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Bearings Market Analysis
- Report ID: GMI111
- Published Date: Jan 2023
- Report Format: PDF
Bearings Market Analysis
Roller bearings industry is set to observe 8.5% growth between 2023 and 2032. Roller bearings are increasingly used in mining and construction as well as in railway and aerospace applications. These bearings can carry heavy loads and are preferred for their high mechanical efficiency, simple installation, repair and interchangeability. They also support high precision and exhibit long service life.
The introduction of supportive government initiatives to expand the manufacturing sector would complement the roller bearings industry expansion. Take for instance, in December 2022, China’s Customs Tariff Commission of the State Council, announced the implementation of a provisional import tax for 1,020 commodities starting from January 1, 2023. These tariff reductions would be applicable to machinery items such as e-ink screens, lithium niobate, and roller bearings for wind turbines.
The bearings market from the automotive application to be worth over USD 45 billion by 2032. The use of bearings in the automotive sector is expanding rapidly, which can be linked to rising vehicle sales and increased demand for several automotive moving parts like bearings. Rising urbanization and availability of vehicle financing facilities would boost vehicle sales by end of 2032, consequently driving product penetration.
The industry revenue from the mining & construction application is estimated to account for USD 15 billion by 2032. A surge in construction and mining activities has driven the need for equipment like excavators, dozers, dump trucks, loaders, backhoes, graders, pavers, vibratory compactors, cranes, forklifts, etc. These machineries are rigged with bearings with the high load-carrying capability to improve fatigue life. The launch of cutting-edge bearing products for mining and construction equipment should intensify segment growth
Asia Pacific bearings market is estimated to attain 9% gains through 2032. The automotive industry across APAC countries like China and India has perceived momentous growth in the past few years. To meet growing consumer demand, many automotive manufacturers are expanding their production capacity. The easy availability of raw materials, cost-effective labor and the presence of several industry participants are some of the factors that will augment the regional demand for automotive bearing by 2032.
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Bearings Market Scope
