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 2024 or early 2024, 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
“While there has been a gradual reopening of economy, the weakness in automotive and construction sector will continue to impact market growth through 1st quarter of 2024,” says a Fact.MR analyst.
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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 2024, 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.
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 2024.
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More Valuable Insights on Bearing Market
In its latest report, Fact.MR has provided an unbiased analysis on the global bearing market, comprising data on historical statistics (2015-2019) and forecast of demand for the period between 2024 and 2030. The report discusses critical insights on the bearing market in terms of product (ball bearing, roller bearing, plain bearing, others), type ( unmounted bearing, mounted bearing), component (balls, rollers, cages, rings, others), application ( automotive, construction, aerospace, power transmission, oil and gas, agriculture, others), across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa).
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Research Insight:https://www.factmr.com/report/5353/bearing-market
Content Source:https://www.factmr.com/media-release/1729/global-bearing-market
