Albany, NY, Dec. 3, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report that offers an in-depth study about the global bearing market. The report, titled "Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", is available for sale on the company's website. The report has been compiled using primary and secondary research. It aims to offer its readers a comprehensive overview of the market and the factors influencing it. With the help of credible market measurement tools such as SWOT analysis and Porter's five forces analysis, the report enables the readers to make a fair assessment of the pro and cons of the decisions they may have to make.
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According to the research report, the global bearing market was valued at US$75.9 bn in 2013 and is expected to reach US$118.2 bn by the end of 2020. This market is expected to grow at an impressive CAGR of 7.7% from 2014 to 2020. This growth rate of the global bearing market is primarily being fueled by the growing production of vehicles. Furthermore, the desperate need for energy-efficient vehicles and the expanding demand for bearings from the defense and aerospace industry are a few more market drivers for the global bearing market. The only restraining factor for this market is the growing sale of counterfeit products.
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Researchers have segmented the global bearing market on the basis of product, component, end use, and geography. The product segmentation is inclusive of plain bearings, unmounted ball bearings, roller bearings, and others. Components include rollers, balls, cages, rings, and others. The end use segmentation includes motor vehicles, power transmission equipment, aerospace equipment, construction machinery, oilfield machinery, farm and garden machinery, and other machinery. Geographically, the global bearing market is fragmented into Asia Pacific, Europe, North America, and Rest of the World.
The unmounted ball bearings segment of the global bearing market was valued at US$33.3 bn and it is expected to reach an even higher valuation by 2020. This growth rate can be attributed to the wide range of application of unmounted ball bearings in areas such as railway coaches, automotive wheels, hard drives, consumer durables, and motor engines.
Asia Pacific is expected to be the dominant region in the forecast period. The booming automobile industry in Asia Pacific is the primary reason for growth of the global bearing market in this region. The rapid industrialization in emerging economies of Japan, China, South Korea, and India is expected to make a wholehearted contribution to the growth of this market. This impressive growth rate will be followed by Europe and North America, who together held over 40% of the revenue in the global bearing market.
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Some of the key players in the global bearing market profiled in this research report are Rexnord Corporation, Wafangdian Bearing Co. Ltd, The Timken Company Brammer PLC, NTN Corporation, C&U Group, Schaeffler Group, SKF Group, JTEKT Corporation, and The Timken Company NSK Ltd. The chapter on company profile also answers questions pertaining to company overview, financial status, research and development plans, and business and marketing strategies.
The global bearing market is segmented on the following basis:
Bearing Market: By product type
- Unmounted ball bearings
- Plain Bearings
- Roller Bearings
Bearing Market: By components
Bearing Market: By end use
- Motor vehicles
- Aerospace equipment
- Power transmission equipment
- Construction machinery
- Farm and garden machinery
- Oilfield machinery
- Other machinery
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
Bearing Market: By geography
- North America
- Asia Pacific
- Rest of the World
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research