Asia-Pacific Bearing Market Outlook, 2027

Asia-Pacific is one of the leading bearing markets in the whole region. This region has some of the leading countries which have consistently contributed to the market value. The main reasons for this growth in the bearing market are automotive and aerospace. There are many companies in the Asia-Pacific that contribute a major share and value as well. The rising demand for specialty bearings in India and China is also being fuelled by the desire for high-performance, lightweight cars with improved energy efficiency. Additionally, the Chinese government has promoted local auto manufacturing, which is significantly raising the need for bearings in the area. Due to the rising demand for light aircraft and the expansion of railway development in the area, the railway and aerospace application of bearings is anticipated to experience substantial growth over the next several years. Automotive machinery, construction equipment, agricultural equipment, and oilfield equipment are some of the more significant end-user applications of the bearings industry.

The Asia-Pacific market is anticipated to continue to lead all regional submarkets of the overall bearings industry. According to the research report, "Asia-Pacific Bearing Market Outlook, 2027" published by Bonafide Research, the bearing market is anticipated to grow at a 7.55% CAGR in terms of value during this forecasted period. The bearing market is undergoing constant technical improvements and breakthroughs. Furthermore, market participants in the automotive components business are progressively harmonising their businesses with the changing regulatory framework. The increased interest in electric cars is another window of opportunity that has opened up for battery industry participants, and innovations are anticipated to gain significant traction as a result.

The top six competitors control a significant portion of the Asia-Pacific bearings market, which is highly concentrated. There are some factors that are driving these countries' Asia-pacific growth for the bearing market. Bearings are essential parts of machines that are used to reduce internal friction. They reduce the machine's frictional wear and tear, which can add up over time to be a significant problem. As a result, the industrial sector, particularly manufacturing, is always in need of bearings. The production of automobiles is a key application for the worldwide bearings industry. The primary factor propelling the growth of the bearings market is the continued global expansion of the car industry. Major consumers of bearings include the auto industries in Asia-Pacific nations, including China, Japan, South Korea, and India. It is anticipated that in the upcoming years, these sectors will maintain or even expand the demand for bearings. China is one of the leading and dominating bear markets in the Asia-Pacific region. A dramatic boom is currently taking place in the vehicle sector in China, which is predicted to soon surpass most European auto markets. The automotive industry in China will benefit from a growing road system and affluent consumers, and it will also be able to grow worldwide thanks to the low prices often associated with Chinese manufacturing. In the upcoming years, this will enable the Asian-Pacific bearings market to grow rapidly.

Furthermore, some market participants are actively working on producing wear-resistant bearings with a significant load capacity. The increased need for smooth motion in the automotive sector in recent years has been a prominent trend that is predicted to affect the rate of innovation in the bearing market. Manufacturers are concentrating on directly incorporating electro-mechanical components into bearings to increase performance while also lowering size and cost. Prospects deteriorated significantly in the first part of COVID-19 when industrial activity ceased. After the lockdowns were removed, prospects improved. Some of the other demand is also in aerospace. Other significant development factors for the Asia-Pacific bearings market include rising demand from the aerospace and military sectors, as well as a growing desire to cut back on energy use and harmful emissions. Much like the car sector, defence and aerospace equipment manufacturers have had consistent growth for most of the past ten years. Aerospace equipment is perhaps one of the application categories of the bearing market that is expanding the quickest, rivalling the automotive industry thanks to increased demand from all over the world. Power transmission equipment, construction equipment, agricultural and garden equipment, and oilfield equipment are some of the more significant end-use applications of the bearings industry.

COVID-19 Impact
Bearings are mechanical components that are primarily used to reduce friction between rotating parts that are in motion and to support the rotating parts so that the motion is what is wanted. They are widely used in industries such as aerospace, defence, and the automobile industry. Globally, the COVID-19 epidemic has spread. The designation of COVID-19 as a pandemic in March 2020 led to the imposition of national lockdowns and the closure of commercial activities, which had an impact on the world economy. The lockdowns have also caused production facilities to shut down entirely as a result of revenue losses, which has considerably decreased the adoption of bearing solutions and slowed the expansion of the bearing industry. The COVID-19 viral epidemic has had a huge impact on the automobile sector, which is presently experiencing unheard-of uncertainty. Production of automobiles has been negatively hampered by the epidemic. The slowdown in manufacturing operations, which delays the manufacture of automobiles and impedes market expansion, is also caused by the interruption of supply chain activities. Additionally, the COVID-19 pandemic's impact on a decline in vehicle demand is hindering the expansion of the bearings business.

Major Companies present in the Market:
SKF Corporation, NTN Corporation, NSK Limited, JTEKT Corporation, The Timken Company, Schaeffler AG, Daido Metal Company Limited, Regal Rexnord Corporation, NBI Bearings Europe SA, Harbin Bearing Manufacturing Co., Limited, HKT Bearings Limited, Luoyang LYC Bearing Company Limited, Iljin Bearing, RKB Bearing, Wafangdian Bearing Group Corp, THK Co. Ltd., MinebeaMitsumi, RBC Bearings Incorporated

Considered in this report:
• Geography: Asia-pacific
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Aspects covered in this report:
• Asia-pacific bearing Market with its value and forecast along with its segments
• Country wise Bearing market analysis
• Application wise bearing market distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• China
• Japan
• India
• South Korea
• Australia

By product type in the report:
• Ball Bearing
• Roller Bearing
• Plain Bearing
• Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.)

By application type in the report:
• Automotive
• Industrial
• Aerospace
• Others (Railway, Agriculture, etc.)

By installation type in the report:
• Unmounted Bearing
• Mounted Bearing

By distribution channel in the report:
• Original equipment manufacturers (OEMs)
• Aftermarket

By material type in the report:
• Metal
• Stainless Steel
• Chrome Steel
• Carbon Steel
• Brass
• Others (Plastic, Ceramic, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar panel coating industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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Manmayi Raval

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