The Latest Bearing Industry Statistics Explained
The global bearings market size was valued at USD 102.2 billion in 2018
The statistic “The global bearings market size was valued at USD 102.2 billion in 2018” represents the total worth of the global bearings industry in terms of sales revenue for the year 2018. Bearings are essential components used in various machinery and equipment to facilitate smooth and efficient operation by reducing friction between moving parts. The market size indicates the overall economic significance and scale of the bearings industry on a global level, reflecting the demand for these products across different sectors such as automotive, aerospace, industrial machinery, and more. This statistic is crucial for understanding the market trends, competitiveness, and growth potential of the bearings industry.
Bearings industry is projected to grow at a CAGR of 9.1% from 2019 to 2026
The statistic stating that the bearings industry is projected to grow at a compounded annual growth rate (CAGR) of 9.1% from 2019 to 2026 signifies the expected rate at which the industry’s revenue or market size is forecasted to expand annually over the specified period. This growth rate suggests a strong positive trend for the bearings industry indicating sustained growth potential. A CAGR of 9.1% implies a considerable increase in market demand and business opportunities for companies operating within the bearings sector. This projection may be driven by factors such as technological advancements, increasing industrialization, and a rising need for machinery and equipment across various sectors.
Ball bearings held over 46% revenue share of the bearings market in 2018
The statistic states that ball bearings accounted for over 46% of the total revenue generated in the bearings market in the year 2018. This indicates that ball bearings are a dominant product within the bearings industry, capturing a significant portion of the market’s financial performance. This statistic highlights the popularity and widespread use of ball bearings in various applications, such as automotive, industrial machinery, and aerospace, making them a key player in the bearings market with a substantial revenue share.
The Asia Pacific dominated the global bearings market with a share of 42% in 2018
The statistic “The Asia Pacific dominated the global bearings market with a share of 42% in 2018” indicates that the Asia Pacific region accounted for the largest portion of the global bearings market in that specific year. This suggests that a significant proportion of bearing manufacturing, sales, and consumption occurred in countries within the Asia Pacific region compared to other regions around the world. The high market share indicates that the Asia Pacific region likely has a strong presence in the bearings industry, possibly due to factors such as a large manufacturing sector, technological advancements, or favorable market conditions. Additionally, the statistic implies that businesses and industries in the Asia Pacific region play a crucial role in shaping the global bearings market landscape.
Roller bearings are predicted to surpass USD 52 billion by 2024
The statistic “Roller bearings are predicted to surpass USD 52 billion by 2024” indicates that the global market for roller bearings is projected to exceed a value of USD 52 billion by the year 2024. Roller bearings are mechanical components used in various industries to reduce friction between surfaces in motion, thereby facilitating smooth operation. The predicted growth in the market value reflects an increasing demand for roller bearings driven by factors such as technological advancements, industrial automation, and the expansion of industries like automotive, aerospace, and machinery. This statistic suggests a positive outlook for the roller bearings market, highlighting the importance of these components in supporting industrial operations and growth across different sectors.
China held the largest share in the Asia Pacific bearings market in 2017
The statement “China held the largest share in the Asia Pacific bearings market in 2017” indicates that China, among all the countries in the Asia Pacific region, had the highest proportion of market sales or revenue in the bearings industry in 2017. This suggests that China was the dominant player in the bearings market compared to other countries in the region during that particular year. The statistic highlights China’s significant market presence and likely indicates the country’s strong manufacturing sector, demand for bearings across various industries, and potentially competitive pricing or quality offerings that attracted customers in the region.
Increased production of vehicles is boosting the automotive bearings market by at least 5.8%
The statistic suggests that the increased production of vehicles is positively impacting the automotive bearings market, leading to a growth rate of at least 5.8%. This indicates a strong correlation between vehicle production and the demand for automotive bearings, which are crucial components used in vehicles for smooth operations. The rise in vehicle production signifies higher demand for automotive bearings, which in turn is driving growth in the market. This statistic highlights the important role that vehicle production plays in influencing the automotive bearings market and emphasizes the significance of this relationship for the overall industry’s performance and expansion.
Nearly 50% of the failures in rotating machinery are related to bearings
The statistic that nearly 50% of failures in rotating machinery are related to bearings highlights the critical role that bearings play in the performance and reliability of such machinery. Bearings are essential components that support and facilitate smooth rotation within the machinery, and failures in bearings can lead to issues such as friction, misalignment, and overheating, ultimately resulting in machinery breakdowns. Identifying and addressing issues related to bearings is crucial in preventive maintenance efforts to reduce the likelihood of failures and downtime in rotating machinery systems, underscoring the importance of proper maintenance and monitoring practices in industrial settings.
More than 80% of the bearing market supplies are done through authorized distributors
This statistic indicates that a significant majority, specifically over 80%, of the supply of bearings in the market is channeled through authorized distributors. This suggests that the manufacturers of bearings have established a network of trusted distributors through which most of their products are distributed to end users. The use of authorized distributors likely ensures quality control, customer support, and adherence to manufacturer guidelines, safeguarding the integrity of the product and enhancing customer satisfaction. Additionally, it implies that these authorized distributors play a crucial role in the supply chain of bearings, acting as intermediaries between manufacturers and end users.
SKF company had a 19% net sales share in the bearings market in 2020
The statistic indicating that SKF company had a 19% net sales share in the bearings market in 2020 means that out of the total revenue generated in the bearings market that year, SKF company accounted for 19% of it. This indicates the company’s relative size and significance in the market compared to its competitors. A 19% market share suggests that SKF is a major player in the industry, with a significant presence and competitive position. It also reflects the company’s ability to attract customers and generate sales compared to other players in the bearings market.
