The global bearings market size is expected to reach USD 225.82 billion by 2028 according to a new study by Polaris Market Research. The report “Bearings Market Share, Size, Trends, Industry Analysis Report, By End-Use (Automotive, Electrical, and Electronics, Construction, Mining, Aerospace, Others); By Type; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
There has been an increasing adoption of the product across the world owing to the growing manufacturing industry. Also, the rising applications of the product in heavy machinery and increasing automation of manufacturing processes are expected to boost the adoption of the product during the forecast period. Advancement in manufacturing, growing automotive application, and integration in several industries act as catalysts for industry development.
Secondary and tertiary factors driving the market include growth in the global automotive industry, rising demand from the renewable energy sector, and increasing need for lightweight products for various applications. Technological advancements across the globe and increasing demand from emerging economies are projected to provide substantial growth opportunities in the coming years.
Increasing investments and technological advancements are expected to boost the adoption of the product in the Asia Pacific during the forecast period. An increasing need to improve efficiency and productivity and increased industrialization and automation further supplements the demand growth. The rising applications of the product in the renewable energy sector of Asia-Pacific are expected to accelerate the demand during the forecast period.
The companies operating in the industry include Harbin Bearing Manufacturing Co., Schaeffler Group, Ltd., NSK Global, Rexnord Corporation, The Timken Company, Brammer PLC, JTEKT Corporation, NTN Corporation, Federal Moghul Holding Corporation, and NKE AUSTRIA GmbH. These companies launch new products and collaborate with other industry leaders to innovate and launch new products to meet consumers’ increasing needs and requirements.
Polaris Market Research