Canada Bearing Market Overview, 2027

Canada Bearing Market Overview, 2027

Bonafide Research 07-08-2022 62 Pages Figures : 7 Tables : 19
Region : North America Country : Canada Category : Manufacturing & Industry Machinery, Parts & Equipment

"The Canadian bearing market has seen significant growth and outstanding developments over the years, becoming an increasingly important part of the industrial environment. As a significant participant in international trade and production, Canada's strong economy has promoted a vibrant market for bearings, offering a wide range of goods and services that are specifically designed to satisfy the needs of various industries. A long legacy of engineering excellence and a constant focus on customer satisfaction have propelled the Canadian bearing market's development in a direction that has been marked by an unbroken devotion to quality, accuracy, and innovation. Canada's bearing industry prospers in a society that values innovation, new technology, and constant improvement. High-quality, dependable, and effective bearing solutions are produced by Canadian businesses operating in this industry because they are at the forefront of adopting and integrating the most recent technology and production techniques. According to the report title, """"Canada Bearing Market Overview, 2027,"""" published by Bonafide research, the market is projected to grow rapidly over the forecast period, driven by the demand for mounted bearings. Canada's bearing industry prospers in a society that values innovation, new technology, and constant improvement. High-quality, dependable, and effective bearing solutions are produced by Canadian businesses operating in this industry because they are at the forefront of adopting and integrating the most recent technology and production techniques. The market has seen the advent of cutting-edge bearing materials, designs, and lubrication processes thanks to a strong emphasis on research and development, enabling improved performance, prolonged lifespans, and decreased maintenance needs. In addition, there is a growing movement for environmentally friendly and sustainable bearing solutions, which is consistent with Canada's dedication to environmental stewardship. This covers the creation of energy-efficient bearings, recycling initiatives for bearing parts, and the application of green manufacturing techniques. There are several important companies that play a vital role in the development and success of the Canadian bearing equipment market are present. Both international conglomerates and domestic producers are among these well-known businesses. In order to meet the unique needs of Canadian businesses, well-known worldwide players like SKF, Timken, NSK, and Schaeffler have made a strong commitment to Canada. Alongside these international behemoths, Canadian businesses like RBC Bearings, MRC Bearings, and NTN Bearing Corporation of Canada have established their mark by providing customers in numerous industries with specialised solutions and regional assistance. In order to maintain their market share and adapt to changing consumer demands, these major players in the industry engage in tough competition. Railways and agriculture are projected to utilise more bearings in the forecast period as this industry focuses on reducing costs and enhancing the lifetime of rails and machines. Railway gearboxes use bearings to lessen shocks caused due to friction between motors and wheels running on tracks. The advancements in technology have reduced the maintenance costs for railways and strengthened cage strength. The innovations in agriculture IoT have led to increased utilisation and monitoring of equipment and machineries that further accelerate market demand for bearings in the country. Agriculture equipment like horizontal and vertical conveyors, worm conveyors, auxiliary transmissions, ploughs, and harvesters have boosted demand for mounted bearings in recent years. Chrome steel is the most widely used material to make bearings as it is both cost-effective and durable. Bearings can also be made from other materials like stainless steel, carbon steel, brass, plastics, ceramics, and other types. Stainless steel bearings are used in corrosive atmospheres as they are resistant and hard but not suitable for salt water and other chemicals. Ceramics are used for extreme temperatures, while plastic bearings are used where less load and speed is required. The supply and demand chain for bearings was highly disturbed amid the pandemic. Trade restrictions led to shortages of parts and raw materials from the Asia Pacific region. This resulted in delayed production orders and a reduced workforce, which halted OEM production lines. The automotive sector was highly affected, but the demand for electric vehicles increased amid the pandemic, which created new demands for bearings, which supported the market growth. After the pandemic, the technological advancements in the bearing market are expected to significantly drive demand. The high import duties levied and scarce raw materials have led to a rise in the cost of bearings. Considered in this report • Geography: Canada • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Canada Bearing market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By product type in the report: • Ball Bearing • Roller Bearing • Plain Bearing • Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.) By application type in the report: • Automotive • Industrial • Aerospace • Others (Railway, Agriculture, etc.) By installation type in the report: • Unmounted Bearing • Mounted Bearing By distribution channel in the report: • Original equipment manufacturers (OEMs) • Aftermarket By material type in the report: • Metal • Stainless Steel • Chrome Steel • Carbon Steel • Brass • Others (Plastic, Ceramic, etc.) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. "

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