United States (US) Bearing Market Research Report, 2027

United States (US) Bearing Market Research Report, 2027

Actual Market Research 06-08-2022 62 Pages Figures : 6 Tables : 19 Region : North America Country : United States Category : Manufacturing & Industry Machinery, Parts & Equipment

A bearing is a machine element which makes use of the principles of applied mechanics to achieve desired motion by restricting the relative motion of any mechanism. This function ultimately reduces friction between two moving parts. Bearings are mostly used to allow moving parts to move freely in a straight line or to allow rotation around a fixed axis. Bearings are classified with respect to the type of motion they allow, the type of operation they perform or the direction of the load applied to the intended parts. This product is used in a very wide variety of machinery in many different industry sectors. These industries range from construction, aerospace, and agriculture to automotives, machinery, railways, and the defence sector. Growth in these sectors of industry directly increases the demand for bearings. This is accompanied by the inculcation of new technology like AI and digitalisation, with software becoming an important part of the industry. The United States of America is one of the major bearing markets as it has clocked growth in different industries in which bearings are an important component. This market has further surged in the US due to the rising demand for specialised bearing solutions required by new and emerging industries like the electric vehicle sector. According to the research report titled "US Bearing Market Research Report, 2027", published by Actual Market Research, the market is expected to grow with a predicted CAGR of 4.89% from 2022 to 2027. Bearings are an important part of any type of machinery, and they are used in different forms and shapes. These different types of bearings are classified into ball bearings, plain bearings, roller bearings, fluid bearings, magnetic bearings with disc bearings along with mounted versions which have some forms of modifications in them. Ball bearings can be considered modified plain bearings which have balls in between their two frictional surfaces which help in reducing rotational friction and supporting both radial and axial loads. Roller bearings are used when the requirement of heavy loads are to be fulfilled, these bearings consist of cylinders and needle rolling elements which fulfil the mentioned requirement. Plain bearings have no kind of rolling elements in them and functions on the principles of sliding friction. With respect to the report, the market is segmented on the basis of product types, which are ball bearings, roller bearings, plain bearings, and others. Ball bearings comprise the majority of the market, with a share of 49.18% of the total market. According to the report, based on the application, this market is segmented into automotive, industrial, aerospace, and others. Following in the footsteps of the global trend in the market, the US market is also seeing major demand in the industrial sector for the supply of bearings, making the industrial segment the largest in the market with slightly over 40% of the total market share. Followed by this segment, the automotive industry contributes about 34% of the total market demand for bearings. This industry has always been a major segment the market caters products to as they use bearings in many different mechanisms of combustible motors, like gear boxes and driving shafts. Secondly, the rise in manufacturing of electrical vehicles that use motors instead of engines also requires bearings for their functioning. The industry uses two major distribution channels in the market, which are used as a means of segmentation. Original equipment manufacturer and aftermarket are the two segments. The majority of the distribution which occurs for this market is for the OEM's, which had a market share of around 74% in the year of 2021. This means that the majority of the bearings are produced as primary products for other manufacturing units which produce machinery, automobiles, and railways. The market is driven by the growing need for specialised bearings that perform specific functions, with the advancement of the robotics industry, which uses different bearings in most of its functioning mechanisms. The further need for IoT, which means provision for real-time information, is also creating demand in the market, which can be The market, which produces products majorly for other industries, sees a growth in demand for their products when the consumer sees a rise in their demands, which has been the case for recent years. The reason why the market often faces obstacles is due to the fact that these products are very high-maintenance, which requires time-to-time application of grease, among other things, which adds to the economic cost. Along with this, the market has always seen counterfeit products in the country, which leads to dissatisfaction and distrust and results in a slowing down of the market. COVID-19's Influence: The COVID-19 pandemic affected the market adversely, having both positive and negative effects. Firstly, the pandemic caused lockdowns across the world, including the US, where the production lines of many industries came to a halt. This reduced the demand for bearings in the market. The pandemic also aided the market in some ways, as it caused panic buying behaviour, which drove sales. Considered in this report Geography: U.S. Historic year: 2016 Base year: 2021 Estimated year: 2022 Forecast year: 2027 Aspects covered in this report U.S. 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.

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