Slewing Bearing Aftermarket Market - Forecast(2024 - 2030)

By Aftermarket Industry: Construction, Mining, Oil & Gas, Automotive

By Applications: Excavation, Medical, Turbines, Vehicles

By Geography: North America, South America, Europe, APAC, RoW

 

• In 2019, the Slewing bearing after-market was dominated by Europe owing to increasing demand for European Automotive Aftermarket.

• The increasing demand for slewing bearing aftermarket products in the medical applications are also enhancing the growth of the market.

• The increasing investments by OEM for the expansion of aftermarket activities and to serve as an independent supplier has fueled the growth of the market.   .

• The major drawback that is hampering the growth of the market is the provision of marketing of certain slewing bearing products due to certain regulations.  

 

Medical segment held the largest market share in the slewing bearing after-market in 2019. The increasing demand for advanced medical equipment enhances the need for slewing bearing. The slewing bearing for the medical applications are designed for high rotating speed, constant rotating torque and low noise under rotation which are specifically used for radiotherapy applications. As, this slewing bearing are used for specific purposes in the medical application which leads to the requirement of maintenance and repair. Thus,  increasing need to enhance reliability of slewing bearing used in medical equipment, most of the manufacturers opt for the aftermarket purchase of the bearings. This factors are further enhancing the demand for the slewing bearing aftermarket in medical applications propelling the market growth.

In 2019, Europe dominated the Slewing Bearing After-market with a market share of more than 38.6%, followed by APAC and Europe. The rising growth of the industries such as mining, construction, automotive and so on are significantly fueling the market growth in this region.Moreover, the European Association of Automotive Suppliers are enhancing the Europe aftermarket for the automotive suppliers which will rise the supply of slewing bearing spare parts  . It is also estimated that the European automotive parts aftermarket was valued at $138.9 billion in 2017, and is projected to grow at 2.4% by 2025. These significant growth of the European Automotive Aftermarket will lead to drive the growth of the slewing bearing after-market in the Europe.  

Aftermarket has become the major focus area for the OEMs, and the level of activity and focus in the aftermarket by the OEM is increasing significantly.  Most of the OEM are in the starting phase to occupy one or more spaces within the aftermarket value chain. Moreover, the expansion of aftermarket activities such as the supply of remanufactured parts by OEMs in order to compete with other independent players   has initiated the market growth. OEMs are also highly investing in enhancing the customer experience by introducing differential service offering and automate the services related to maintenance and repair. These significant factors are further propelling the growth of the slewing bearing after-market

In the construction industry, slewing bearing are significantly used in the tower cranes which plays an important role in the construction machinery. The tower crane uses a single-row four point contact ball elements slewing ring and double row ball slewing bearing. This slewing bearing are installed to support the tower cranes and requires maintenance and repair. Thus, the increasing need for maintenance and repair of the slewing bearing in the construction enhances the need for after-market purchase of bearing rings. Moreover, the construction industry are highly opting to the aftermarket for slewing bearings in order to ensure reliability of the bearing rings. This significant growing need of the aftermarket slewing bearing in the construction for providing efficiency of other machinery including tower cranes will fuel the market’s growth.

The regulatory challenges in the aftermarket majorly hinders the OEMs and suppliers to opt for aftermarket services. The spare parts of the slewing bearing includes services which requires certain period of time, various accessories of the slewing bearing are marketed in numerous countries. Thus, the provision and marketing of these products requires detailed knowledge on the regulatory obligations from the OEMs and the suppliers. These key challenge in order to maintain the regulatory obligations of the spare parts of slewing bearing leads to hampering the growth of the market. 

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Slewing Bearing After-market. In 2019, the market of Slewing Bearing After-market has been consolidated by the top ten players –ThyssenKrupp Group, IMO Group, SKF Group, Forgital Group, NTN-SNR Group, Antex Corporation, Rotek, Inc., Schaeffler AG, Kaydon Bearings and Slew Bearing Services.