Future of Bearings Procurement Intelligence: Trends and Insights
The bearings category is expected to grow at a CAGR of 10.6% from 2023 to 2030. The Asia Pacific region accounts for the largest overall share. China and India have their major contribution to the market growth. Factors such as increasing demand for EVs, growth of the aerospace sector, rising industrialization, infrastructure development, technological innovations, and growing focus on renewable energy are driving the growth. One of the key trends is the increasing demand for electric and hybrid vehicles that utilize the use of developed technology which requires placing additional bearings within it. Additionally, precision bearings, which are utilized in several industrial automation applications, are in higher demand as the Industrial IoT and Industry 4.0 technologies gain traction and drive the need for bearings in industrial automation. Smart bearings, integrated with a tri-axial accelerometer to gauge the degree of system vibration. It assesses the post-process algorithm to pred...