Kenneth Research, in its repository of market research reports, have recently added a report on Sensor Bearing Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Sensor Bearing Market products.
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According to the statistics by the International Environmental Agency (IEA), the global stock of electric passenger cars passed 5 million in the year 2018, which was an increase by 63% from the year 2017.
Global Sensor Bearing Market was valued at USD 5.3 Billion for the year 2018. Sensor Bearing Market is further expected to grow at a CAGR of 6% from 2018 to reach USD 7.20 Billion by the year 2025. European region holds the major Market share whereas Asia Pacific region is considered as the fastest growing Market in the forecasted period. It is observed that the developing countries from an emerging Asia Pacific Market are anticipated to grow at a strongly in the next 5 years.
As part of the qualitative analysis, this research study provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. The report defines, describes, and forecasts the sensor bearing market, based on functionality, application, and region. It provides a strategic analysis of micro markets with respect to individual growth trends, prospects, and their contribution to the overall market.
Speed functionality sensor bearings are mostly used in the ABS systems of automotive vehicles. Presently, over 90% of the vehicles that ply on roads are equipped with wheel speed sensors in the ABS systems. Additionally, the US and some member countries of the European Union have made the installation of ABS and ESC systems mandatory in passenger cars since 2016 and 2018, respectively, thereby leading to the increasing demand for sensor bearings in these countries
Major Players in Sensor Bearing Market are SKF, Schaeffler Technologies AG & Co. KG, NTN Corporation, Timken, NSK Corporation, JTEKT Corporation, Mageba SA, BRTEC, ABB Group, Fersa Bearing SA, Nachi Europe GmbH and other 9 more companies information is provided in research report. Better geographical reach at an operational level with the growing usage of innovative technology for ingredient processing is the assisting Market growth. Similarly, various growth strategies adopted by Tier 1 & 2 players such as merger and acquisition has provided comprehensive Market opportunities for a various stakeholder in the value chain.
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SWOT Analysis of Sensor Bearing Market
Strength
Exhaustive information about new products, untapped geographies, recent developments, and investments in the sensor bearing market
Weakness
Comprehensive information on sensor bearings
Opportunities
Comprehensive information about lucrative emerging markets
Threats
In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the sensor bearing market
Sensor Bearing Market Overview, By End-use Market
*Metal & Mining
*Automotive
*Transportation
Sensor Bearing Market Overview, By Functionality
*Speed
*Displacement
*Temperature
*Vibration
Sensor Bearing Market Overview, By Application
*Material Handling Equipment
*ABS
*Electric Motors
Sensor Bearing Market Overview, By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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