LONDON--(BUSINESS WIRE)--The global anti-friction bearing market is projected to grow to USD 48.48 billion by 2021, at a CAGR of more than 4% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global anti-friction bearing market for 2017-2021. Based on the product type, the market is divided into ball bearing and roller bearing segments.
|Anti-friction bearings are used to eliminate friction between contacting surfaces. They restrict the motion of rotating components inside the stationary components and supports the load imposed on the shaft. The growing demand for commercial aircraft is expected to drive the global anti-friction bearings market.|
Technavio’s research study segments the global anti-friction bearing market into the following regions:
Anti-friction bearing market in APAC
“APAC dominated the anti-friction bearing market in 2016, holding over 45% of the overall global shares. It is expected to retain its market dominance over the forecast period, driven by the rising demand from the automotive, railway, wind, textile, manufacturing, and industrial sectors,” says Anju Ajaykumar, a lead analyst at Technavio for tools and components research.
Japan, China, Australia, India, South Korea, Taiwan, and Singapore are the key revenue contributors to the market in the region. The booming construction sector in India and Indonesia is expected to propel the demand for construction equipment further, increasing the demand for anti-friction bearings.
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Anti-friction bearing market in EMEA
The recovering economy increased customer spending, and fixed investments have boosted the manufacturing, construction, and automotive sectors in EMEA. The growth and expansion in these sectors are expected to propel the demand for anti-friction bearings in the region. Many European nations have various railway projects in the pipeline, which is expected to boost the market growth greatly. The emergence of alternative power sources is will also create a significant demand for anti-friction bearings.
Anti-friction bearing market in the Americas
“The anti-friction bearing market in the Americas is projected to be worth USD 12.41 billion by 2021. The US automotive industry will be the largest contributor to the anti-friction bearing market in the region,” says Anju.
Similarly, Mexico is also experiencing multiple automotive investments by manufacturers such as BMW and Audi, which will significantly impact the market segment. The aerospace industry is the other major end-user segment, where bearings are primarily used in the main shaft and for reduction gears (auxiliary drive system).
The top vendors in the global anti-friction bearing market highlighted in the report are:
- JTEK Corporation
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