Global Bearings Market 2017-2021
Bearings are used in a wide range of applications in automobiles, airplanes, computers, construction equipment, machine tools, DVD players, refrigerators, and ceiling fans. Any machine that twists, turns, or moves needs bearings to smoothen the movements. Bearings are highly engineered, precision-made components that allow the rotating machines to move at extremely high speeds and carry a significant number of loads with less frictional loss.
Technavio’s analysts forecast the global bearings market to grow at a CAGR of 5.86% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global bearings market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Bearings Market 2017-2021
Technavio recognizes the following companies as the key players in the global bearings market: SKF, Schaeffler AG, Timken, NSK, and NTN.
Other Prominent Vendors in the market are: Asahi Seiko, C&U Group, JTEKT, LYC, Nachi, RBC Bearings, and ZWZ Bearings.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is emergence of digitalization. The Internet of things(IoT) is discovering its pathway into the factory and has brought about an industrial revolution with the concept of Industry 4.0. This technology employs highly customized products in flexible manufacturing conditions. Companies are now in mid-way to networking their machinery, warehousing systems, and equipment worldwide.”
According to the report, one driver in market is soaring automotive industry in APAC. The automotive industry is the prime end-user in the global bearings market. The enduring expansion of auto industries worldwide, especially in APAC, is the major driving factor for the market growth. Auto industries in China, Japan, South Korea, India, Australia, and Indonesia are the major patrons of bearings and are expected to drive the market in APAC during the forecast period. The automotive industry in China and India are at the core of a radical development and has the potential to cover the major auto industries worldwide. The rising road infrastructure and consumer affluence in these countries are likely to aid the automotive industry through rising investment by both domestic and international players.
Further, the report states that one challenges in market is volatility in raw material prices. Ceramics, chrome steels, and stainless steels are few major raw materials used for manufacturing bearings. However, the cost of these raw materials is highly fluctuating in the international market. As discussed earlier, most of these fluctuations happen due to variations in global economy conditions. Stainless steel often suffers from excessive nickel prices, as nickel accounts for nearly half the cost of stainless steel. This increase in price is most likely to create customer resistance thereby resulting low adoption in the market. However, this resistance to increased price will then bring slim profit margin for the manufacturers. In either of these cases, the bearing market will remain under threat.
SKF, Schaeffler AG, Timken, NSK, NTN, Asahi Seiko, C&U Group, JTEKT, LYC, Nachi, RBC Bearings, and ZWZ Bearings.
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