Agriculture Bearings Market Report
Agriculture Bearings Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026 See less
Agriculture Bearings Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026
Agriculture Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing and Deep Groove Ball Bearing], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, Cylindrical Roller Bearing, and Others], and Others), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Harvester, Tractor, Tillage & Sowing/Seeding, Mowing, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Agricultural use currently dominates around one-third of the earth's surface and ever since the first agricultural activities started, technological developments have consistently contributed to the increased productivity and yield in order to feed an ever-increasing population. At present, the demand for solutions that will keep farmers' equipment in the field running constantly is bigger than it has ever been. Farmers are using equipment longer, faster, and harder than ever before in order to maximize output. Agriculture equipment must meet a variety of performance and environmental demands that change not only with the type of crop but also with geographic location. Bearing plays a pivotal role in the smooth functioning of these agricultural equipment. As the demand for reliable and technologically advanced agricultural equipment is growing, bearing manufacturers are continuously advancing their product offering to meet the rising challenges of OEMs.
As a result of the pandemic, most global economies contracted sharply in 2020. The global crisis left the agriculture industry in disarray. Lower consumer demand and subsequent price plunge led to a reduction in agricultural and agriculture equipment production. The agriculture bearings market typically relies on the growth of the agriculture industry. Key challenges that arose in front of the industry stakeholders on account of the pandemic were lack of new orders, supply chain disruptions due to lockdowns, and uncertain future demand.
Amid the speculations of a second and a third wave, almost all key players have taken immediate measures to acclimate their operations to the minimum required capacity in order to reduce all costs. Agriculture equipment manufacturers adjusting to the new normal and re-opening all of their facilities, paired with combined efforts of OEMs and other sectoral stakeholders towards minimizing the risks associated with COVID-19. Overall, the agricultural bearings market is estimated to grow at a decent CAGR of 2.9% during 2021-2026 to reach the figure of US$ 1.8 Billion in 2026.
Based on the bearing type, the market is segmented as ball bearing, roller bearing, others. Ball bearings are further classified as angular contact ball bearing, and deep groove ball bearing. In a similar way, roller bearings are further classified as tapered roller bearing, cylindrical roller bearing, spherical roller bearing, and others. Ball bearings are expected to remain the largest segment of the market during the forecast period, driven by their widespread deployment in wheels and gearbox of agriculture equipment.
Based on the application type, the market is segmented as harvester, tractor, tillage & sowing/seeding, mowing, and others. Harvester is projected to be the leading segment of the market during the forecast period. Harvesters carry out some of the most intense jobs in agriculture. Bearings in harvester have to operate in presence of debris and massive radial loads and provide efficient motion with as little friction as possible. The tractor segment is expected to register consequential growth during the forecast period. Bearings enable the rotations in tractor wheels, engine, transmission, etc.
In terms of regions, Asia-Pacific is expected to be the largest market for agriculture bearings owing to the rising demand for high-powered tractors, a burgeoning horticultural industry, along with financial incentives from the government towards procuring agricultural equipment. Various government programs to promote agriculture mechanization and precision agriculture are further expected to boost the product demand in the region. Europe and North America are also likely to witness healthy growth rates owing to the high adoption of agriculture equipment in the region due to the unavailability and high cost of labor.
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 agriculture bearings market.
Mechanization in the agriculture industry is dramatically reshaping the overall market landscape. Agricultural equipment is required to work efficiently under extremely harsh conditions and often round the clock. The industry is shifting towards developing new application-oriented bearings for industry-specific demands. Bearings that provide robust and dependable support and operate under harsh conditions such as dirt, impacts, rocks, dryness, moisture, constant vibrations and jarring shocks are being developed.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Agriculture 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, construction bearings, and wind energy bearings market report from the industry stakeholders, we have tried to further accentuate our research scope to the agriculture 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 Agriculture Bearings market is segmented into the following categories.
Agriculture Bearings Market, by Bearing Type
Agriculture Bearings Market, by Material Type
Agriculture Bearings Market, by Application Type
Agriculture Bearings Market, by End-use Type
Agriculture Bearings Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to email@example.com
The agriculture bearings market is estimated to grow at a healthy CAGR of 2.9% 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 Harbin Bearing Manufacturing Co., Ltd. (HRB), are the leading players in the agriculture bearings market.
Asia-Pacific is estimated to remain dominant in the agriculture bearings market in the foreseen future.