Recovering Automotive Industry to Reinforce Bearings Demand across China: Fact.MR
DUBAI--(Korea Newswire) September 09, 2021 -- According to the latest report released by Fact.MR, Asia will continue to dominate the bearings market through 2031 owing to the increasing production of vehicles in China, South Korea and Japan.
Bolstered by high demand for efficient and lightweight bearings across various industries such as automotive, construction and agriculture, Asia accounted for around 40% of the global demand in 2020.
Fact.MR has forecast the Asia bearing industry to surpass a valuation of US$ 95 Bn by 2031, with China emerging as the dominant market within the region.
Innovation of smart bearing had a huge impact on the global market. Manufacturers are integrating advanced sensor units in their products. These sensor units assist in digital monitoring of axial movement, acceleration, deceleration, rotation speed and load-carrying capacity of the component.
Some of the leading market players have been increasingly focusing on product launches to cater to dynamic customer preferences. For instance, SKF launched its SKF InsightTM, an innovation in intelligent wireless technologies that are integrated into SKF bearings. This technology enables SKF bearings to communicate their operating conditions continuously with internally powered sensors and data acquisition electronics.
Considering the aforementioned factors, Fact.MR has forecast the bearing market to reach US$ 145 Bn by 2031, growing at a robust 7% CAGR between 2021 and 2031.
China Seals Dominance in Asia Bearings Market
With the rapid expansion of machinery and motor vehicles production, China will continue to dominate the bearing market. In fact, it is one of the largest producers of vehicles and bearings in the world.
Increasing vehicle production, agricultural automation, and expanding construction sector will support sales of bearings in Asia. Favorable governmental policies encouraging the adoption of latest machineries also will support the growth of bearings market.
Due to the outbreak of COVID-19, bearing sales declined to an extent in China. However, with the recovery of automotive and machine production, the market is recovering gradually.
“Emergence of smart bearing technology, integrated with advanced sensor and Artificial Intelligence (AI) to monitor bearing operation has completely transformed the global market,” says a lead Fact.MR analyst.
South Korea Evolving as Lucrative Market for Bearings
With rapid industrialization and increasing vehicles production, South Korea is emerging as a lucrative market for bearings. The country exhibited a huge demand for bearings from various industries over the last few years.
In July 2021, the Korean Ministry of Trade, Industry and Energy announced that Korea’s automobile output and exports in the first six months of 2021 posted a year-on-year increase of 11.5% and 27.9% respectively.
With an increase in vehicle production and the expansion of various industries, the demand for bearings is slated to surge during the forecast period.
Flourishing Automotive and Construction Industries Pushing Bearing Sales
Expansion of automotive and construction sectors is creating high demand for components such as bearings. Investment towards construction of residential and non-residential buildings will create demand for heavy machinery like wheel loaders, hydraulic excavators and crawler dozers. Advanced bearings are increasingly employed in these vehicles for smooth functioning. As a result, bearings sales are improving.
Fact.MR has profiles some of the leading market players. These include
· HKT Bearings Ltd.
· Minebea Mitsumi Inc.
· Nachi Fujikoshi Corp.
· Igus Corporation
· JTEKT Corporation
· NSK Ltd.
· Timken Company Ltd.
· Wafangdian Bearing Group Co. Ltd.
· NTN Corporation
· Schaeffler Technologies AG & Co.
· SKF Inc.
Key Questions Answered by the Report
· The report offers insight into bearings market demand outlook for 2021-2031
· The market study also highlights projected sales growth for bearings market between 2021-2031
· Bearings market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
· Bearings market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Bearing Market Survey Report: https://www.factmr.com/report/5353/bearing-market
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Bridge Bearings Market Research Report: https://www.factmr.com/report/4447/bridge-bearings
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Flow Meter Market Research Report: https://www.factmr.com/report/4630/flow-meter-mark
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