South America Bearing Market Outlook, 2027

South America Bearing Market Outlook, 2027

Due to expanding transportation and other industrial sectors including railway & aerospace, mining & construction equipment, and others, the South America-bearing market is anticipated to rise moderately over the projected period. The expansion of the bearings market in South America will also be fueled by changes in the automotive sector and digitization in process industries. In this region, the countries involved are Brazil, Argentina, and Colombia. This, In terms of revenue share, Brazil led all of South America's bear markets in 2016 and is predicted to continue to do so during the projected period. Because there are so few OEM facilities in Brazil, the aftermarket for industrial and automotive products dominates the country's bearing industry. Ball bearings hold the largest revenue share among bearing types in South America as of 2016, with the market being primarily supported by installations in rotating equipment in manufacturing facilities for things like automobiles, power, metals, mining & construction, pulp/paper, and defense equipment.

According to the research report, “South America Bearing Market Outlook, 2027” published by Bonafide Research, the bearing market is anticipated to grow at a 6.20% CAGR in terms of value during this forecasted period. Technical advancements and innovations are always taking place in the bearing business. Additionally, market actors in the automotive components industry are gradually adjusting their operations to the evolving regulatory landscape. Another possibility that has presented itself to those working in the bearing sector is the growing interest in electric vehicles. It is predicted that these developments will acquire a lot of traction. Additionally, a few industry players are currently developing wear-resistant bearings with substantial load capacities. A notable trend that is expected to have an impact on the rate of innovation in the bearing market is the rising need for smooth motion in the automobile industry in recent years. To improve performance while both reducing size and cost and increasing size, manufacturers are focusing on directly integrating electro-mechanical components into bearings. When industrial activity ended during the first half of COVID-19, prospects substantially declined. Prospects improved when the lockdowns were lifted.

One of the main drivers fueling the market's expansion is the increased need for wind power generation. The use of sustainable energy solutions has expanded globally due to the rising need to reduce carbon emissions. There are now more wind turbine installations and windmill farms as a result of this. As a result, all these aspects are significantly increasing demands for ball bearings, which are propelling the market's expansion. Due to increased investment in the mining industry to gather different metals like gold and aluminum and utilize natural resources in South America, the mining and construction application of bearing is anticipated to demonstrate strong growth over the next several years. South America's national mining agency was also established to help the market's growing need for bearings. The market for engines, turbines, and power transmission equipment will expand at the quickest rate, helped by the continuous expansion of the wind energy sector. The automobile industry will follow closely behind, surpassing general increases in demand. Heavy truck and bus manufacturing will experience particularly high growth, which will be advantageous for the bearing industry since these vehicles use more bearings than passenger cars do both in terms of unit and dollar usage.

Major Companies present in the Market:
SKF Corporation, NTN Corporation, NSK Limited, JTEKT Corporation, The Timken Company, Schaeffler AG, Regal Rexnord Corporation, NBI Bearings Europe SA, HKT Bearings Limited, RKB Bearing, THK Co. Ltd., MinebeaMitsumi

Considered in this report:
• Geography: South America
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Aspects covered in this report:
• South America bearing Market with its value and forecast along with its segments
• Country wise Bearing market analysis
• Application wise bearing market distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• Brazil
• Argentina
• Colombia

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 installation type in the report:
• Unmounted Bearing
• Mounted Bearing

By distribution channel in the report:
• Original equipment manufacturers (OEMs)
• Aftermarket

By material type in the report:
• Metal
• Stainless Steel
• Chrome Steel
• Carbon Steel
• Brass
• Others (Plastic, Ceramic, etc.)

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, analyzing 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 solar panel coating 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.