South Korea Bearing Market Research Report, 2027

Because of the expanding manufacturing sector, the bearing has been adopted more widely in South Korea. Additionally, it is anticipated that growing uses of the product in heavy machinery and increased industrial process automation will accelerate product acceptance throughout the course of the forecast period. Industry growth is accelerated by improvements in production, expanding automotive applications, and industry convergence. Some of the secondary and tertiary market-driving factors are growth in the global automotive industry, rising demand from the renewable energy sector, and rising demand for lightweight products for various applications. In the upcoming years, there is expected to be significant growth potential due to global technological advancements and rising demand from emerging economies. During the projected period, rising investments and technical improvements are anticipated to accelerate the product's uptake. In addition to greater industrialization and automation, there is a growing desire to increase productivity and efficiency. Demand is anticipated to increase throughout the projected period as a result of the product's expanding uses in the renewable energy sector. All of these factors adversely affect the Korean bearing market. According to the research report, "South Korea Bearing Market Research Report, 2027", published by Actual Market Research, the South Korean bearing market is expected to grow at a CAGR of almost 8% in the forecasted year of 2027. The market is segmented firstly according to the product type, which includes plain bearings, ball bearings, roller bearings, and other bearings like fluid bearings, magnetic bearings, and many more. The biggest segment in the market is that of ball bearings, with roller bearings coming in second place. Roller bearings are similar to ball bearings, but instead of using balls as their rolling elements, they use cylinders or needles. This helps the bearings sustain larger amounts of weight and withstand greater stress during operations. The roller bearings contributed to around 30% of the total market in the bearing industry in South Korea. This is due to the fact that the country manufactures many different products in a broad spectrum of industries, ranging from automobiles to electronic equipment, and manufacturing these products uses machinery that comprises the bearing components. Bearings are manufactured for many different applications and purposes in different sectors of the market. Therefore, the bearing market is classified on the basis of the application type, which consists of automotive, industrial, aerospace, and other segments, which include railways, agriculture, and so on. The industrial sector in the market is the largest segment in the country, occupying around 40% of the total market. The industrial sector in the country has historically been the backbone of the economy and the reason why the sector has received much praise and investment by individuals. The industrial sector in South Korea has consistently been growing over the years and seems to follow the same trends in the coming years. This sector’s growth, which calls for an increase in production, in turn increases the need for machines, most of which use bearings in their mechanisms, hence creating a better demand for them. The bearing market in the country manufactures the product for two purposes: firstly, the OEM and then the aftermarket use. Following the global trend, the country also produces most of the bearings for OEM, which stands for Original Equipment Manufacturers, meaning producing bearings for other industries that use bearings as a component for their products like automobiles, airplanes, railways etc. This sector of the industry majorly uses ball and roller bearings in their machineries. This helps them in controlling the motion of the machines with respect to the relative motion and getting the desired results and functioning attributes. The bearing market in the country was adversely affected by the COVID-19 pandemic, making no exception for the same. This social situation affected the market on the common grounds of economic uncertainty, supply chain issues, fluctuations in prices of products, and a lack of proper human resources. This was further accompanied by lockdowns and restrictions put forth by different governments to prevent the spread of the virus. The only reason this market was able to sustain was the manufacturing of essential products in the medical sector, along with panic buying behaviour of the OEM sectors and the market observing the use of bearings in essential mechanical and electronic products in the country. Considered in this report Geography: South Korea Historic year: 2016 Base year: 2021 Estimated year: 2022 Forecast year: 2027 Aspects covered in this report South Korea Bearing market with its value and forecast along with its segments Various drivers and challenges On-going trends and developments Top profiled companies Strategic recommendation By Product type in the report: Ball Bearing Roller Bearing Plain Bearing Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.) By Application type in the report: Automotive Industrial Aerospace Others (Railway, Agriculture, etc.) By Distribution channel in the report: Original equipment manufacturers (OEMs) Aftermarket The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.