Impact of COVID-19 on the Global Bearings Market
Bearings are mechanical parts, which are mostly used for decreasing friction between moving rotary parts and for supporting the rotating parts to get the desired motion. They are widely used in verticals such as automotive and aerospace & defense. The COVID-19 pandemic has spread across the globe. In March 2020, the declaration of COVID-19 as a pandemic has resulted in nationwide lockdowns being imposed and the shutting down of business operations, which has affected the global economy. The lockdowns have also resulted in the complete closure of production facilities due to revenue losses, which has significantly reduced the adoption of bearing solutions, hindering the growth of the bearings market. The automotive industry has been significantly affected by the outbreak of the COVID-19 virus and is currently amidst unprecedented uncertainty. The pandemic has severely impacted automotive production. The disruption of supply chain activities is also responsible for the slowdown in manufacturing activities, delaying the production of vehicles, which is hindering the growth of the market. Besides, the decrease in the demand for vehicles due to the COVID-19 pandemic is also affecting the growth of the bearings market.
The lockdowns have forced people to stay at home and have restricted travel to prevent the spread of the pandemic. Bearings are widely adopted in aerospace and railways applications due to the need for renewing aging fleets. Besides, bearings are widely used in helicopters and aircraft. However, government-imposed restrictions on travel are hindering the growth of the market. Before the outbreak of the COVID-19 pandemic, bearing manufacturers were continually focusing on product enhancements to meet the increasing demand for customized bearing solutions from different industries. The resumption of manufacturing activities and easing of travel restrictions are expected to drive the bearings market, post the pandemic.
US Manufacturing Output (USD Billion)
Source: National Association of Manufacturers