialization in this region is also contributing to the growth of bearing market. Europe and North America followed Asia Pacific in the global bearing market to collectively account for more than 40% of the global market revenue share.

The bearing market is segmented on the basis of product type into - unmounted ball bearings, plain bearings, roller bearings and others. Among all, unmounted ball bearings were holding the highest market revenue share in 2014 and are expected to remain so during the forecast period. Demand for unmounted ball bearings is attributed to their wide range of applications in motor engines, automotive wheels, railway coaches, hard drives and consumer durables. Unmounted ball bearings segment is closely followed by roller bearings segment.

Based on components, the global bearing market is divided into balls, rollers, cages, rings and others. The application segment of the bearings decides the number and size of these components. In 2013, balls as components held the highest share in the bearing market. Rollers which includes rolling elements such as tapered rollers, cylindrical rollers and needle rollers were the second largest components used in 2013.