Mounted Bearing Global Market Trends, Strategies, and Outlook by 2024-2033
Mounted Bearing Market Trends, Strategies, and Outlook by 2024-2033 You Can Now Pre Order Your Report To Get A Swift Deliver With All Your Needs ”
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LONDON, GREATER LONDON, UNITED KINGDOM, August 29, 2024 /EINPresswire.com/ — The global mounted bearing market is witnessing substantial growth, projected to increase from $1.45 billion in 2023 to $1.54 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.4%. The market’s historical growth is attributed to industrialization, expansion of heavy industries, increasing investments, machinery loads and speeds, and at a compound annual growth rate (CAGR) of 6.7% the rising demand for specialized bearings.
Electric Vehicle Surge Fuels Growth in the Mounted Bearing MarketThe mounted bearing market is expected to experience continued strong growth, reaching $2.00 billion by 2028 at a CAGR of 6.7%. This growth is driven by several factors, including the rising population, increased use of automation and robotics, a focus on environmentally friendly and sustainable practices, the rise of electric vehicles (EVs), and the globalization of manufacturing. The demand for electric vehicles is particularly noteworthy, as EVs require mounted bearings for critical functions such as motor operation, drivetrain efficiency, and wheel rotation. The Global EV Outlook 2023 report highlights a 35% increase in electric car sales year-on-year, underscoring the impact of EV adoption on the mounted bearing market.
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Key Players and Market TrendsMajor companies in the mounted bearing market include JTEKT Corporation, SKF AB, NSK Ltd., Rexnord Corporation, Regal Beloit Corporation, The Timken Company, and many others. In February 2023, Timken Company acquired American Roller Bearing Company, expanding its market reach and enhancing its portfolio of engineered bearing solutions.
TrendsCurrent trends shaping the market include the development of advanced materials and coatings, smart and connected bearings, the electrification of transportation, increased automation and robotics, and the demand for application-specific solutions. These trends reflect the industry’s ongoing innovation and adaptation to evolving technological demands.
Segments• Product Type: Ball Bearing, Roller Bearing• Equipment: Ball Mill Drives, Fans and Blowers, Gearboxes and Transmissions, Conveyors, Crushers, Mixer Drives, Other Equipment• Housing Block Type: Plummer Block, Flanged Block, Take-Up Block, Other Housing Block Types• Sales Channel: Original Equipment Manufacturers, Aftermarket• End User: Food and Beverages, Agriculture, Construction and Mining, Automotive and Transportation, Chemical and Pharmaceutical, Energy, General Industrial and Machinery, Pulp and Paper
Geographical Insights: North America Leading The MarketNorth America was the largest region in the mounted bearing market in 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by increasing industrial activities and demand for mounted bearings across various sectors.
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Mounted Bearing Global Market Report 2024 from The Business Research Company covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Mounted Bearing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on mounted bearing market size, mounted bearing market drivers and trends, mounted bearing market major players, mounted bearing competitors’ revenues, mounted bearing market positioning, and mounted bearing market growth across geographies. The mounted bearing market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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