Market Review 2006-2011:
In the year of 2010, the UK market for bearings is estimated to reach £316.5 million, representing an increase of 7% compared with the previous year. This is largely a reflection of increased output in the automotive sector, and improved economic conditions, although the recovery is expected to remain fragile for the foreseeable future. Prior to that, UK demand for bearing declined by a highly significant 34% in 2009, taking sales to a review period low of £294.6 million. This is a result of the global financial crisis and the severity of the adverse economic conditions exerting a significant downward pressure on key industries, with the automotive sector particularly strongly affected. Prior to the downturn, the value of the market increased in each year between 2006 and 2008, culminating in growth of 22%. In 2011, the economic recovery is projected to facilitate a moderate increase of 3% in the value of the UK bearings market, reaching £327.4 million.
Market Forecast 2012-2015:
A year-on-year growth in UK apparent consumption of bearings between 2012 and 2015 is anticipated, although annual growth rates are projected to remain moderate at between 1% and 2% in real terms. In 2015, sales of bearings are estimated to reach £351.9 million (at 2010 prices), equivalent to a cumulative 11% increase compared with the current year.