Demand for bearings in the U.S is expected to witness favorable growth across the 2021-2031 assessment period.
ROCKVILLE, MARYLAND, UNITED STATES, January 14, 2022 /EINPresswire.com/ — According to a new study by Fact.MR, global bearing market growth will hover around 7% despite fundamental weaknesses induced by COVID-19 pandemic. Market players are readying for the opportunities as reversal of lockdowns has created stimulus in many markets. However, the uncertainty over second wave of the pandemic and lack of investor confidence can delay recovery to late 2021 or early 2022, according to the study.
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Key Takeaways from Bearing Market Report
Global bearing market is anticipated to witness over 7% CAGR through 2030
Market growth highly dependent on automotive sector revival
Ball bearing continues to be the top-selling product
End-users continue to show marked preference for unmounted variants
APAC will maintain a lead as the largest market throughout the forecast period
Growing use of innovative bearing technology in construction creating new growth avenues
Steady penetration of EV likely to create opportunities in the long run
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Key Points Addressed in Bearing Industry Analysis
Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Brand Share and Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Bearing Industry and How to Navigate
Recommendation on Key Winning Strategies
Key Segments Covered
Other Bearing Components
Power Transmission Bearings
Oil & Gas Bearings
According to Fact.MR analysis, use of bearings in EV can open up new avenues of growth for market players. While EV was growing steadily before 2020, the impact of the pandemic has been felt in this category as well. However, the long-term prospects of EV remain bullish, which in turn, is likely to create significant opportunities for bearing demand.
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The recent outbreak of novel coronavirus has slowed down the global bearing market growth significantly due to the various restraining factors such as shutting down of manufacturing units during long lock downs, unavailability of enough manpower, scarcity of raw materials, decrease in demand, and others.
Furthermore, the main end-user industries such as automotive, aerospace, construction, and others have got negatively impacted due to COVID-19, resulting in decline in market growth.
Key Companies Profiled
HKT Bearings Ltd.
Minebea Mitsumi Inc.
Nachi Fujikoshi Corp.
Timken Company Ltd.
Wafangdian Bearing Group Co. Ltd.
Schaeffler Technologies AG & Co.
According to Fact.MR, the effect of COVID-19 pandemic is going to last till the end of this year. However, recovery is expected by first quarter of 2022.
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