- The key vendors in the global bearings market 2015-2019 are JTEKT Corp., NSK Ltd., NTN Corp., Schaeffler Technologies AG & Co. KG, Svenska Kullagerfabriken AB, and Timken Co.
London, 20 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global bearings market 2015-2019. The increasing development of integrated bearings is a key trend observed in this market. Integrated bearings help to improve the performance of rotating systems. The multiple-groove outer design layout limits geometrical flaws and reduces torque, thereby giving a performance improvement. Integrated bearings aid in reducing the equipment cost and also increase the reliability of equipment. The global bearings market is expected to grow at a CAGR of 7.48% during the forecast period of 2014-2019.
Source: Technavio Research
Growth in the bearings market is heavily dependent on the automotive sector. A single automobile uses more than 100 pieces of different types of bearings. Lightweight bearings like ball bearings and roller bearings are widely popular in automobiles and contribute a significant share of revenue to this market. Since the automotive market is set to grow rapidly during the next five years, the demand for bearings is also expected to increase during the forecast period.
“Bearings geared with sensor units are used to boost operational performance. Such bearings help enterprises digitally monitor axial movements, payloads, speed of rotation, acceleration, and deceleration. The load-bearing capacity and other related data retrieved from the sensor can be analyzed to determine the life of bearings,” says Faisal Ghaus, Vice President of Technavio Research.
“Globalization and a lack of product differentiation have boosted competition between market vendors to attain larger market shares. Manufacturers continuously act to add new features and functionalities to their products in a bid to enhance product performance and capabilities.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
