During 2016, the combined market size for bearings in construction and food & beverage was growing at an average CAGR of 9.1% in terms of revenue and 6.8% in terms of volume.
Bearings finds its usage in countless points of applications to reduce the friction between an object and the surface over which it is moved. With rapidly changing technology, bearings have witnessed advancements primarily in terms of the material of construction and angular arrangements of the rolling elements to maximize load bearing capacity and minimize the loss of energy to overcome friction. Owing to increasing need to minimize energy loss, the construction and food and beverages segments are leveraging the use of bearings.
In terms of the global market size, the construction industry was the dominating end-user segment in the bearings market with a CAGR of nearly 7% in terms of volume and it was followed by the food and beverages segment with a CAGR of over 6%. By application, earth moving equipment under construction vehicle and beverage bottling under food and beverage processing contributes to the highest share of bearing market. Bearings are also widely used across major sectors such as automobiles, railways, electric motors, diesel engines, pumps, machine tools, and textile machinery.
Over the years, the bearings market has witnessed significant growth owing to factors such as the growth of replacement market, robust technological advances, and rapid industrialization. The rising demand for bearing in emerging economies such as China and India is also likely to drive this market’s growth. However, factors such as the increasing number of counterfeit products, high-cost, price sensitive customers, and stringent regulation imposed by FDA and USDA are hindering the growth of the market. With a detailed understanding on the bearings market, market intelligence experts at Infiniti provided a comprehensive understanding of the market in terms of the market landscape, growth drivers, challenges, competition, and distribution channels.
The Business Challenge
A manufacturing company based out of the US wanted an understanding on the global bearings market in terms of the market landscape, key competitors, market positioning, and the distribution channel. The client was facing critical challenges understanding the growth prospects of the bearing market in the construction and food and beverage sectors. Moreover, to derive better insights into the competitive landscape, the client wanted to analyze the market size based on the geographical regions.
Our Research Methodology
To assess the market landscape for bearings, our team of experienced market intelligence experts carried out exhaustive primary research comprising of interviews and discussions with leading stakeholders, such as business executives, manufacturers, buyers, purchasers, consultants, analysts, researchers, and members of trade associations. Also, to gain in-depth understanding of the market, our market research experts referred to proprietary databases such as company publications, case studies, journals/magazines, news aggregators, and industry forums.
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Our Solutions Helped the Client:
- Gain a comprehensive overview of the competitive landscape, market size, and distribution channel
- Effectively strategize the market segmentation across regions
- Mapping high probability/high impact future market trends
Benefits of Our Integrated Approach
After a comprehensive benchmarking exercise, our client gained better understanding on the market landscape. Also, the client was able to identify the competitive threats and understand the growth potential of bearing market across various industrial segments such as construction and food and beverages. The market intelligence study helped the client position strategies on how to differentiate their products against competitors.
A must-read case study for strategy experts and decision makers looking for effective solutions in the manufacturing sector