The estimated value of the aerospace bearing market is expected to expand at a CAGR of 7.2% and reach US$ 10,396.6 Mn by the
end of 2026. In addition to that, the Aerospace Bearing market is
projected to create incremental $ opportunity worth US$ 4,417.3 Mn
during the forecast period.
Persistence Market Research has rolled out a new market research report titled “Aerospace Bearing Market: which examines the aerospace bearing market and offers critical insights for
the next eight years. Based on the findings specified in the report, the
market is expected to witness rising demand due to increasing aircraft
fleet and air travel passenger count.
Aerospace Bearing Market: Dynamics
Increasing consumer preference for air travel is aiding the growth of the
aerospace bearing market. Various factors, such as the growth in the
tourism industry, growth of international travel, competitive pricing of
air travel by airline carriers, higher disposable income, drastic
reduction in travelling time and increase in amenities provided during
air travel, are largely contributing to increasing consumer preference
for air travel. This has led to airline carriers deploying new
aircrafts, which, in turn, is driving the growth of the aerospace
bearing market.
Owing to economic and demographic growth of the Asia Pacific region, IATA
expects Asia Pacific to be the fastest growing aerospace bearing market
among all regions. Moreover, airline carriers are focusing on improving
passenger comfort, which will lead to increased adoption of comfortable,
highly customized and advanced cabin interior systems.
This will boost the growth of interior aerospace bearings and positively
impact the global aerospace bearing market. Furthermore, the integration
of more number of aerospace bearings in executive/business class seats
for providing more comfort to aircraft passengers in long haul flights
is another factor that will drive the growth of the aerospace bearing
market.
Over the past decade, weight reduction and performance improvement have been
the prime focus of the aerospace industry. However, these two
attributes can only be achieved through the use of advanced materials
which are costlier than the ones used generally.
These days, manufacturers are focusing on reducing manufacturing cost. These
factors when combined with the existent intense competition present in
the aerospace bearing market will create significant pressure on
manufacturers to reduce their margins. This restricted pricing
flexibility in the aerospace bearing market might act as a barrier for
the new entrants in the market.
Aerospace Bearing Market: Forecast
The global Aerospace Bearing market is estimated to grow and become 1.7X
during the forecast period. It is estimated to grow in correlation with
aircraft deliveries and fleet size throughout the forecast period.
By region, North America, followed by Europe and Asia Pacific, is
projected to dominate the global aerospace bearing market over the
forecast period. Moreover, APAC, followed by MEA region, is estimated to
remain the most opportunistic region in the aerospace bearing market.
In terms of value, APAC is projected to create incremental $ opportunity
worth US$ 1,028.3 Mn in the global Aerospace Bearing market during the
forecast period.
The flight control systems segment is projected to account for 23.4% of the
market value share in the global aerospace bearing market during the
forecast period. In terms of growth, the Interior & Others segment
is projected to grow with a modest growth rate during the latter half of
the forecast period in the global aerospace bearing market.
Aerospace Bearing Market: Competitive Landscape
Some of the key players involved in the manufacturing of Aerospace Bearings
and included in this study are JTEKT Corp, Schaeffler AG, NSK Ltd., NTN
Bearing Corporation, AB SKF, Timken Company, MinebeaMitsumi Inc., Aurora
Bearing, National Precision Bearing, GGB Bearings and BC Bearings,
among others.
Aerospace Bearing Market: SegmentationProduct Type
- Roller Bearing
- Ball Bearing
- Plain BearingApplication
- Engine Management Systems
- Flight Control Systems
- Landing Gears
- Interiors & OthersAircraft Type
- Narrow Body
- Wide Body
- Freighter
- Regional JetMaterial Type
- Stainless Steel
- Alloys
- Ceramics
- CompositesSales Channel
- OEM
- AftermarketRegion
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
