Posted On: 2020-02-26
Automotive application would drive the growth of Asia Pacific Bearings Market - 6Wresearch
Continuous development of automotive industries coupled with growing demand for bearings in end user applications such as mining & construction, railway & aerospace and others are expected to boost the growth of bearings market in the Asia Pacific region. The region is further expected to register maximum growth rate in the Global bearings market over the coming years.
According to 6Wresearch, Asia Pacific (APAC) bearings market size is projected to grow at a CAGR of 6.2% during 2019–2025. Growing demand for specialized bearing in India, China and Japan are due to increase in demand for high performance, light weight with enhanced energy efficiency automobiles. Additionally, rapid industrialization and technological advancement in industries such as oil and gas, construction and others would also positively increase the demand for bearings in the region.
According to Shefali, Assistant Manager, 6Wresearch, “On the basis of bearings types, ball bearings accounted for the maximum share in terms of revenue in 2018 in the Asia Pacific bearings market. However, the demand for roller bearings are expected to increase rapidly in the region owing to expanding automotive industry. Diverse range of roller bearings are used in automotive application such as in wheels and motor engines.”
“Bearings find extensive usage in both OEM and aftermarket for automobiles and industrial machinery equipment. However, over the coming years, the replacement market of motor vehicles is expected to majorly drive the aftermarket sales in the Asia Pacific region.” Shefali further added.
According to Gurbani Kaur, Senior Research Analyst, 6Wresearch, “On the basis of end user application, automotive application accounted for maximum share in the revenue pie in 2018. Whereas, railway & aerospace application of bearings is expected to exhibit rapid growth over the next few years due to surging demand for small aircrafts and increasing railway construction in the region.”
Some of the major companies in Asia Pacific Bearings market include JTEKT, SKF, NTN Corporation, Timken, NSK Global, Schaeffler Group and Others.
“Asia Pacific Bearings Market (2019-2025)" report provides an in-depth analysis with 28 figures with 08 tables covered in 200 pages. The report estimates and forecast the overall Asia Pacific bearings market by Types, Sales Channels, Applications and Countries including India, Japan, China, Thailand and Rest of Asia Pacific. The report provides an unbiased and detailed analysis of the on-going 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.