Market Research Report
Sensor Bearing Market by Functionality (Speed, Temperature, Vibration, Displacement), Application (ABS, Material Handling Equipment, Electric Motors), End-use Industry (Automotive, Transportation, Metal & Mining), and Region - Global Forecast to 2023
|Published by||MarketsandMarkets||Product code||779340|
|Published||Content info||180 Pages
Delivery time: 1-2 business days
|Sensor Bearing Market by Functionality (Speed, Temperature, Vibration, Displacement), Application (ABS, Material Handling Equipment, Electric Motors), End-use Industry (Automotive, Transportation, Metal & Mining), and Region - Global Forecast to 2023|
|Published: January 24, 2019||Content info: 180 Pages||
The sensor bearing market is projected to reach USD 6.5 billion by 2023 from USD 5.1 billion in 2018, at a CAGR of 5.2% between 2018 and 2023. The major factors driving the sensor bearing market are increasing demand for sensor bearings from end-use industries, such as automotive and transportation, and enforcement of stringent regulations related to the mandatory installation of ABS systems in cars in various Asia Pacific and European countries.
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 2011 and 2014, respectively, thereby leading to the increasing demand for sensor bearings in these countries
The ABS application segment of the sensor bearing market is expected to grow at the highest CAGR during the forecast period. The growing demand for ABS systems from automotive OEMs in countries, such as China, India, Japan, Germany, and the US is expected to lead to the growth of this segment.
The Asia Pacific region is projected to grow at the highest CAGR in the global sensor bearing market. The sensor bearing market in Europe is expected to witness significant growth on account of the increasing demand for sensor bearings from end-use industries, such as automotive and transportation, and the enforcement of stringent regulations related to the mandatory installation of ABS systems in automotive vehicles in various Asia Pacific countries, such as India, Japan, and China.
Profile break-up of primary participants for the report:
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 micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market.
It also discusses the competitive strategies adopted by various market players, such as SKF (Sweden), Schaeffler Technologies AG & Co. KG (Germany), NTN Corporation (Japan), Timken (US), NSK Corporation (Japan), JTEKT Corporation (Japan), ABB Group (Switzerland), Mageba SA (Switzerland), BRTEC (China), ABB Group (Switzerland), Fersa Bearing SA (Spain), and Nachi Europe GmbH (Germany).
From an insight perspective, this research report has focused on various levels of analyses - industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the sensor bearing market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
*Details on Business Overview, Strength of Product Portfolio, Products Offered, Business Strategy Excellence, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.