ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research has recently released a research report titled “Bearing Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, which states that the global bearing market is expected to grow at a CAGR of 7.7% from 2014 to 2020.
The market was valued at US$75.91 billion in 2013, and will reach an overall market worth of US$118.21 billion in 2020. Unmounted bearings gained the largest market share in 2014 with US$33.38 billion. The applications segment of motor vehicles dominated the market with a total worth of US$38.68. This segment is expected to continue growing due to the 3.7% rise in motor vehicles in 2013. On the other hand, the aerospace equipment segment is expected to grow at a CAGR of 8.5% from 2014 to 2020.
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Asia Pacific led the market with the largest share, while a collective 40% share was held by Europe and North America. The report divides the global bearing market according product type, components used, end user, and geography.
The primary growth driver for the global bearing market is its increasing demand in the automobile industry. There is a growing need of motor vehicles in the world, especially in Asia Pacific, creating a huge growth spurt for the beating market. There is additional demand from the railways, steel, defense, and aerospace industries. Another driving factor is the need to increase energy efficiency in process industries.
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Developments in technologies help create additional scope of growth for the bearing market. The rise of high end technologies such as smart bearings allows manufacturers to assess their performance, improving their efficiency.
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