U.S. bearing industry employment has remained relatively stable since 2010, with approximately 50,000 jobs in 2018
The statistic indicates that the employment level in the U.S. bearing industry has shown little fluctuation since 2010, with around 50,000 jobs recorded in 2018. This stability suggests that the industry has maintained a consistent level of workforce participation over the years, without experiencing significant growth or decline. The steady employment figures could imply that the demand for bearing products has remained relatively constant, leading to a consistent need for workers in the industry. This statistic provides insight into the overall stability of the U.S. bearing industry in terms of employment, highlighting a consistent level of job opportunities within the sector over the past few years.
The Indian Bearings market is expected to grow with a CAGR of more than 12% in the forecasted period FY 2020-2025
The statistic ‘The Indian Bearings market is expected to grow with a Compound Annual Growth Rate (CAGR) of more than 12% in the forecasted period FY 2020-2025’ indicates that the market for bearings in India is projected to experience a consistent annual growth rate of over 12% during the specified period. This growth rate serves as a measure of the industry’s potential expansion and reflects the increasing demand for bearings within the Indian market over the next five years. Businesses operating in the bearings sector can utilize this statistic to anticipate market trends, plan production capacities, and make strategic decisions to capitalize on the projected growth opportunities in the Indian market.
Global demand for bearings reached 103 billion US dollars in 2018.
The statistic “Global demand for bearings reached 103 billion US dollars in 2018” indicates the total value of bearings purchased worldwide during that year. Bearings are crucial components used in various industries to reduce friction between moving parts, enabling smooth operation and efficiency in mechanical systems. The substantial demand for bearings signifies the widespread use of machines and equipment across sectors such as automotive, aerospace, manufacturing, and construction. This statistic suggests a significant market size for bearing products and highlights the importance of these components in driving industrial activities and technological advancements globally.
The automotive sector accounted for 44% of the bearing market in 2017.
The statistic “The automotive sector accounted for 44% of the bearing market in 2017” indicates that almost half of the bearing market sales in 2017 were generated from the automotive industry. This suggests that the automotive sector is a significant consumer of bearings, which are essential components in vehicles for various functions such as supporting rotating parts and reducing friction. This statistic highlights the substantial reliance of the bearing market on the automotive industry and indicates the importance of the automotive sector as a key driver of demand for bearings in 2017.
The railway & aerospace sector accounted for 8% of the bearing market in 2017.
This statistic signifies that in 2017, the combined market share of the railway and aerospace sectors in the bearing industry was 8%. Essentially, out of the total demand for bearings in various industries, such as automotive, industrial machinery, and others, the railway and aerospace sectors collectively constituted 8% of the market. This suggests that these two sectors are significant players in the bearing market, utilizing bearings for various applications in their respective fields. Understanding this statistic can provide insight into the market dynamics and the importance of these sectors in driving the demand for bearings.
Japan’s bearing export value is estimated around 975 million U.S dollars in 2020.
The statistic indicates that Japan’s bearing export industry generated an estimated total export value of approximately 975 million U.S. dollars in the year 2020. This figure highlights the significant contribution of the bearing sector to Japan’s overall export economy. The value of bearing exports reflects the competitiveness and quality of Japan’s bearing manufacturing industry, which is known for its precision engineering and advanced technology. The export value also signifies the country’s strong presence in the global bearing market, with Japanese bearings being widely recognized and sought after for their reliability and performance. Overall, the statistic underscores Japan’s position as a key player in the global bearing trade.
British health and safety executive estimates that 40% of all bearing failures are due to poor lubrication.
The statistic provided by the British Health and Safety Executive states that approximately 40% of all bearing failures can be attributed to poor lubrication practices. Bearings are essential components in various machinery and equipment, serving to reduce friction and support rotating parts. Inadequate or improper lubrication of bearings can lead to increased friction, overheating, wear and tear, ultimately causing premature failure. This statistic highlights the critical role that proper lubrication plays in the maintenance and reliability of machinery and underscores the importance of implementing effective lubrication practices to prevent costly bearing failures and ensure smooth operations in industrial settings.
The Middle East & Africa’s Bearings market is anticipated to reach USD 1.4 billion by 2025 growing at a CAGR of 7.3% during 2020-2025.
This statistic indicates that the Bearings market in the Middle East & Africa region is projected to expand significantly, with an anticipated value of USD 1.4 billion by the year 2025. The market is expected to grow at a compound annual growth rate (CAGR) of 7.3% between 2020 and 2025. This suggests a strong upward trend in demand for bearings within the region, likely driven by factors such as industrial development, infrastructure projects, and technological advancements. The forecasted growth rate signifies a positive outlook for the Bearings industry in the Middle East & Africa, with opportunities for industry players to capitalize on the expanding market.
References
0. – https://www.www.usitc.gov
1. – https://www.www.mordorintelligence.com
2. – https://www.www.astbearings.com
3. – https://www.www.reliabilitydirectstore.com
4. – https://www.www.grandviewresearch.com
5. – https://www.www.bearing-news.com
6. – https://www.www.ioshmagazine.com
7. – https://www.investors.skf.com
8. – https://www.www.statista.com
9. – https://www.www.alliedmarketresearch.com
10. – https://www.www.gminsights.com
11. – https://www.www.fortunebusinessinsights.com
