According to a new report, published by KBV research, The Global Bearing Market size is expected to reach $181.1 billion by 2028, rising at a market growth of 8.8% CAGR during the forecast period.
The Ball Bearings market is leading the Global Bearing Market by Product in 2021; thereby, achieving a market value of $79.7 billion by 2028. Ball bearings have a reduced surface contact and hence significantly minimize friction. In addition to being compatible with thrust and radial loads, these items are increasingly employed in both four- and two-wheeled autos. Consequently, the market is predicted to have substantial expansion over the next years. Radial ball bearings can accommodate moderate radial and axial loads.
The agriculture market is anticipated to grow at a CAGR of 9.4% during (2022 – 2028). Several years of abundant supply, coupled with sluggish demand growth, have imposed downward pressure on the worldwide prices of the majority of agricultural commodities, except wheat, beef, and sheep meat, which have had short-term recoveries. It is anticipated that agricultural productivity increases would outpace food consumption. The expanding global population is going to use more agricultural goods as food, animal feed, and industrial inputs.
The Asia Pacific market dominated the Global Bearing Market by Region in 2021; thereby, achieving a market value of $69.8 billion by 2028. The Europe market is poised to grow a CAGR of 8.4% during (2022 - 2028). Additionally, The North America market would witness a CAGR of 8.6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/bearing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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