Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, New York (PRWEB) January 29, 2015
According to a new market report published by Transparency Market Research “Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” global bearing market was valued at USD 75.91 billion in 2013, growing at a CAGR of 7.7% from 2014 to 2020 to account for USD 118.21 billion in 2020. With the increase in production of motor vehicles across the globe, the demand for automotive bearings has grown substantially. 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. Technological advancements in various industry verticals have also contributed to the growth in bearing market.
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Unmounted ball bearings held the highest market revenue share accounting to USD 33.38 billion in 2014 and are expected to remain high 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.
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The motor vehicles segment led the bearing market in 2014, by accounting for USD 38.68 billion. The dominance of this segment is due to the rise in production of motor vehicles across the globe which has increased by 3.7% in 2013 as compared to the previous year. Aerospace equipment is analyzed to be the fastest growing application segment for bearings and is expected to attain a significant growth in the recent future. The aerospace equipment segment is expected to grow with a CAGR of 8.5% over the forecast period from 2014 to 2020.
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 automobiles in countries such as Japan, South Korea, China, and India. Moreover, rapid level of industrialization in this region is also contributing to 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.
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The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of bearing industry. Major market participants profiled in this report include SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, and NSK Ltd. among others.
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