Bearings Market Intelligence

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With this purchase you will be subscribed for a 12-month PRO membership to the upcoming all new Beroe LiVE (launching in Q3, 2020)

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*These features will be unlocked on the new Beroe LiVE when it launches (Q3, 2020)

Are you looking for answers on Bearings category?

Are you looking for answers on Bearings category?

  • What are the key trends in Bearings category?
  • Am I paying the right price?
  • Am I working with the right supplier?
  • What are the major challenges and risks in Bearings industry?
  • How is Bearings industry performing?

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Report Coverage

  • Bearings Market Drivers
  • Sourcing Strategy & Engagement Model
  • Best Practices

Market Size

Global Market Size

$ 94 Bn

CAGR

4.7 Percent

Table of contents

  1. Bearings Executive Summary
  2. Executive Summary
  1. Market Overview - Bearings
  2. Market Overview - Global Bearings Market
  3. Market Dynamics - Drivers & Constraints
  4. Porters Five Forces Analysis
  1. Bearings Procurement Best Practices
  2. Sourcing Strategy
  3. Engagement Model - Bearings
  4. Best Practices with Large Distributors/Integrators
  1. Bearings Supplier Market Analysis
  2. Top Bearing Manufacturers Globally
  3. Top Bearing Distributors - North America (

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Market Overview–Global Bearings Market

The global bearings market is expected to grow at a CAGR of 4.7 percent over the period from 2018 to 2022. Asia has the largest demand (>50%) for the bearings market. Globally, the OEM market contributes to about 40 percent, followed by industrial distribution market of 21 percent, and after-market of 9 percent.

  • The demand for bearings is highly dependent on the industrial activity of economies, which is closely linked to the Global GDP trends. This is due to the bearing's extensive applications in production and engineering industries across the world
  • The global bearings market is expected to grow at a CAGR of 4.7 percent over the period from 2018 to 2022. The United States, Japan, and Germany represent the top three bearing manufacturing countries with China rapidly increasing their presence
  • Asia has the largest demand (>50%) for the bearings market, mainly due to the increasing production of automobiles followed by rapid industrialization in developing economies countries such as China, India, and South East Asia . Overall the region is estimated to witness a robust growth of around 10 percent by 2020
  • Globally, the OEM market contributes to about 40 percent, followed by the industrial distribution market at 21 percent, and after-market at 9 percent. The automobile sector has shown a slump in their aftermarket demand due to the shorter resale and longer lifespans of bearings
  • There is no disruptive technology in the bearings industry but the need for energy efficiency and higher life span is creating new opportunities for the bearings manufacturers globally
  • The overall supply landscape of the bearings market is consolidated as the top six suppliers contribute more than 65 percent of the market share and the top manufacturers are based out of Germany, the US, and Japan.

Market Dynamics–Drivers & Constraints

Drivers

Growth of Automotive Industry

  • The global automotive industry is currently, one of the highest revenue generating industries in the world. The rising production of vehicles worldwide is pushing the growth of bearing market
  • In the coming years, automotive bearings demand is expected to rise in Europe, Americas, Africa, and Asia-Pacific especially. This is because the demand for vehicles, mainly passenger cars and two wheelers are witnessing a constant rise worldwide

New Technological Developments

  • The technology oriented industries such as, aerospace and defense, robotics, medical, etc. have witnessed a huge demand for effective, heavy-duty, SMART, and durable bearings in order to meet industry standards and demand across critical and hi-tech applications. So, a rising demand for bearings from these industries are also expected to drive the demand for bearings globally

Investments and Improvements in Renewable Energy

  • In the wind energy sector, bearings are the most important components used in wind turbines. These bearings require designs that can optimize reliability and provide economic efficiency depending on the applications
  • The present wind energy market is witnessing a lot of investments due to ongoing projects and innovations in wind power generation. The market for wind energy is driven by China and India significantly in the Asia-Pacific region

Diversification Expansion

  • The end user markets served by bearings distributors have witnessed wild swings in demand since the recession. As a result, many distributors have been expanding their target markets. Key targets for growth areas includes; food and beverage, automation, manufacturing, and energy

Constraints

Dropping Market Share

  • The influx of new players with aggressive pricing and lower cost structures has caused bearing prices to drop considerably
  • Manufacturers from the USA are facing increased competition from low cost imports from developing countries, especially from APAC
  • The turbulence in the global industrial sector has restrained the bearing market growth. The market witnessed a decline in 2016, however, there was a recovery of the bearings market in 2017

Increasing Concern over counterfeit products 

  • Nearly every major bearing manufacturer has been hit over the last few years by counterfeiters – and as a result, they're working with channel partners to combat the growing issue (e.g. SKF )
  • For example, NSK provides training to its distribution network on “how to identify and address counterfeiting activity of  bearings”

 

Bearings Market Frequently Asked Questions

  1. Who are the top 3 bearing manufacturing countries in the world?
  2. According to Beroe's bearing market news report, the United States, Japan, and Germany are the top three bearing manufacturing countries globally. Out of these, China is known to be rapidly increasing its presence.

 

  1. What percentage of shares does Asia contribute to the bearings market and what factors contribute to its success?
  2. The demand for bearings is highest in Asia with valuation being higher than 50 percent.  The contributing factor is the increase in automobile production followed by industrialization in developing nations like China, India, and South-East Asia. 

  

  1. What’s the net market share contribution by the top suppliers of the bearings industry? 
  2. The net contribution made by the top six suppliers is more than 65 percent of the market share and this high valuation has consolidated the overall supply landscape of the bearings market. 

 

  1. What drives the growth of the bearing market?
  2. According to the bearing market size analysis done by Beroe, multiple factors push the growth of bearing marketing on a global scale. Here are the primary reasons:
    - The automobile industry is the highest revenue-generating industry right now and the rapid growth of vehicles produced worldwide is further contributing to the growth of the bearing market.
    - Continents like Europe, America, Africa, and Asia-Pacific promise a considerable rise in bearings demand since the demand for two-wheelers and passenger cars is on the rise worldwide.
    - To meet industry demands and requirements in hi-tech applications, tech-oriented industries like aerospace, defense, robotics, etc. require heavy-duty, SMART, and durable bearings. This further bolsters the demand for bearings.

 

  1. What are the factors that impede the growth of the bearings market?
  2.  The main factors challenging the growth of the bearings market are:
    - The arrival of new key players in the market with cut-to-cut pricing and tough competition brought the bearing prices down
    - US manufacturers are seeing a rough competition from low-cost imports coming from developing countries within the APAC region
    - The counterfeiting of products has hit the bearing manufacturers badly and thus they are collaborating with channel partners to combat the growing menace. 

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