Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- U.S.-based market research and intelligence firm Transparency Market Research has recently announced the publication of a new market research report. The research report is titled "Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020". According to the research report, in 2013, the global bearing market stood at US$75.91 billion and is projected to touch US$118.21 billion by the end of 2020, growing progressively at a 7.7% CAGR between 2014 and 2020.The increasing production of vehicles across the globe, need for energy efficiency, and the rising demand for bearings from the aerospace and defense industries are some of the factors boosting the demand for bearings in the forecast period. However, rise in counterfeit products is one of the restraints expected to hamper the growth of this market in the near future.
Browse the full Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 report at http://www.transparencymarketresearch.com/bearing-market.html
The research report has segmented the global bearing market on the basis of products, which are roller bearings, plain bearings, unmounted ball bearings, and others. In 2014, the unmounted ball bearings segment led the global bearing market totaling US$33.38 billion and is anticipated to remain high between 2014 and 2020. The rising demand for unmounted ball bearing is due to its diverse range of application, including automotive wheels, consumer durables, hard drives, railway coaches, and motor engines. On the basis of components, the global bearing market has been categorized into rings, cages, rollers, balls, and others. Among all these components, the balls segment held the largest share of the global bearing market, which was further followed by the rollers segment.
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The global bearing market was further segmented according to their end use, which are construction machinery, oilfield machinery, aerospace equipment, farm and garden machinery, motor vehicles, and power transmission equipment. In 2014, the motor vehicles segment dominated the global bearing market by accounting for US$38.68 billion. The aerospace equipment segment is estimated to grow rapidly in the forecast period, exhibiting a CAGR of 8.5% between 2014 and 2020.
The global bearing market has been geographically segmented into North America, Asia Pacific, Europe, and Rest of the World. In 2014, Asia Pacific dominated the global bearing market and is anticipated to continue as the market leader through the forecast period. The dominance of Asia Pacific can be attributed to the rising production of automobiles in several countries such as India, South Korea, China, and Japan. In addition, the rapid industrialization in Asia Pacific is also boosting demand for bearings. Asia Pacific is followed by North America and Europe, who collectively held more than 40% of the global market share in terms of revenue.
Some of the prominent players in the global bearing market mentioned in the report are Brammer PLC, Rexnord Corporation, Schaeffler Group, NTN Corporation, SKF Group, Wafangdian Bearing Co. Ltd, NSK Ltd., JTEKT Corporation, C&U Group, and The Timken Company.
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Source:Transparency Market Research