12th December, 2018- Bearing Market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. Bearings, also known as “anti-friction components”, are modules that decrease resistance and drive the mobility of components.
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The factors that propel the growth of the market include increasing demand, rapid urbanization & industrialization, product development & technological innovations, increase in the use of bearings in heavy machinery, the increase in demand for application-specific bearings, the emergence of sensor bearing units, surge in production of motor vehicles in the developing countries. On the other hand, there are factors that may hamper the growth of the market including as fluctuating prices of raw materials.
The market may be explored by product type, outer diameter, application, end user, distribution channel, and geography. market may be explored by product type as roller bearings, unmounted ball bearings, plain bearings and others. The “ball bearings” segment led the market in 2015 and will continue to lead in the forecast period. Based on outer diameter, the market may be classified as 41mm-45mm, 33mm-40mm, 23mm-32mm, 22mm, 10mm-21mm, 6mm-10mm, Below 5mm and Others (>45mm).
The key applications that could be explored in the bearing market include electrical, automotive, agriculture, railway & aerospace, mining & construction and others. The “Automotive Segment” segment led the market in 2016 and will continue to lead in the forecast period. The key factors that may attributed to the growth of market includes increasing usage of vehicle and technological advancement.
The market could be explored based on end user as aerospace equipment, motor vehicles, power transmission equipment, oilfield machinery, construction machinery, farm and garden machinery and other machinery. The “Automotive Industry” segment led the market in 2017 and will continue to lead in the forecast period. The key factors that may attributed to the growth of market includes constant financial growth, rising industrial and infrastructure development, and increasing disposable incomes. bearing market may be segmented by distribution channel as online stores, specialty stores and others.
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