South Africa Bearings Market (2023-2029) | Analysis, Size, Growth, Forecast, Value, Share, Segmentation, Industry, Trends, Outlook & COVID-19 IMPACT

South Africa Bearings Market - Export Market Opportunities

In the year 2021, China was the largest exporter in terms of value, followed by Spain. It has registered a decline of -0.32% over the previous year. While Spain registered a growth of 5349.81% as compared to the previous year. In the year 2017, China was the largest exporter followed by Italy. In terms of Herfindahl Index, which measures the competitiveness of countries exporting, South Africa has a Herfindahl index of 2704 in 2017 which signifies high concentration also in 2021 it registered a Herfindahl index of  2087 which signifies moderately concentrated in the market.

South Africa Bearings Market - Export Market Opportunities

Latest 2023 Developments of the South Africa Bearings Market

The South Africa Bearings Market is currently experiencing some exciting developments which include the shift towards local production, rising investments, introduction of new products, focus on sustainability, and adoption of Industry 4.0. A number of manufacturers of bearing are investing in the market which is leading to the growth in the market. The government in the country is inspiring a shift towards the local production of bearings and this is leading to the formation of new manufacturing facilities. The manufacturers are introducing new products that withstand speeds and loads, run in harsh environments as well as are energy-efficient, which is leading to a rise in demand for such products in the country, which is driving the South Africa Bearings Market Growth.

Topics Covered in the South Africa Bearings Market Report

The South Africa Bearings Market report thoroughly covers the market by product and application. The report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

South Africa Bearings Market Synopsis

The South Africa Bearings Market is predicted to rise significantly in the near future owing to the rise in demand for vehicles as well as heavy machinery, coupled with rising industrialization in the nation. The sector is one of the essential sectors of the nation.

According to 6Wresearch, the South Africa Bearings Market size is projected to expand significantly during 2023-2029. There is a growing demand for bearings in the industrial and automotive sectors. The growth in demand for bearings from these two sectors is one of the key factors which is boosting the market progression. The growing demand for heavy machinery and vehicles, coupled with rising industrialization in the nation, is anticipated to stimulate the growth of the bearings industry. The government in the country is inspiring a shift towards the local production of bearings and this is leading to the formation of new manufacturing facilities. Manufacturers are making bearings more durable and efficient with the use of advanced technologies and it helps them to introduce new products with the best features. Advancement in technology is projected to help in expanding the South Africa Bearings Market Share. The government of the nation is also investing in infrastructure development, which is likely to drive the demand for bearings in transportation as well as construction sectors.

COVID-19 Impact on South Africa Bearings Market

The pandemic affected almost every industry and the Bearings Market in South Africa was no exception. The market is one of the major parts of the Africa Bearings Market. The nation experienced a reduction in demand for bearings owing to reduced economic activity. The automotive industry is the largest adopter of bearings and the industry was negatively impacted by the pandemic, which led to a decline in sales of bearings in South Africa. A number of manufacturers faced production cuts as well as layoffs. There were also some positive impacts of the pandemic on the market as more people turned towards online platforms for shopping, there was a rise in demand for logistic equipment such as material and conveyor handling systems that use bearings.

South Africa Bearings Market: Key Players

Some of the players that are aiding the market to grow well include:

• SKF Group
• Schaeffler AG
• NSK Ltd.
• NTN Corporation
• Timken Company
• RBC Bearings Inc.
• JTEKT Corporation
• Wafangdian Bearing Co. Ltd.
• C&U Group Ltd.
• THB Bearings.

Market by Product

According to Parth, Senior Research Analyst, 6Wresearch, the roller bearings are anticipated to grow in the coming years and the similar segment accounted for the largest market share.

Market by Application

In terms of application, the market is divided into Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, and Others. It is the automotive sector which is the major adopter of bearings and it will account for the highest market share.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• South Africa Bearings Market Outlook
• Market Size of South Africa Bearings Market, 2022
• Forecast of South Africa Bearings Market, 2029
• Historical Data and Forecast of South Africa Bearings Revenues & Volume for the Period 2019 - 2029
• South Africa Bearings Market Trend Evolution
• South Africa Bearings Market Drivers and Challenges
• South Africa Bearings Price Trends
• South Africa Bearings Porter's Five Forces
• South Africa Bearings Industry Life Cycle
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Product for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Ball Bearings for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Roller Bearings for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Application for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Automotive for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Agriculture for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Electrical for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Mining & Construction for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Railway & Aerospace for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Automotive Aftermarket for the Period 2019 - 2029
• Historical Data and Forecast of South Africa Bearings Market Revenues & Volume By Others for the Period 2019 - 2029
• South Africa Bearings Import Export Trade Statistics
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Application
• South Africa Bearings Top Companies Market Share
• South Africa Bearings Competitive Benchmarking By Technical and Operational Parameters
• South Africa Bearings Company Profiles
• South Africa Bearings Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product

• Ball Bearings
• Roller Bearings

By Application

• Automotive
• Agriculture
• Electrical
• Mining & Construction
• Railway & Aerospace
• Automotive Aftermarket
• Others

South Africa Bearings Market: FAQs