According to a new study by Fact.MR, global bearing market growth will hover around 7% despite fundamental weaknesses induced by COVID-19 pandemic. Market players are readying for the opportunities as reversal of lockdowns has created stimulus in many markets. However, the uncertainty over second wave of the pandemic and lack of investor confidence can delay recovery to late 2021 or early 2022, according to the study.
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Key Takeaways from Bearing Market Report
- Global bearing market is anticipated to witness over 7% CAGR through 2030
- Market growth highly dependent on automotive sector revival
- Ball bearing continues to be the top-selling product
- End-users continue to show marked preference for unmounted variants
- APAC will maintain a lead as the largest market throughout the forecast period
- Growing use of innovative bearing technology in construction creating new growth avenues
- Steady penetration of EV likely to create opportunities in the long run
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Bearing Market – Segmentation
Fact.MR’s research study assesses the global bearing market in terms of product, bearing type, component, application and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global bearing market.
|Product||Ball BearingRoller BearingPlain BearingOthers|
|Bearing Type||Unmounted BearingMounted Bearing|
EV Sales Can Open Up New Growth Avenues
According to Fact.MR analysis, use of bearings in EV can open up new avenues of growth for market players. While EV was growing steadily before 2020, the impact of the pandemic has been felt in this category as well. However, the long-term prospects of EV remain bullish, which in turn, is likely to create significant opportunities for bearing demand.
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The recent outbreak of novel coronavirus has slowed down the global bearing market growth significantly due to the various restraining factors such as shutting down of manufacturing units during long lock downs, unavailability of enough manpower, scarcity of raw materials, decrease in demand, and others.
Furthermore, the main end-user industries such as automotive, aerospace, construction, and others have got negatively impacted due to COVID-19, resulting in decline in market growth.
According to Fact.MR, the effect of COVID-19 pandemic is going to last till the end of this year. However, recovery is expected by first quarter of 2022.
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