Posted On: 2020-02-26
Industrial and Automotive applications would drive the growth of North America bearing market - 6Wresearch
Bearings are needed in the manufacturing of vehicles, industrial equipment including construction and for the manufacturing of other equipment with rotating parts. Further, durable goods manufacturing in US is expected to create opportunities for bearing manufacturers in the multiple markets over the coming years.
According to 6Wresearch, North America bearings market size is projected to grow at a CAGR of 4.1% during 2019–2025. Bearings find extensive usage in both OEM and aftermarket for automobiles and industrial machinery equipment. However, over the coming years, the OEM market of motor vehicles is expected to majorly drive the growth of bearing market in North America region.
According to Shefali, Assistant Manager, 6Wresearch, “The bearing market further finds application in industrial distribution, vehicle aftermarket, industrial drives, aerospace, renewable energy, and off-highway. Automotive manufacturers demand both ball and roller bearing for reducing friction and controlling vehicle motion. Additionally, bearing manufacturers are expected to find opportunities in the aerospace industry over the coming years.”
“On the basis of bearing types, roller bearings accounted for the maximum share in terms of revenue in 2018 in the North America bearing market. The demand for roller bearing are further expected to increase rapidly in the region during the forecast period as well owing to expanding automotive industry and increasing demand for technologically advanced bearings.” Shefali further added.
According to Gurbani Kaur, Senior Research Analyst, 6Wresearch, “Intense competition from bearing suppliers in North America is expected to lower the market gains over the coming years. Some of the major companies in North America bearing market include JTEKT, SKF, NTN Corporation, Timken, NSK Global, Schaeffler Group and others.”
“North America Bearing 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 North America bearing market by Types, Sales Channels, Applications and Countries including US and Canada. 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.