Posted On: 1970-01-01
Brazil would drive the growth of Latin America bearing Market - 6Wresearch
Latin America bearing market is expected to witness moderate growth during the forecast period owing to growing transportation and other industrial sectors such as railway & aerospace, mining & construction equipment and others. Additionally, transformation in automotive industry and digitalization in process industries would further drive the growth of Latin America bearings market over the coming years.
According to 6Wresearch, Latin America bearing market size is projected to grow at a CAGR of 1.8% during 2019–2025. Brazil is the biggest market in terms of revenue share in the overall Latin America bearing market in 2018 and is expected to lead during the forecast period as well. The bearing market in Brazil is largely dependent on industrial and automotive aftermarket as there are relatively few OEM facilities present in the country.
According to Shefali, Assistant Manager, 6Wresearch, “On the basis of bearing types, Ball bearings in Latin America holds maximum revenue share in 2018 as the market is majorly driven by installations in rotating equipment in manufacturing units related to Automobiles, Power, Metals, Mining & Construction, Pulp/Paper, Defence Equipment etc.”
According to Gurbani Kaur, Senior Research Analyst, 6Wresearch, “The mining and construction application of bearing is expected to exhibit rapid growth over the next few years due to increasing investment in mining sector to gather various metals such as gold, aluminium and use natural resources in Latin America. National mining agency was also formed in Latin America to contribute positively towards rise in demand for bearings in the market.”
Some of the major companies in Latin America bearing market include JTEKT, SKF, NTN Corporation, Timken, NSK Global, Schaeffler Group and others.
“Latin America Bearings Market (2019-2025)" report provides an in-depth analysis with 16 figures with 04 tables, covered in 200 pages. The report estimates and forecast the overall Latin America Bearing market by Types, Sales Channels, Applications and Countries. 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.