Sellbyville, DE -- (SBWIRE) -- 03/07/2019 -- The mining & construction applications are expected to observe growing bearings market share. The long service life in harsh operating conditions to maximize uptime and reduce maintenance costs for enhanced productivity at the mining sites is the chief driver.

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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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.

The railway & aerospace applications are projected to exhibit rapid growth over the next few years. Rising number of travelers using public transportation is predicted to be the key growth factor. High demand for precision components used in aircraft engines will positively impact the ball bearings market size. Increasing investments to improve the railway and aerospace infrastructure motivated by the increasing rail and air traffic are forecast to present attractive growth opportunities to industry participants.

Growing penetration of commercial vehicles across the globe will drive demand over the coming years. Increasing requirement for high performance, light weight automobiles, to enhance energy efficiency and curtail friction-based energy loss is contributing towards the demand for efficient products. Moreover, customer preferences to utilize fuel-efficient, advanced vehicles equipped with additional safety features is expected to boost the ball bearings market share over the forecast period.

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The increasing focus of the developed countries to diminish the dependence on petroleum products for transportation and reduce the level of fossil fuels will lead to growing demand. The trend of developing pressure and heat resilient bearings for various applications in the renewable energy sector is expected to broaden the opportunity for the ceramic bearings market size.

The rise of counterfeit products may pose a restraint to the bearings market growth. In addition to presenting a growth challenge to companies operating in the industry, imitation products also lead to low consumer confidence and a considerably negative impact on brand value.

The industry participants include Brammer PLC, Timken, NSK Global, SKF, Daido Metal Company Limited, Minebea Company Limited, JTEKT, NTN Corporation, and Schaeffler Group. Manufacturers are focusing on new product development and expansion strategy to gain prominence in the ball bearings market.

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