Now whether an international business or state enterprises are beginning to instrument bearing manufacturing. Even though there is a general competitive relationship in the market, it means positive development. According to the market, SKF, NSK, NTN and others all have majority market shares. These companies have accumulated more than 90% of the market, indicating consolidation at the top.
But the smaller companies in the market today compete on the basis of product quality. Although all have been integrated at the top, these small companies have fierce competition in the market. Therefore, the strategies adopted by these companies have significant affects for the entire market.
As revenue contributed by the automotive sector accounts for a high share of the entire instrument bearing market, its expansion will create lucrative opportunities for the latter. Growing vehicle production world-widely and demand for the same growth from emerging countries are driving the use of instrument bearings in the automotive sector. The most commonly used bearings in this industry include truck wheel hub units, wheel hub unit bearings, belt tensioner units, clutch release bearings, pump spindles, drive shaft centering bearings, drive shaft bearing bearings etc.
In addition to the automotive sector, the market also witnessed a growing demand for aerospace and defense industries. Aerospace devices with built-in special bearings are commonly used in mission-critical applications. With this in mind, the driver’s impact is quite substantial and is expected to remain the same for the forecast period. In addition, the need for energy efficiency in the operation of a wide range of machinery and equipment will promote the need for instrument bearings in various industries.
On the other hand, the ever-shrinking aftermarket poses a threat to the global instrument bearing market. “Most local manufacturers produce the same quality products in the gauge bearing market, and manufacturers compete based on after sales service, given the small differences in the product,” observes the authors of the TMR report. However, the current trend points to a decline in after-sales service, which may hinder market progress.