Construction Bearings Market Report
Construction Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, and Others], and Others), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Wheel Loader, Excavator, Dozer, Off-Highway Truck, Tunnelling & Boring, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Construction Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, and Others], and Others), by Material Type...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Construction activities consist of the construction, maintenance, renovation, and demolition of residential and non-residential buildings, as well as work directed in civil engineering projects such as roads and utility systems. The market for construction machines and equipment rentals is an important aspect of the construction ecology. The construction bearings market is intimately linked to the end markets of construction and infrastructure. In the construction machinery, bearings are exposed to extreme operating conditions – excessive loads, contaminated environments, rough weather, etc.
The COVID-19 outbreak threw most industrial markets into disarray. During the pandemic, the construction equipment industry, which is heavily reliant on GDP growth and economic activity, encountered the same challenges as other industries. The Construction bearings market typically relies on the organic growth of the Construction industry and usually takes the same path as the latter. In the context of the current crisis, falling revenues and increasing project delivery challenges have led to the sector’s contraction in most of the regional markets. Key challenges that arose in front of the industry stakeholders on account of the pandemic were total or partial shutdowns of construction sites, supply chain disruptions, along uncertain future demand.
Amid virus-related shutdowns and economic downturns, all major stakeholders have responded by focusing on addressing near-term financial management concerns and wider resiliency issues. Collective efforts by governments, OEMs, and other sectoral stakeholders towards mitigating both, short- and long-term challenges of COVID-19 and reopening of construction sites along with the gradual resumption of construction activities in some regions ate signaling towards healthy and quick recuperation, helping the market to grow at a CAGR of 4.9% during 2021-2026 to reach the landmark figure of US$ 2.0 Billion in 2026.
Based on the bearing type, the market is segmented as ball bearing, roller bearing, plain bearing, and others. Ball bearings are further classified as angular contact ball bearing, deep groove ball bearing, and others. In a similar way, roller bearings are further classified as tapered roller, cylindrical roller, spherical roller, and others. Roller bearings are expected to remain the largest segment of the market during the forecast period, driven by their high load-carrying capacity and ability to operate in case of shock and misalignment, helping the companies to obtain low-maintenance costs and longer bearing service life.
Based on the application type, the market is segmented as wheel loader, excavator, dozer, off-highway truck, tunneling & boring, and others. Excavator is projected to be the dominating segment of the market during the forecast period. A tracked hydraulic excavator entails about fifty bearings for its basic operation such as travel and rotation. The wheel loader segment is expected to record significant growth during the forecast period.
In terms of regions, Asia-Pacific is expected to be the largest and the fastest-growing market for construction bearings during the forecast period. In order to aid economic recovery, the majority of countries in the region are concentrating on infrastructure development. China's state railway operator plans to double the size of its high-speed railway network over the next fifteen years, influencing the product’s demand in the country.
North America is expected to register significant growth during the forecast period, driven by a surge in government spending in the infrastructure sector. The USA is expected to record the fastest growth in the region, favored by numerous projects under construction in various sectors including residential, institutional, and industrial and infrastructure.
The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, OEMs, and MRO companies. The following are the key players in the Construction bearings market.
The industry is shifting towards developing new application-oriented bearings for industry-specific demands. Developing bearing solutions to withstand the heavy loads, shock loads, high/low-speed rotation, and harsh working environments used in construction, along with long-term relations with customers are the key strategies adopted by the major players to gain a competitive edge in the market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Construction Bearings market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our automotive bearings, railway bearings, food & beverage bearings, and wind energy bearings market report from the industry stakeholders, we have tried to further accentuate our research scope to the Construction Bearings market in order to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The Construction bearings market is segmented into the following categories.
Construction Bearings Market, by Bearing Type
Construction Bearings Market, by Material Type
Construction Bearings Market, by Application Type
Construction Bearings Market, by End-use Type
Construction Bearings Market, by Region
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The Construction bearings market is estimated to grow at a healthy CAGR of 4.9% during 2021-2026.
AB SKF, Schaeffler Technologies AG & Co. KG, NSK Ltd., The Timken Company, JTEKT Corporation, NTN Corporation, C&U Group Ltd., LYC Bearing Corporation, Trelleborg AB, and Nachi-Fujikoshi Corp., are the leading players in the Construction Bearings market.
Asia-Pacific is estimated to remain dominant in the Construction bearings market in the foreseen future.