Global Needle Roller Bearings Market is anticipated to reach US$ XX Mn by 2026 from US$ XX Mn in 2019 at a CAGR of 9.2% during a forecast period.
Global Needle Roller Bearings Market Overview
Tapered, cylindrical, needle and spherical bearings are all members of the roller bearing group. The needle roller bearings are the lightest and tiniest of all. They feature major design elements that may be employed in a variety of applications. Their size offers them an advantage in some applications that need less weight and space.
As a result, roller bearing material is used in a variety of production facilities and automotive enterprises to increase the efficiency and performance of machinery and automobiles. Industries are now adding high-end, pricey equipment to assure the seamless running of their day-to-day operations.
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The report also covers the detailed analysis of the Global Needle Roller Bearings Market with the classifications of the market based on battery, voltage, vehicle type, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.
Global Needle Roller Bearings Market Dynamics
The needle roller bearing market is developing in tandem with technological improvement. Manufacturing companies are focusing on producing needle roller bearings with increased tensile strength, reduced weight, and reduced space and energy consumption so that they can withstand the stress of heavy machinery.
These needle roller bearings are most typically found in two-cycle engine sectors, agricultural equipment, and construction equipment. Furthermore, needle roller bearings are used by a wide range of customers since they provide a variety of benefits. This, in turn, is expected to drive the growth of the needle roller bearing market.
Also, due to the launch of new car models with a high degree of customization possibilities, the automobile industry is experiencing significant demand for IC engine cars in mature markets such as the Americas. To decrease friction and maintain the smooth operation of parts, automotive needle roller bearings are widely utilized in IC engine components. The need for automotive needle roller bearings is expected to rise due to the increasing use of IC engine cars during the forecast period.
Internal combustion engine (ICE) powered vehicles sold in selected countries/regions worldwide in 2019
The need for automotive needle roller bearings is expected to rise due to the increasing use of IC engine cars as they decrease friction and maintain the smooth operation of parts.
Global Needle Roller Bearings Market 1
Needle Roller Bearings Market across the Asia-Pacific Countries to create opportunities
Bearings are important buyers in Asia-Pacific nations including India, Korea, China, and Japan. During the forecast period, the Chinese automotive market is expected to overtake the bulk of the European vehicle market. This is expected to aid the Asia Pacific bearings market's steady growth during the projected period. In 2019, the market was worth US$75.91 billion, and by 2026, it is predicted to be worth US$118.21 billion.
Global Needle Roller Bearings Market 2Global Needle Roller Bearings Market Segmentation Analysis
By Vehicle Type, the passenger vehicle segment is expected to grow at the largest CAGR of nearly 4.5% during the forecast period. This can be attributed to the requirement of multiple needle roller bearings in various systems of the vehicle. Furthermore, as the average age of vehicles increases, the need for repair and maintenance services is expected to rise, increasing the need for needle roller bearings during the forecast period.
Global Needle Roller Bearings Market 3By Application, the automotive segment is expected to grow at the largest CAGR of nearly 4.1% during the forecast period. The rising popularity of electric vehicles has fueled the development of a variety of components, including low-noise thrust needle roller bearings. When compared to IC engine cars, these bearings provide a smoother driving experience by creating less engine noise. Because of the growing popularity of EVs, numerous market suppliers are developing low-noise thrust needle bearings, especially for electric cars. This trend is likely to drive the growth of the worldwide automotive needle roller bearing market during the forecast period.
Leading market key players are working to demonstrate the opportunity to market
Major players are implementing long-term tactics to acquire a competitive advantage, such as new product releases, product upgrades, and mergers and acquisitions, as well as collaboration partnerships. For example, the FIT dampers from FOX were excessively hefty. To retain consumers, the firm solved the issue by improving its needle roller bearing and fork damper.
The new FIT4 fork damper and needle roller bearing system is lighter, has a smaller diameter, and can be customized to meet client needs. In January 2019, another company, Schaeffler, proposes to merge with two Indian firms, Luk India Pvt Limited and INA Bearings India Pvt Limited to broaden its product line and geographic reach.
Global Needle Roller Bearings Market 4The Asia Pacific market was worth $7.40 billion in 2019 and is expected to remain dominant in the forecast period. The increase is mostly due to increased automobile manufacturing in nations such as India, Japan, and China. Another factor boosting the market in this area is the increasing need for heavy machinery in these nations.
Furthermore, manufacturers are working to update their current facilities to preserve precision and alignment. The automobile sector is growing its need for various types of bearings. This is expected to raise the potential of the Needle Roller Bearings Market further.
To entice customers, automakers in the Americas have introduced a variety of car types with an automatic gearbox. The widespread use of automated transmission systems is expected to increase the need for needle roller bearings. Because of increasing demand for passenger vehicles and export-oriented manufacturing operations in Central and East European nations such as the Czech Republic, Romania, and Poland, the output of needle roller bearings is expected to grow during the forecast period.
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Global Needle Roller Bearings Market Scope:
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Global Needle Roller Bearings Market 5
Global Needle Roller Bearings Market by Region
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Global Needle Roller Bearings Market Key Players
• SKF
• AST bearings
• NTN Corporation
• Schaeffler Group
• Timken Company
• NSK Ltd
• Koyo Seiko
• San Yun Industrial co. Ltd
• LELI SRL
• SNL Bearings Limited
• Federal-Mogul
• NACHI
• NMB
• Rexnord
• ZWZ
• C&U GROUP
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