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The Global Roller Bearings Market was worth US$ 21.05Bn in 2018 and is projected to exhibit US$ 26.71 Bn by 2026. The global market is expected to reflect a CAGR of 3.0% during the forecast period. Fortune Business Insights in a new study, titled “Roller Bearings Market Size, Share and Global Trend By Product Type (Tapered, Spherical, Cylindrical, Others), By Application (Automotive, Industrial Machinery, Aerospace, Others) and Geography Forecast till 2026” determines the market potential to get a clear picture on the trends and gain a strong foothold.
One of the main roller bearing market trend is the increasing use of machinery and heavy equipment in the automotive and manufacturing sector. This, coupled with the rising demand for customized machines, is driving the roller bearing market growth. Roller bearings help to reduce friction, increase load capacity, increase mobility, and the overall life span of machines. Machine tools used across construction, agriculture, and mining sector need roller bearing materials to handle heavy loads to reduce energy consumption. Hence, as per the size of machine tools, the diameter of roller bearings differs. This, as a result, is expected to fuel demand for roller bearings, driving the market. Increasing investments in mining and infrastructure development projects are stoking their demand.
Automotive Companies to Witness the Highest Demand
Among different types of bearings, roller bearings are expected to outpace other products owing to the rising vehicle production. Manufacturing companies are putting continuous efforts to reduce vehicle emission and improve vehicle performance by reducing the weight of bearings. Considering this, companies are investing in novel bearings, which is expected to foster the roller bearings market share. Several automotive firms have shifted their focus towards light-weight bearings in SUVs owing to their better stiffness and durability. Moreover, electric vehicle manufacturers are increasingly adopting roller bearings as they are highly durable and help in reducing the load on the engine. Enabled by this, the life span of vehicles with these bearings is likely to increase, augmenting the roller bearing market size. Other applications such as industrial machinery, aerospace are expected to witness demand for roller bearings in the forecast period. As per product, the demand for different types of bearings such as cylindrical, tapered, spherical, needle, and thrust is anticipated to increase by 2026.
Timken, Scaffeler, and SKF Lead the Global Market
Companies such as SKF Group, The TIMKEN Company, and Schaeffler are dominating the global market owing to customized product offerings. These companies design tailor-made roller bearings to integrate into the customized machines. Now, these companies are planning to introduce advanced and smart roller bearings with the introduction of Industry 4.0. These bearings are aimed to minimize operational breakdowns and improve operational efficiency of vehicles and machinery. Spurred by this, the roller bearings market revenue is likely to spur in the forthcoming years.
Rising Demand for Heavy Machinery in India and China to Encourage Growth in the Market in Asia Pacific
The market in Asia Pacific is anticipated to lead during the forecast period, as it was valued at US$ 7.40 Bn in 2018. The growth is attributable to the escalating demand for heavy machinery, especially from countries such as India, South Korea, Japan, and China. Several manufacturing firms are planning to upgrade their manufacturing facilities with high-quality machinery equipment. This further leads to a rising demand for roller bearings, ensuring accuracy and improved efficiency in power transmission. Furthermore, roller bearings allow proper alignment of movable components in heavy machinery. The automobile industry witnesses a high demand for these bearings owing to the rising technological advancements in vehicles. Increasing population and rising per capita income are encouraging people to invest in vehicles, which is positively impacting the roller bearings market size.
The market in North America is projected to emerge in the forecast years, 2018-2026. As per the report, the market was valued at US$ 5.73 Bn in 2018. Presence of several vehicle manufacturers in the region is likely to create attractive growth opportunities for the market, for instance, bearing manufacturers can expand their foothold in the market. In addition to this, the region witnesses a high demand for heavy-duty commercial vehicles, which acts as a potential growth enabler for the market.
The market in Europe is expected to grow considerably in the foreseeable future. The introduction of new manufacturing facilities such as distribution centers and warehouses gives s significant impetus to the growth of the market in Europe. In 2018, the market was valued at US$ 5.03 Bn and is expected to further expand owing to the emergence of Industry 4.0.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/roller-bearings-market-101249
The global roller bearings unit market can be segmented into the following categories:
By Product Type
· Others (Thrust, Needles)
· Industrial Machinery
· Others (Railway)
· North America (The U.S. and Canada)
· Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
· Latin America (Brazil, Mexico and Rest of Latin America)