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Automotive Industry to Generate Maximum Revenue in the Bearing Market through 2032 Thrust ball bearing
Fact.MR's latest report on the bearing market investigates key growth variables influencing the sales. The report continues by describing key market aspects such as market drivers, challenges, and opportunities. To present the information in a vivid way, the report is segmented into product, type, component, application, and region.
ROCKVILLE, Md. , Nov. 15, 2022 /PRNewswire/ -- The global bearing market is projected to top a valuation of US$ 140 Billion in 2022. Sales are expected to increase at a robust 7% CAGR between 2022 and 2032, exceeding US$ 270 Billion by 2032.
Increasing demand for electric cars will drive the sales of bearing market during the forecast period (2022-2032). Recent technical developments in automatic dual-clutch transmissions is improving the installation of three extra bearings, two on the second gearbox's main shaft and one on the dual-clutch. The market for bearings is predicted to grow as development of high-capacity bearings surges, along with improved lubrication capabilities.
Additionally, rising adoption of eco-friendly vehicles, ongoing advancements in automotive sector, development of sensor bearing units, and improvement of additive manufacturing methods for the production of bearings are contributing to the growth in the market.
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A per Fact.MR, the automotive sector is projected to generate maximum profits in the bearing market during the projected period. However, demand for bearings in the construction industry is expected to fuel the growth at a rapid pace. Increasing number of construction projects in residential and industrial sectors across the U.S, India , and China is anticipated to fuel the adoption of bearings.
Regionally, Asia Pacific led the market and held a sizable revenue market share in 2021. The trend is likely to continue over the upcoming decade, with China leading the growth in Asia Pacific bearing market.
Growth in the China bearing market is attributed to the fast development of machinery and automobile manufacturing as well as its robust aftermarket for industrial equipment and auto maintenance. Furthermore, the robust construction and mining equipment industry in India is expected to support market expansion through 2032.
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Key companies are focusing on research and development initiatives in order to create application-specific bearings and boost efficiency. Additionally, companies are implementing a variety of strategies, including alliances, mergers, collaborations, capacity expansions, and others, to enhance their market share and clientele. High competition in the market is encouraging the manufacturers to invest in product development and production expansion in order to meet customers' requirement.
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More Valuable Insights on Bearing Market
In the latest study, Fact.MR offers a detailed study on global bearing market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of bearing through detailed segmentation as follows:
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Bridge Bearings Market: The global bridge bearings market is projected to reach US$ 930 Million by 2028, registering a CAGR of 4.8% during the forecast period (2018-2028). The bridge bearings market is predicted to develop at a quicker and lateral rate due to continuous large public infrastructure projects possibilities.
Control Valve Market: The global control valve market is expected to reach at a value of US$ 17 Billion and it is predicted to expand 3x by 2031. Growing use of valve in pharmaceutical and oil & gas industry will boost the demand for control valve during the projected period.
Large Scale Bearing Market: Worldwide demand of large scale bearing market is estimated to surpass US$ 30.9 Billion by 2032-end. Europe tops the global large scale bearing market accounting for nearly 28% of the global market share.
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