LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global Bearings market and the market is poised to experience spend growth of more than USD 23 billion between 2017-2022 at a CAGR of over 5%. Request free sample pages.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Global Bearings Market Procurement Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
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Insights into the Global Bearings trends
- Raw material and production costs are directly linked to the scale of production and vary in direct proportion to the quantity. While economies of scale may enable suppliers to reduce the per unit cost of the raw material required, the high demand for metal commodities is likely to increase raw material costs. This will drive buyers’ global bearings procurement expenditure.
- R&D costs are expected to grow during the forecast period, with the increasing focus on enhancing the capabilities of bearings, and the rising demand for customization of bearing offerings in the market
Pricing Models that Buyers must Implement while Entering into a Contract with Suppliers
Volume-based is the most widely adopted pricing models in the global bearings market.
- Cost-plus model: Creates a scope for buyer-supplier collaboration to reduce the costs of production for suppliers
- Volume-based model: Pricing is based on the volume of trade between buyers and suppliers. Large-volume purchases generally lead to lower prices
Insights into strategies that will help buyers optimize their procurement spend
- Buyers should perform regular inspections and quality testing of samples for ensuring that the stock meets the required specifications and high reliability. This is expected to minimize buyers’ global bearings procurement expenditure.
- Buyers need to ensure effective communication of specifications and performance requirements of bearings to procure products that enhance the performance, reliability, and life of the equipment
Some of the top Global Bearings suppliers enlisted in this report
This Global Bearings market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
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