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Bearings Market 2018 Key Industry Players SKF Group, Schaeffler, the Timken Company, NTN Bearing Corporation, NSK, JTEKT North America Corporation

Bearings Market By Application (Agriculture, Electrical, Automotive, Mining & Construction, Railway & Aerospace), By Product (Roller Bearings, Ball Bearings)


Sellbyville, DE -- (SBWIRE) -- 01/19/2019 -- Bearings Market is estimated to exhibit 7.6% CAGR to hit USD 140 billion from 2015 to 2022. Bearings find myriad applications across mining & construction, agriculture, railway & aerospace, automotive, and electrical industries. The bearings market share worth USD 40.6 billion in 2014 in the automotive industry, is predicted to reach USD 71 billion over the period of 2015-2022. Growing need for lightweight & high performing automobiles and disc drives has resulted in enhanced use of small and light weight bearings in automobiles.

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The bearings application in the agriculture industry is forecast to grow at a CAGR of 7% due to the computerization of farming activities in emerging economies. Moreover, technological innovations, ability to operate at extreme temperatures, substantial weight reduction, and high speed is predicted to drive the demand for bearings across the railways and aerospace industry.

Ball bearings market size is expected to grow substantially with a CAGR of over 7.5% over the forecast timeline primarily due to its ability to decrease friction even across minor contact surfaces. In addition, they are utilized to augment radial and thrust load bearing abilities due to their capability to spin effortlessly.
It is anticipated that Europe will achieve USD 32 billion by 2022 which was USD 18 billion earlier in 2014. One more example of rising market for this product is North America which is expected to get USD 25 billion by 2022. Bearing market share is highly productive.

The Asia Pacific bearings market share worth USD 36 billion in 2014, is expected to reach USD 68 billion by 2022, owing to the rapid infrastructure growth and industrialization.

China bearings market is anticipated to witness substantial growth at a CAGR of over 8% over the forecast period. This is due to the significant demand across various end-use industries such as automotive, electronics, and industrial equipment. The Chinese government has been encouraging the manufacturers of electronic and mechanical bearings to expand domestic productivity and to increase the value of Chinese exports. Chinese manufacturers used to majorly focus on low-end products, however, with the growing significant investments on manufacturing instruments and scientific research, the production of high-end products is expected to boost the ball bearings market share in the region.

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Key market players include Brammer PLC Company, Timken Company, HKT Bearings Ltd, NSK Global, Schaeffler Group, SKF, Minebea Company Limited, JTEKT Corporation, RBC Bearings Inc, C&U Group, and NTN Corporation. The industry participants will try to increase their market share through new product launches, market penetration, mergers & acquisitions, and R&D investments.

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