Global Bearings Market By Product Type, By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021-2032

Bearings Market Overview:

The Bearings Market size is expected to be around USD 173.4 Bn by 2031 from USD 127.7 Bn in 2021, growing at a CAGR of 5.99% from 2021 to 2031.

Almost every kind of machinery or equipment uses bearings. Everything from automotive components to agriculture and domestic machinery to defense and aerospace gear uses them. This element will influence the market shortly. More efficient bearings that require less upkeep and have a longer lifespan are in demand.

Global Bearings Market Scope:

Product Type Analysis

With more than 38% of the overall revenue in 2021, the roller bearings segment dominated the market. By 2032, it’s anticipated that this market will continue to rule and overtake all others in terms of growth. These items support both radial and axial stresses and have reduced rotational friction. They are superior to their competitors in their ability to tolerate greater radial and restricted axial loads. The widespread use of roller bearings in various industries, including aircraft, heavy equipment, and electric vehicles, is anticipated to affect product demand positively.

Information on ball bearings and other additional bearings is also included in this study. Ball bearings help to minimize friction because of their lower surface contact. These bearings are used more frequently in cars of all sizes, both four-wheeled and two-wheeled, because they can handle thrust or radial stresses. Throughout the projection period, this market sector should rise briskly.

Application Analysis

The automotive industry led the market in 2021, accounting for over 45% of total sales. The high level of vehicle production worldwide is mainly responsible for this segment’s substantial market share. Increased demand for technologically superior automobiles fuels growth in vehicle production, which calls for instrumented goods. The demand for high-tech electric vehicles, supply chains, and improved capabilities in the automotive sector have increased the demand for bearings. The demand for bearings is anticipated to rise over the forecast period as the automotive aftermarket is anticipated to expand at a faster CAGR.

The railway and aircraft industries will experience the fastest growth by 2032. This is brought on by increased travel demand, the requirement to replace aging fleets, strict environmental regulations, pressure on fuel prices, and better means to assist local and international transportation systems. The demand for railroad services is anticipated to rise due to the emerging countries’ rapid development in railroad building. Growing demand for single-aisle helicopters and light aircraft from developing nations contributes to the segment’s growth.

Key Маrkеt Segments:

By Product Type

• Ball Bearing
• Roller Bearing
• plain bearing

By Application

• Automotive
• Agriculture
• Electrical
• Railway & Aerospace
• Others Applications

Market Dynamics:

The market is anticipated to expand due to an increased demand for specialized bearing solutions that may satisfy particular industry trends’ needs. The market will be driven by the expanding use of high-capacity goods for wind turbines. These items help wind turbines operate more reliably and efficiently, produce more electricity, and use less lubrication.

Manufacturers are continually improving the designs of products to increase performance and energy efficiency. They create raceways, cages, rolling elements, and revised racing profiles using a specific material. Using lightweight materials, raw materials in high-performance bearing goods, and technological advancements in seal and oil lubrication technologies have created enormous potential for manufacturers. Direct electromechanical feature integration into bearings can increase efficiency and cut costs.

Due to the growing demand for vehicles and manufacturing sector has started incorporating sophisticated sensor units into their products. Digital monitoring of axial movement, speed, acceleration, rotation speed, high load capacity, and deceleration is possible with these devices. The Agricultural Internet of Things (IoT) has also aided their adoption, which enables continuous monitoring of connected machinery, industrial equipment, household appliances, and farm equipment. This development has also had a favorable effect on the mature markets. A few suppliers are now offering smart bearings. The bearings’ state can be continuously monitored to stop errors from happening. The deployment of smart bearings is still in its infancy. Several more significant bearing manufacturers will soon offer smart bearings. Because defects may be quickly identified and avoided with smart bearings, their use is expected to grow during the forecast period.

Regional Analysis:

With a 36.5% revenue share in 2021, Asia Pacific was the region with the largest share of bearings. This region’s fastest revenue growth is anticipated, with more than US$ 95 billion in 2032. One of the biggest markets is China. Due to a robust aftermarket and the country’s rapidly rising auto production, sales are anticipated to soar in the upcoming years. Growth is anticipated to continue through 2032 due to India’s healthy mining and construction equipment market.

Due to ongoing economic expansion and increased investment, the European market is anticipated to grow favorably during the projection period. The resurgence of the automotive industry and a favorable environment for fixed investments drive demand in the developed markets of Latin America, Western Europe, Japan, and the United States. In North America, there is likely to be an increase in the demand for expensive bearings, such as large-diameter custom-built bearings used in wind turbines and heavy machinery. The Middle East and Africa’s booming urban infrastructure is favorable to market growth.

joint ventures

Key Regions and Countries covered in the report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

R&D is receiving more attention from businesses to manufacture application-specific bearings and boost productivity. Businesses are also adopting various methods, such as partnerships, mergers, and capacity expansions to expand their customer base and capture a larger market share. Manufacturers have invested in product development and production expansion to fulfill client needs better.

Маrkеt Key Players:

• NTN Corporation
• SKF
• Daido Metal Company Ltd
• JTEKT Corporation
• Schaeffler AG
• Aurora Bearing Company
• NSK Global
• NTN Bearing Corporation
• Timken Company
• Schaeffler Group
• Other Key Players

For the Bearings Market research study, the following years have been considered to estimate the market size: