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Bearings Market size surpassed USD 50 billion in 2022 and is projected to witness 8.5% CAGR from 2023 to 2032.
Escalating vehicle sales across emerging economies, such as China, India, and South Korea, will support the demand for bearings in the automotive sector. Rising urbanization and improving standard of living are expected to advocate the demand for new/pre-owned vehicles globally. According to the federal transport authority KBA, a total of 2.65 million vehicles were registered in Europe's largest economy in 2022, indicating a 1.1% increase from the previous year.
Report Attribute | Details |
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Base Year: | 2022 |
Bearings Market Size in 2022: | USD 50 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 8.8% |
2032 Value Projection: | USD 116 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 111 |
Segments covered: | Product, Application and Region |
Growth Drivers: | |
Pitfalls & Challenges: |
The need for proper maintenance of bearing in long-run operations could impact bearings market. Correct installation and application of bearings are essential to extend their lifespan. The adoption of new and efficient business models and the pressing need to address the negative impressions of climate change and environmental degradation would decline the demand for fossil-fuel-powered industrial equipment. The introduction of automation and electrification will however create new business prospects for equipment manufacturers, favoring product penetration.