Bearings Market: APAC to Occupy 56% Market Share | Evolving Opportunities with JTEKT Corp. & LYC Bearing Corp | Technavio
NEW YORK, June 28, 2022 /PRNewswire/ -- The bearings market share is expected to increase by USD 11.02 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3% as per the latest market report by Technavio. The bearings market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market. AB SKF, ASAHI SEIKO Co. Ltd., C&U Group, JTEKT Corp., LYC Bearing Corp., NSK Ltd., NTN Corp., RBC Bearings Inc., Schaeffler AG, and The Timken Co. are among some of the major market participants.
56% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for bearings in APAC. Market growth in this region will be faster than the growth of the market in other regions.
A primary factor for the growth of the market in focus is the growing demand for bearings from automotive, aerospace, electronic and electrical, and other end-users in developing countries such as China and India.
The rise in disposable income is also expected to accelerate the demand for machinery in automobiles, electronics and electrical devices, and other goods, which require bearings.
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Bearings Market 2021-2025: Market Dynamics
Drivers: The key factor driving the bearings market growth is the strong demand for high-quality bearings. The improving economic conditions in developing economies are creating a huge requirement for highly efficient machines for manufacturing industrial goods and household appliances.
Trends: The major trend driving bearings market growth is the increasing adoption of electric vehicles. The high adoption of electric vehicles in Europe, the US, and APAC, mostly in China and Japan, due to the presence of regulations on carbon emissions and environmental safety, is encouraging vendors to develop new hydraulic equipment for electric vehicles. Sales of electric cars in the US increased by 45% between June 2016 and June 2017.
Challenges: Increasing popularity of counterfeit products and used bearings is one of the key challenges hindering the bearings market growth. Bearings are highly essential for moving components in a machine to reduce frictional loss, which is unavoidable. The market is experiencing billions of dollars in sales every year with a large base of end-users. These products are illegally labeled and priced similarly to original brands. Thus, frequent breakdown time occurs within factories, which creates a bad image for original manufacturers worldwide.
Get ready to achieve excellent business outcomes from this exclusive Bearings Market report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as -
What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
What is the current trend taking place in the market space?
Which business tactics will influence competitive scenarios along with defining the market's growth potential?
What are market drivers, restraints, and challenges impacting demand & growth of the market?
Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?
The competitive scenario provided in the Bearings Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don't wait, Make a strategic approach & boost your business goals with our Bearings Market Forecast Report - Buy Now!
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Exhibit 40: Europe - Market size and forecast 2020-2025 ($ million)
Exhibit 41: Europe - Year-over-year growth 2020-2025 (%)
8.5 North America - Market size and forecast 2020-2025
Exhibit 42: North America - Market size and forecast 2020-2025 ($ million)
Exhibit 43: North America - Year-over-year growth 2020-2025 (%)
8.6 South America - Market size and forecast 2020-2025
Exhibit 44: South America - Market size and forecast 2020-2025 ($ million)
Exhibit 45: South America - Year-over-year growth 2020-2025 (%)
8.7 MEA - Market size and forecast 2020-2025
Exhibit 46: MEA - Market size and forecast 2020-2025 ($ million)
Exhibit 47: MEA - Year-over-year growth 2020-2025 (%)
8.8 Key leading countries
Exhibit 48: Key leading countries
8.9 Market opportunity by geography
Exhibit 49: Market opportunity by geography ($ million)
9 Drivers, Challenges, and Trends
9.1 Market drivers
9.2 Market challenges
9.3 Market trends
10 Vendor Landscape
10.1 Overview
Exhibit 51: Vendor landscape
10.2 Landscape disruption
Exhibit 52: Landscape disruption
Exhibit 53: Industry risks
11 Vendor Analysis
11.1 Vendors covered
Exhibit 54: Vendors covered
11.2 Market positioning of vendors
Exhibit 55: Market positioning of vendors
11.3 AB SKF
Exhibit 56: AB SKF - Overview
Exhibit 57: AB SKF - Business segments
Exhibit 58: AB SKF - Key offerings
Exhibit 59: AB SKF - Segment focus
11.4 ASAHI SEIKO Co. Ltd.
Exhibit 60: ASAHI SEIKO Co. Ltd. - Overview
Exhibit 61: ASAHI SEIKO Co. Ltd. - Product and service
Exhibit 62: ASAHI SEIKO Co. Ltd. - Key offerings
11.5 C&U Group
Exhibit 63: C&U Group - Overview
Exhibit 64: C&U Group - Product and service
Exhibit 65: C&U Group - Key news
Exhibit 66: C&U Group - Key offerings
11.6 JTEKT Corp.
Exhibit 67: JTEKT Corp. - Overview
Exhibit 68: JTEKT Corp. - Business segments
Exhibit 69: JTEKT Corp. - Key offerings
Exhibit 70: JTEKT Corp. - Segment focus
11.7 LYC Bearing Corp.
Exhibit 71: LYC Bearing Corp. - Overview
Exhibit 72: LYC Bearing Corp. - Product and service
Exhibit 73: LYC Bearing Corp. - Key offerings
11.8 NSK Ltd.
Exhibit 74: NSK Ltd. - Overview
Exhibit 75: NSK Ltd. - Business segments
Exhibit 76: NSK Ltd.- Key news
Exhibit 77: NSK Ltd. - Key offerings
Exhibit 78: NSK Ltd. - Segment focus
11.9 NTN Corp.
Exhibit 79: NTN Corp. - Overview
Exhibit 80: NTN Corp. - Business segments
Exhibit 81: NTN Corp. - Key offerings
Exhibit 82: NTN Corp. - Segment focus
11.10 RBC Bearings Inc.
Exhibit 83: RBC Bearings Inc. - Overview
Exhibit 84: RBC Bearings Inc. - Business segments
Exhibit 85: RBC Bearings Inc. - Key news
Exhibit 86: RBC Bearings Inc. - Key offerings
Exhibit 87: RBC Bearings Inc. - Segment focus
11.11 Schaeffler AG
Exhibit 88: Schaeffler AG - Overview
Exhibit 89: Schaeffler AG - Business segments
Exhibit 90: Schaeffler AG - Key news
Exhibit 91: Schaeffler AG - Key offerings
Exhibit 92: Schaeffler AG - Segment focus
11.12 The Timken Co.
Exhibit 93: The Timken Co. - Overview
Exhibit 94: The Timken Co. - Business segments
Exhibit 95: The Timken Co. - Key offerings
Exhibit 96: The Timken Co. - Segment focus
12 Appendix
12.1 Scope of the report
12.2 Currency conversion rates for US$
Exhibit 97: Currency conversion rates for US$
12.3 Research methodology
Exhibit 98: Research Methodology
Exhibit 99: Validation techniques employed for market sizing
Exhibit 100: Information sources
12.4 List of abbreviations
Exhibit 101: List of abbreviations
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