As with most markets over the past several years, the bearing industry has experienced a major dip in demand due to its close linkage with global GDP trends. At the beginning of the financial crisis in 2008, we saw drop offs in both bearing turnover and types, with little recovery seen until this past year.
Luckily for the bearing industry, all the doom and gloom of the past few years is forecasted to give way to a brighter, more profitable future. Global Industry Analysts, Inc. (GIA) predicts that sales for the world’s bearing market will reach 101 billion US dollars in 2018. Analysts believe that the return of the basic industries along with favorable trends on the investment front will lead this amazing recovery and growth.
Along with the projected increase in overall business development, there are trends which could have a significant impact on your business and your choice of bearing supplier:
1. Increased Demand:
With the financial crisis waning, analysts predict to see bearing demand increase, sparked largely by a gradual expansion of durable goods and other bearing-reliant applications.
2. Geographical Shift:
Analysts predict the Asia-Pacific region will experience the greatest amount of growth between now and 2016 by an average of 10% per year and is anticipated to reach $54 billion for total bearings turnover.
3. Product Changes:
Bearing suppliers will be expected to become more responsive to specialized product needs and provide custom engineered bearing solutions. Companies like Ritbearing already provide bearings for small or niche projects along with projects which require more custom bearing solutions.
4. Faster Product Development:
Products, especially those in the electronics field, are being designed at a rapid-fire pace. The bearing industry will need to meet the demands of products with shorter development time and eliminate the lengthy bearing manufacturing time that has become the industry standard. Bearing wholesalers such as Ritbearing can fulfill bearing orders in months, giving customers a competitive edge by minimizing the time needed when getting products out to market.
What You Can Do To Take Advantage of These Trends
Ritbearing, a bearing wholesaler, is partnered with a network of smaller manufacturers and is an established problem solver for its clients by providing a full scope of product options in places the major bearing manufacturers are neglecting. As your company tries to anticipate the potential impact these industry trends could have for your business, you will need a responsive bearing supplier that can be flexible, timely and competitive.
How will this projected growth change your bearing needs? What changes have you already experienced?