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Bearings Market in Asia Pacific is expected to grow at a CAGR of over 8% over the forecast timeframe

Author : Ronak Bora | Published Date : 2019-03-25 

Bearings Market will observe a steady growth over the foreseeable timeframe. It is estimated to grow at a CAGR of 7.6% and surpass USD 140 billion by 2022. Rising demand for automobiles and spare part components will boost the global bearings market share over the forecast timeline. Various technological developments in lubrication, weight reduction, seal technologies will present huge opportunities for the industry participants.

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Asia Pacific bearings market will grow at over 8% CAGR from 2015 to 2022 due to substantial demand across various sectors such as electronics, automotive, and industrial equipment. Government norms and initiatives are favoring the industry growth. For instance, Chinese government is encouraging their manufacturers of mechanical and electronic bearings to expand domestically.

Ball bearings market is the leading revenue generator and is estimated to foresee a growth of 7.5% from 2015 to 2022. This growth can be attributed to their ability to decrease friction and their capability to spin effortlessly. Growing investments in railway and aerospace sector is anticipated to drive the segment growth. Furthermore, growing demand for fuel efficient passenger vehicles across Asia Pacific will stimulate the bearings market over the forecast timeframe.

Automotive sector holds the highest revenue generator segment and will continue to dominate over the forecast timeline. This can be attributed to rising demand for technologically advanced solutions in the vehicles. Furthermore, popular trends such as development of application specific solutions is expected to drive the bearings market growth.

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Growing demand for high performance bearings have led producers to integrate sensor technology. The sensors digitally monitor axial movement, acceleration, deceleration, rotation speed and load carrying capacity.

Manufacturers are investing heavily in R&D in order to offer innovative products and address increasing competition. For instance, ceramic ball bearings will drive the industry growth owing to its additional feature such as lightweight and more efficient in reducing friction & energy consumption during operations. The business is primarily driven by design innovations and new offerings. However, rising circulation of counterfeit products pose a threat for the industry. Engineers and quality inspectors are under constant pressure to indentify the fake bearings before assembling the product. Financial losses and cost incurred in these checks which includes hiring of trained anti counterfeit personnel are difficult to enumerate.

Industries such as mining and construction are projected to witness a substantial growth over the forecast timeline. Use of bearings in these sectors helps in reducing maintenance costs and enhances productivity at the mining sites.

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The players involved in the global bearings market include Minebea Co. Ltd., Daido Metal Co., Timken, NTN Corp., Schaeffler Group, Brammer PLC, SKF, NSK Global, JTEKT. New product development, and high profile raids in order to minimize loss due to counterfeit products are the major competitive strategies adopted by the industry participants.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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