Bearings Market Size to Reach $142 Bn by 2022

Bearings market size is forecast to reach USD 142 billion by 2022, as per a new research report by Global Market Insights, Inc. High demand across the automotive sector coupled with need to achieve energy efficiency in various sectors is likely to spur global demand over the next seven years. Growing demand for commercial vehicles is expected to elevate the automotive sector over the next few years. Continuous trend towards the replacement of ageing fleet coupled with growing demand from industrial and infrastructural sector is expected to drive growth.

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Automotive bearings market size was the leading application segment and was valued USD 40.6 billion in 2014. It is estimated to observe large gains, with estimation of USD 71.4 billion by 2022, at an estimated CAGR of 7.3% during the forecast period. Growing demand for light weight, high performance automobiles, and computer peripherals such as disc drives has led to increased usage of smaller and light weight bearings, which is expected to boost the demand. Railway & aerospace is anticipated to be the fastest growing application segment with estimation of USD 7 billion by 2022.

Development of bearings that enable more cost-effective wind energy generation has led to increased adoption across wind turbine applications. Utilization of proper bearing solution in wind turbines help increase energy production, enhance turbine performance & reliability and reduce lubricant consumption. Counterfeit products are expected to pose a challenge to the industry growth due to its low-cost fake identity. These products are frequently sold to unsuspecting customers at around same price as the original product.

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