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Bearings Market Trends

Report ID: GMI111
Published Date: Jul 2024
Report Format: PDF

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Bearings Market Trends

In automation and robotics, there is a need for advanced bearings which are made from specialized materials like bronze and babbitt etc. Manufactures are introducing lightweight bearings to be used in automated vehicles and industrial machinery to improve the overall efficiency of the equipment, thereby fueling business growth.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of bearings was worth USD 54.45 billion in 2023 and will grow at 8.9% CAGR between 2024 and 2032, driven by the rise in industrial automation.

The automotive segment captured 40.2% share of the bearing market in 2023, primarily due to the continuous growth in vehicle production and increasing demand for electric vehicles.

Asia Pacific bearings industry will reach USD 59.9 billion by 2032, propelled by rapid industrialization, urbanization, and infrastructure development in countries like China and India.

Daido Metal Company Limited, Harbin Bearing Manufacturing Co., Ltd, HKT Bearings Ltd., JTEKT Corporation, Luoyang LYC Bearing Company Limited, and others.