The North America Bearing Market would witness market growth of 8.6% CAGR during the forecast period (2022-2028).
Bearings are components that aid in the rotation of things. They support the rotating shaft within the apparatus. Automobiles, aircraft, and electric generators, among other machines, need bearings. Even everyday home equipment, such as refrigerators, vacuum cleaners, and air conditioners, contain them. Bearings support the rotating shafts of these machines' wheels, gears, turbines, rotors, etc., allowing for smoother rotation.
Thus, all types of machines necessitate a large number of the shaft for rotation, and bearings have acquired the moniker "bread and butter" of the machine industry. At first glance, bushings may appear to be simple mechanical components, but people cannot survive without them.
The most complex bearings for the most demanding applications are extremely accurate components, and their production needs some of the most advanced technological standards available today. The development of the rolling bearing, which consists of hardwood rollers supporting or carrying a moving item, is extremely ancient. It may have existed before the creation of a wheel with a simple bearing.
EV sales have climbed dramatically in recent years in Canada, the United States, and other nations, albeit still constituting a small proportion of overall vehicle sales. According to the International Energy Agency, the number of electric cars on the road increased from 180,000 in 2012 to 665,000 by the end of 2014. According to the most recent data available, electric vehicles now represent 0.28 percent of the light-duty vehicle market in Canada. Even though EV technology has been available for a while, industry insiders believe that people are uninformed of the advantages of EVs over conventional, internal combustion engine-powered vehicles (ICE).
The US market dominated the North America Bearing Market by Country in 2021; thereby, achieving a market value of $35.6 billion by 2028. The Canada market is experiencing a CAGR of 11% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 10.1% during (2022 - 2028).
Based on Product, the market is segmented into Ball Bearings, Roller Bearings, Plain Bearings and Others. Based on Ball Bearings Type, the market is segmented into Deep Groove Bearings and Others. Based on Roller Bearings Type, the market is segmented into Split, Tapered and Others. Based on Plain Bearings Type, the market is segmented into Journal, Linear, Thrust and Others. Based on Application, the market is segmented into Automotive, Mining & Construction, Agriculture, Electrical, Railway & Aerospace, Automotive Aftermarket and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Bearing Market is Predict to reach $181.1 Billion by 2028, at a CAGR of 8.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AB SKF, NSK Ltd., NTN Corporation, RBC Bearings, Inc., Rexnord Corporation (Regal Rexnord Corporation), Schaeffler AG, The Timken Company, JTEKT Corporation, Harbin Bearing Manufacturing Co. Ltd. (HRB Group) and HKT Bearings Limited.
By Product
By Application
By Country
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